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In today’s world of digital technologies and growing privacy concerns, traditional payment solutions have been called into question. Is there really a need for third-party intermediaries such as banks? How safe is your personal information with them? If your money really is yours, how come they can place restrictions on its movement?

All these concerns gave rise to a new type of digital currency called cryptocurrency. Instead of using third-party intermediaries, this system is fully decentralized, relying on the community to record and validate transactions. What started off as a small project is now a billion-dollar industry with over 4,000 different currencies to choose from. 

Of course, you’re probably already familiar with some. Bitcoin, for instance, is already a household term. In addition, other cryptocurrencies, such as Ethereum, Litecoin, and Ripple, are not far behind. But if you’re only now trying to get into this world of cryptocurrencies, these big names are not the place to start. Instead, why not give a newcomer such as Pi Network a shot?

What Is Pi Network?

As we’ve just said, Pi Network is a fairly new cryptocurrency on the market, launched in 2019 on Pi Day. After only eight months, Pi gathered its first million users, and nowadays, its userbase consists of over 10 million people. And this number keeps growing every day!

But the best thing about Pi isn’t its rapid growth or popularity. It’s that this cryptocurrency is made for regular people by regular people. You don’t need a powerful computer or lightning-fast internet connection to mine Pi — all you need is your smartphone and the official Pi app. That way, anyone can use it, which is exactly what the Pi developers wanted in the first place. Cryptocurrency is the future, after all; and what kind of a future doesn’t include regular people?

How Does It Work?

For most of us, cryptocurrency is something entirely beyond the realm of our understanding. Yes, you’ve heard of it before, and you’ve also read that Bitcoin consumes more power than Argentina. But what exactly that means and how it all works isn’t something you usually think about. 

However, Pi Network is different — you don’t have to read dozens of articles and visit a bunch of forums to understand it. You simply need to download the app and create your account using the referral link or code “GotFreeCrypto”. Then, open the app every 24 hours to confirm you’re an active participant, and that’s it. You’ll start mining Pi successfully!

That sounds simple enough, right? In fact, it might seem too easy — how does just opening the app generate cryptocurrency? Well, before you get suspicious and conclude it can’t be real, allow us to explain.

Consensus Algorithm

As mentioned before, cryptocurrencies don’t rely on third parties to record and validate transactions. Instead, they give that power to the community, which uses distributed ledgers and blockchain to maintain this system. 

Anyone in the community can access and update these ledgers, but that doesn’t mean you can write whatever you want. Before a transaction enters the ledger, all validators must reach a consensus on whether it is truthful. That way, the system ensures its own safety and prevents fraudulent activity. 

Now, that’s how cryptocurrency works in broad and simplified terms. But different cryptocurrencies use different protocols, some of which select a leader to record a transaction, while others don’t. Pi Network uses the so-called Stellar Consensus Protocol (SCP), which belongs to the second category.

So, how does SCP work? Well, each validator chooses a group of validators they trust, creating a quorum slice. Several overlapping quorum slices then form a quorum, which decides if a transaction should be recorded. This way of recording and validating is fully decentralized and allows everyone to participate in consensus as long as someone adds them to their quorum slice. 

As you can see, trust is an essential feature of SCP protocol. That’s precisely why the developers want you to open the app every single day to mine — that way, you prove you’re not a bot. By being an active member of the community, you help Pi Network become more secure and trustworthy. And for that, you earn Pi as a reward!

Four Roles of Pi Miners

As a Pi miner, you’ll be able to play four roles, each of which comes with different responsibilities and bonuses. Here is what they are:

• Pioneer — A user who signs up daily to mine. By signing up with the referral link or code “GotFreeCrypto”, you earn one free Pi token and a 25% permanent mining bonus.
• Contributor — A user who provides a list of trustworthy pioneers, creating a quorum slice.
• Ambassador — A user who invites other people to join Pi Network.
• Node — A user who contributes to the Pi app but also has Pi node software that runs the SCP algorithm on their computer. This role is currently unavailable because the software isn’t out yet.

You don’t have to stick to just one role either. Feel free to play all three available ones at the same time — your bonuses will be higher, and you’ll mine more Pi daily.

Pi Network vs. Bitcoin

So, now that you know what Pi is and how it works, you might be wondering how it compares to Bitcoin. After all, there’s hardly a better-known cryptocurrency out there, so it might seem like a safer choice. But before you come to any conclusions, let’s take a closer look.

SCP vs. Proof of Work

Earlier, when we said that Bitcoin consumes more power than Argentina, it wasn’t an exaggeration. Bitcoin mining requires incredible computational power and simply isn’t possible on smartphones. Even regular laptops might not be able to handle it — at least not in a way that would yield significant results.

But why is that the case? Well, because Bitcoin uses a Proof of Work (PoW) protocol. While in SCP all validators have a say in recording a transaction in a ledger, in PoW, only one is chosen to complete this task.

Basically, when a transaction is initiated, miners compete in solving complex computational puzzles. The miner with the fastest computer and the most power usually wins and earns the right to post a block of transactions. For his efforts, he receives a fixed amount of bitcoin as a reward.

This system is highly efficient, but it does have a huge downside. The required computational power simply isn’t something most people have unless they invest money in special equipment. Even then, they’d be facing giant corporations that specialize in mining. Simply put, the competition is too harsh for just anyone to become a successful miner.

On the other hand, SCP doesn’t require any special equipment. The devices participating in the network only send lightweight messages to each other as they vote. For that reason, you can run the Pi app on any smartphone and mine without excessively draining your battery.

Value and Availability

It’s no secret that Bitcoin is quite valuable — currently, one bitcoin equals over $50,000. You can also send it, transfer it, and use it to pay for various goods and services. That’s no surprise; after all, Bitcoin has been around for quite some time, and by now, its place is fully established.

But what about Pi? Well, for now, Pi’s value is $0, but that’s sure to change in the coming years. Also, you can’t transfer or send it yet — right now, only mining is available. Still, if you start mining today, you could very well count yourself lucky in the future!

Why You Should Start Mining Pi Today

Now, here’s the thing with cryptocurrencies — the earlier you start mining them, the more you earn. Back in 2009, Bitcoin miners could earn 50 bitcoin per block! Nowadays, one block brings only 6.25 bitcoin. That’s because there is a fixed amount of bitcoin in the world, and the more miners there are, the less they get.

Pi employs a similar strategy — the earlier you hop on the app, the more you can mine. While the total amount of Pi isn’t fixed, the amount allocated for each user is. As the userbase grows, that number steadily falls.

For instance, the first million users on the Pi app could earn 2 Pi per hour. The next 9 million mined 0.4 Pi instead. Now that the number of users is over 10 million, every hour, you make 0.2 Pi.

So, what does that mean for you? Well, if you want to make the most of Pi, you should sign up right now. Once Pi’s value grows, you’ll be glad to have as much of it as possible — just like early Bitcoin users must be thrilled now.

In Conclusion

Decentralized, digitalized currencies may be the future, but so far, they’ve only been available to a select few. Pi Network is here to change that, though. Thanks to its simple concept and intuitive app, anyone can use it. So don’t hesitate any further — sign up using Pi Network referral code “GotFreeCrypto” or the referral link, get your bonuses, and support Pi’s takeoff. There’s no risk of any kind, yet the reward may be fantastic! 

Pi Network Referral Code

Earn free crypto just by signing up using our Pi Network referral code. New users through our referral will earn bonus +1 Pi!