Ever heard of bitcoin? at present while I am writing this article the value of one bitcoin is around 11,857.30$. Yet you will be surprised to know that there was time people didn't even knew about it. Infact some of the success stories of bitcoin millionaires tell that they didn't even had a clue why they have the currency in their account at the first place when it went online, the exchange rate was so high that those who had only a few of them were rich within no time. Soon after its success, people started investing in it. The more people involved in mining it the harder it became to mine and so only the wealthy could afford all the hardware and associated tech to mine enough. The economic model of bitcoin was such that it was very hard for the later member of the network to mine currency yet it so easy for the early members to mine a decent amount with much less effort. The result was massive centralization of wealth leaving a majority of the currency into the hands of very few.
Why can't you be a bitcoin millionaire today. Well the answers is simple. The computational power required is so huge that individuals cannot afford to invest in the required tech to meet the desired computational capacity. Today, entire franchises are dedicated to mine with specialized hardware (called ASICs).
So you missed bitcoin when it was in its infancy? No problem there is another opportunity called ‘Pi’. This new cryptocurrency is called ‘Pi’ is developed by a team of Stanford PhDs launched on 14 March 2019. Pi’s main Focus is making crypto currencies within the reach of everyday users. The reason why this currency is gaining such a popularity day by day is the way it is securing its distributed ledgers (Mining). In traditional financial system, transfer of currency requires a central ledger (bank etc) to store and maintain the record of transaction. In case of cryptocurrencies this record is maintained by a distributed community called distributed ledgers. They are no ones else but the users of the currency itself who validate and record each transaction by coming to a common agreement. The challenge is however finding secure and trustworthy ledger would not post fake or fraudulent transaction. This is done by allowing only those to join the network who would pass a certain defined algorithm.
This process is called securing distributed ledgers also called Mining which earns rewards for the members (or those who qualify to be trustworthy). The type of algorithm used behind is where Pi makes a difference than bitcoin. When In case of Bitcoin, would require solving a series of complex computational puzzles to qualify resulting in enormous amount of power consumption, Pi makes it free of cost and anyone can do it or join with only a mobile phone also enabling them to earn a handful amount of Pi coins without investing anything(mining).
Pi’s beauty lies within the fact that the algorithm they employee to secure its distributed ledgers doesn’t require a lot of hardwork or huge setups nothing at all except a mobile phone. Anyone with a mobile phone can join and mine Pi absolutely free of cost. That’s one of the reason the network has brought in over 7M users worldwide within a short period of time and is still growing. Whats more? The currency is gonna remain minable with ease and convenience for pretty reasonable amount of time while ensuring to maintain the value of Pi by creating a fix amount of Pi per person upto the for the first 100M users released over the lifetime of the user when it joins at a rate that’s decreasing function of time. In simple words the earlier you join, the more you get to mine. Read the Pi token supply policy here.
While the true value of Pi can only be known after its official launch of mainnet, which will be launched after successful completion of testnet when the currency will be available for exchange with other currencies; however, the future looks promising. Testnet was launched a few months ago.
Why Pi fits into the role and why it is such a hit??
1. Pi's main benefit is its accessibility to everyday users. While other cryptocurrencies are very hard to use and access, Pi puts the power of cryptocurrency into your mobile phone with just a click of a button.
2. No high fi tech required. Just install an app and you are good to go.
3. No Battery drainage. You don’t need to keep the app open and running all the time. Mining is started with just one click and after that it continues for the next 24 hours without you requiring to keep the app open and running. You will just have to open the app and reset the 24 hours mining cycle.
How to Join Pi network and what are the rewards:
Go to minepi.com Download the android app on your mobile phone and register yourself. At the start you will be given 0.2 Pi per hour. The mined Pi is accumulated into your account based on a 24 hours earning cycle that You will have to reset every 24 hour. When you press the earn pi button on the app your account will be loaded with 0.2 Pi
Things to keep in mind:
1. The beginners mining rate (which currently is 0.2 Pi/hr) is not gonna remain the same. Its gonna get reduced with the passage of time as just like with any other cryptocurrency, mining of pi also gets harder as more and more users enter in mining it. So those who join later will not be able to mine pi at a rate people are mining today. It will be halved tomorrow may be lower than that a day after.
2. According to their official twitter page, when the no. of users reach to 10M, mining may either end or the rate of mining will be reduced to half.
Keeping in view the no. reached from 0-7M within just 18 months only, 10M is gonna hit anytime from now. Are you still thinking? You have missed a lot and if you are still waiting then you are wasting more because there isn’t much remained to be mined.
What are your options?
The startup mining rate (also called Poineer) for any new member is 0.2 Pi/hr. With this rate you will not be able to mine much. Well that is not the end of the Story. The amount of Pi you can earn or the rate at which you earn is not limited. You can earn as much and as fast as you want all depending on how you contribute to the network. Which is mainly in three different ways:
Contributor: Fulfill your security circle by just adding 5 people form your social circle that you know can be trusted and are Pi users. However for the first three days you will still be able
Adding people to your security circle is simple. Just find people you know and can trust on and add them to your security circle. 5 of them and you are done.
Ambassador: Invite other people to join pi. For every user that joins through your invitation code you get an increase of 0.1 Pi/h to your total mining rate.
BONUS: For an easy peasy boost of 0.2 Pi/hr to your initial mining rate, Just enter my invitation code: Suhaib333 while registering. Its not much but still better than starting off with default pioneer mining rate and will make a reasonable difference to your mined income over time. Free gift of 1 Pi for you as well. Thank me later.
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