Free Crypto

I am sending you 1π! Pi is a new digital currency developed by Stanford PhDs, with over 35 million members worldwide. To claim your Pi, follow this link https://minepi.com/lphylo and use my username (lphylo) as your invitation code. 

Pi Network Explained: Bringing Mining to the Masses

Pi Network aims to revolutionize cryptocurrency mining by making it accessible to everyone. Unlike traditional proof-of-work methods that consume substantial energy, Pi Network utilizes the stellar consensus protocol. This protocol enables nodes, trusted users on the network, to validate transactions and reach a consensus on the ledger's transaction order.

Nodes form groups of trusted individuals, typically between three and five, known to each user on the network. These groups create a network that effectively prevents fraudulent transactions, as transactions require approval from trusted nodes to be validated.

One unique aspect of Pi Network is that its currency is mined through a mobile phone application. Despite initial concerns about energy consumption, Pi Network's creators argue that the process is energy-efficient. They state that Pi secures its ledger through trust among members, forming interlocking "security circles" that determine transaction execution. This innovative approach allows crypto mining on mobile phones, leveraging existing social connections, without financial costs, battery drain, or harm to the environment.

Within the Pi Network, there are four types of users:

Pioneers: These users validate their authenticity daily through the Pi Network app, mine Pi Network cryptocurrency, and can request transactions from other pioneers.

Contributors: These users utilize the app and create lists of trusted pioneers they know.

Ambassadors: They introduce new users to the Pi app, expanding the network.

Nodes: These users act as both pioneers and contributors, running the Pi node software on their computers. Nodes are responsible for validating transactions and building the network of trust.

Pi Network's History:

Pi was founded by Nicolas Kokkalis and Chengdiao Fan, both holding PhDs from Stanford University. The concept of Pi Network emerged in 2019, with the app launched the same year. In 2020, the testnet was launched, and the number of active pioneers reached one million.

Pi Network held its first hackathon, #BuildPi2gether, from late June to the end of September 2021. It aimed to foster collaboration between pioneers and developers to build the future of Pi. The event awarded $100,000 and 100,000 PI to leading projects in ecosystem and business apps categories.

As of November 25th, Pi Network surpassed 29 million users, with an average of 61,120 pioneers joining daily. The mainnet was launched in December, although the coin is not currently listed on any exchanges.

The PI Cryptocurrency:

Since PI is not openly traded, its usage is limited. Users cannot buy, sell, or exchange PI coin on external platforms. However, the Pi Network has a peer-to-peer marketplace where users can buy and sell items, providing some utility, albeit limited.

Regarding coin supply, the mining rate of PI halved at specific user milestones: from 1.6 coins per hour at 100,000 users, to 0.4 PI per hour at one million users, and further to 0.2 PI at 10 million users. The halving process will continue until reaching zero at one billion users, increasing scarcity and potentially raising the token's value. Early users have access to a greater supply of PI, and there are additional rewards for referrals and developers.