As 2020 is coming to an end, and many people are locked down at home due to the COVID-19 pandemic, Freelensia would like to share with you about Pi, a new cryptocurrency created in 2019. Mining cryptocurrency used to be the privilege of those who have access to a lot of hardware and technical know-how, but a group of Stanford University researchers, led by Dr. Nicolas Kokkalis, has changed that by putting the cryptocurrency in the hands of everyday people. With the Pi Network app, you can mine cryptocurrency directly on your phone!
In this article, Freelensia will cover the most frequently asked questions about Pi Network.
1. What is Pi? What is Pi Network? Is Pi Network a scam? Is Pi Network legit?
Pi, aka Pi Network, is a new cryptocurrency, a form of digital money that is maintained and secured by a community, instead of by governments or banks. The official Pi social media accounts include Facebook, Twitter, Instagram, and Youtube.
Pi is not a scam. As mentioned above, it is a genuine effort by a team of Stanford graduates to give everyone equal access to cryptocurrency. They promise to work hard to make shared dreams a reality while maintaining the highest standards of integrity. You can learn more about them on the “Core Team” page in the main menu of the Pi Network app or on their website https://minepi.com/team.
2. How can I mine Pi? How do I earn more Pi? How many Pis can I mine?
You simply press the MINE button inside the Pi Network app. At the end of each 24-hour mining session, you need to reopen the app to activate the next session. Currently, each new account gets 1 π free. Then, you can mine 0.1 π / hour in the first 3 sessions (called the pioneer rate).
3. What is the Ambassador role? How do I become an ambassador?
You become an Ambassador when new members join your earning team by using your invitation code when they sign up for Pi Network. Each friend you invite brings a 25% boost to your earnings. So, if you have invited 4 friends, for example, your mining rate will double.
The interesting thing here is that the ambassador rate will only be added in real-time if your friend is also mining Pi. In other words, if your friend’s current mining session has ended and he/she has not started a new mining session, your current mining speed will not include his/her ambassador rate.
4. What is the security circle? What is the Contributor role? How do I become a contributor?
Security circles are groups of 3-5 people whom you trust not to commit fraudulent transactions. While cryptocurrencies like Bitcoin secure their ledgers by forcing miners to burn energy (proof of work), Pi secures its ledger when its members vouch for each other as trustworthy.
After you have completed 3 mining sessions, Pi’s Contributor role becomes unlocked. You will see a new shield icon of the security circle on the home screen of the app which you can click to start. To become a contributor, you need to add 3-5 people whom you trust to your security circle. Each connection will boost your mining rate by 0.02 π / hour. So, the maximum contributor rate you can receive is 0.1 π / hour.
Besides, Pi has a concept of “next halving”. Accordingly, the base rate = pioneer rate + contributor rate will decrease from 0.2 π / hour to 0.1 π / hour when the Pi Network reaches Phase 3 or 100 million users. Or this rate may drop to 0. As of Dec 2020, Pi Network has crosses 10 million users, so please join quickly!
5. How to add users to my security circle?
The first option is called ADD AN EXISTING PI USER, which means you can build your security circle is by selecting all the people within your earning team, i.e., the person who referred you, and four people you referred. If you have not referred anyone to the Pi Network app, you can add only the person who referred you.
The second way is known in the app as ADD FROM CONTACTS, which means adding people from your mobile contacts. They must have the Pi Network App installed on their mobile devices for you to add them into your security circle.
6. How much is one Pi worth? What is the value of Pi right now? Is Pi Network the next Bitcoin?
Pi Network is in Phase 2 and has not yet been valued and has not been traded on cryptocurrency exchanges. Today Pi is worth approximately 0 dollars/euro etc. similar to Bitcoin in 2008. But FYI, 1 Bitcoin was priced at $ 1 in 2011, and currently priced at over $ 33,000.
In the current stage, it is hard to say if Pi can be the next Bitcoin, but it has huge potential. The core team is laying the infrastructure for this digital currency and marketplace by distributing the currency, building the community, and developing the technology to ensure its security.
7. Can I withdraw my Pi? When can I turn Pi into “real” money?
No, you cannot withdraw Pi yet. Withdrawals or transfers of Pi are restricted until the project reaches Phase 3 (Mainnet) to prevent bad actors from accumulating Pi from fake accounts. For example, a bad actor could mine from fake accounts, transfer the Pi to a legitimate account, and then pass through Pi’s account verification process despite their illicit gains.
However, Pi launched their initial pilot of in-app transfers (IAT) in Q4 2019 and is rolling out the option gradually, so not all Pioneers have IAT function in their apps. The ones who have it can already turn Pi into “real” money when they trade Pi for goods and services. Alternatively, Pioneers will also be able to exchange Pi for fiat currency (e.g., dollars, euro, etc.). Pi’s Core Team does not control when cryptocurrency exchanges (like Binance, Coinbase, Kraken, etc.) decide to list Pi. However, exchanges can choose to list Pi when it can be traded in Phase 3.
8. Does Pi have any risks? Does the app drain my battery or data?
The Pi Network app is free and will not require you to enter your bank account number, credit card number, or ask you to deposit money. You do not need to waste any effort or time except pressing the MINE button every day. The Pi app being available on Google Play and Appstore means it's completely safe for users. This application also does not affect your phone’s performance, drain your battery, or use your network data. After pressing the MINE button, you can close the application and your Pi account will continue to be accumulated on the Pi Network server. One small note: you need to fill in your personal information accurately if you want to prove ownership of the Pi balance in your account (see more in the next section).
9. Can I have multiple Pi accounts? What is KYC? What is YOTI?
This is the biggest characteristic of Pi. To ensure fairness and democracy in the network, Pi Network allows only one account per individual. You will have to verify your identity through a process called Know Your Customer (KYC), using an advanced identity verification application called YOTI. Tricks to bypass the system like photoshopping ID card, passport, etc. will not work because YOTI uses a variety of advanced measures to verify users, including requiring on-site portraits and IDs, and requiring retaking of photos when documents expire.
Pi accounts that are not validated this way will be eliminated when Pi enters its 3rd phase to prevent fake accounts, bots, etc. from earning Pi.
10. Is there an age restriction for Pi? Can my children have a Pi account? Can my parents have a Pi account? Can my grandparents have a Pi account? Can my grandchildren have a Pi account?
People can have Pi accounts as long as they have sufficient identity documents and can use smartphones, so your parents or grandparents can definitely have one. According to this, people under the age of 18 may also have a Pi account, although it is currently unclear whether young children can have a Pi account. Currently, Freelensia recommends that you do not create Pi accounts for children under the age of 12 as this is the minimum age for consent in the US. Also, if you create a Pi account for your children, make sure they have their own passports.
11. How should I write my name for Pi? What is the correct name to use for Pi?
It is very important to use your real name when signing up for an account on Pi Network so that later, you can verify the account belongs to a real person through the KYC verification process, not a fake one. Your name should be filled in exactly like on your ID card or passport. If your name is not English, we recommend you put your English name with English letters. Then you can add a local name and write it with your language’s letters and accents. For example, if your name is 莫情歌 (Mo Qingge), your name should be filled in as follows:
- English name (capitalize all letters):
- First name: QINGGE
- Last name: MO
- Then add your local name
- First name: 情歌
- Last name: 莫
Once you have put your name in the correct boxes, you can choose a username. Choose it wisely since you will use it to refer other people to the app. In other words, your username is your invitation code.
12. How can I join Pi Network?