Recently Pi network apprears a lot in all kinds of social networks. It is a genuine effort by a team of Stanford graduates to give everyday people greater access to cryptocurrency. Many people treat it as a promising cryptocurrency. It has drawn lots of attention even when it still has no value at the moment. The FOMO drives people to mine before it becomes hard to mine. According to this tweet, it has more than 13 million pioneers mining Pi Coins in the network with their phones since launched. The current rate is 0.2π/h. People jump to mine before next halving.
Here are a few key takeaway from the FAQs and White Paper:
What is Pi network?
Cryptocurrencies are new form of digital money that are maintained and secured by a community, instead of by governments or banks. Today, you can mine (or earn) Pi by helping to secure the currency and by growing Pi’s trusted network. While most cryptocurrencies (like Bitcoin) have been very hard for everyday people to use and access, Pi puts the power of cryptocurrency into the palm of your hand.
What is the value of Pi?
By pooling our attention, goods, and services around a common currency, Pi’s members seek to capture more of the value that typically goes to banks, technology giants (e.g., Facebook, Amazon), and other intermediaries.Today, we are laying the infrastructure for this digital currency and marketplace by distributing the currency, building the community, and developing the technology to ensure its security.
The Pi Economic Model
Pi, seeks to strike a balance between creating a sense of scarcity for Pi, while still ensuring that a large amount does not accumulate into a very small number of hands. We want to make sure our users earn more Pi as they make contributions to the network. Pi’s goal is to build an economic model that is sophisticated enough to achieve and balance these priorities while remaining intuitive enough for people to use.
Pi’s economic model design requirements:
Simple: Build an intuitive and transparent model
Fair distribution: Give a critical mass of the world’s population access to Pi
Scarcity: Create a sense of scarcity to sustain Pi’s price over time
Meritocratic earning: Reward contributions to build and sustain the network
Interested in mining with your phone without consuming lots of engergy?
You can download the app https://minepi.com/ , install and register. You will need an invite code to start at this stage. Please feel free to use mine: kylelix7. Happy mining!
It’s never too late to invest in Bitcoin, Ethereum etc. Here are my referal links to Binance.US and Coinbase.
