Pi is NOT free money. It is a long-term project whose success depends on the collective contributions of its members.
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#Pi is dedicated to helping everyday people capture more economic value that today goes to banks, technology giants (like Facebook, Amazon), and other intermediaries. Pi depends on the collective contributions of its members. If you are looking for quick money, look elsewhere.
Pi is a new #cryptocurrency for and by everyday people that you can “mine” (or earn) from your phone.
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.
Pi is not a scam. It is a genuine effort by a team of Stanford graduates to give everyday people greater access to cryptocurrency.
Pi’s core team is led by two Stanford PhDs and one Stanford MBA, all of whom helped build Stanford’s blockchain community.
This app allows you to earn Pi by making simple contributions to Pi’s community. The more you contribute, the more Pi you earn.
To start earning Pi, check in every 24 hours and hit the lightning button to start mining. Once you are mining, you can boost your hourly rate by inviting trusted friends and family to join the community.
After 3 days of mining, you can boost your earnings more by building your security circle, which contributes to the overall security of the network. Keep in mind, earlier members of the network mine at a higher rate than those that come after them.
You do not need to leave the app open to mine. Pi does not affect your phone’s performance, drain your battery, or use your network data. Once you hit the lightning button, you can even close the app and you will continue to mine Pi.
So how can you mine a cryptocurrency without draining your battery or data? Instead of burning energy as proof of work cryptocurrencies like Bitcoin do, Pi secures its ledger when members vouch for each other as trustworthy.
This forms a network of interlocking “security circles” that determines who can execute transactions. This novel approach allows crypto mining on your phone by leveraging your existing social connections, with no financial cost, no battery drain and a light footprint on the planet.
Earlier members mine at a higher rate to reward contributions to the network when they are most needed.
Pi aims to be the world’s most widely used and distributed cryptocurrency. To achieve that goal, Pi incentivizes its earliest members to make contributions that will ensure its success. To reflect the importance of early contributions, the rate of mining decreases as more people join the network.
At this time, the base rate of mining halves every time the number of active users increases by a factor of 10 . This rate will eventually fall to 0 when the network reaches a certain number of users. At that point, just like Bitcoin, miners will continue to be rewarded through transaction fees and not through the minting of new currency.
Today Pi is worth approximately 0 dollars / euro etc. similar to Bitcoin in 2008. Pi’s value will be backed by the time, attention, goods, and services offered by other members of the network.
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 (like 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.
You will be able to withdraw Pi or exchange Pi for other currencies in Phase 3 of the project when Pi transitions to a fully decentralized blockchain.
Pi launched Phase 1 of the project on 3/14/2019 (Pi Day). During Phase 1, your balances are being recorded with a guarantee.