Hey, everyone. How’s it going? In this post, we’re going to talk about the PI crypto and pi network value or pi network price. This is a cryptocurrency project that claims will allow users to mine using their smartphones and without draining their battery life.
So if you’re interested to find out more about pi digital currency and pi network price. Stick around. Hello everyone! I’m Anil. And in this post, we’re going to talk about the Pi network value. So a little bit about the PI network review.
It claims to be the first cryptocurrency project to allow users to mine using their smartphone. Their aims are to create a secure, immutable, non-counterfeit able source of digital money.
invitation code - aneel645
Does Pi crypto app drain battery life? And who is behind it?
Another claim that they hold is that mining cryptocurrency on your mobile phone will not affect your battery life.
The project was founded by three individuals who have which hold P.H.D from Stanford, the first being Nicholas, and then followed by Chengdieo. And the third of which is Vincent, who, if you are familiar with the social media profiles, you will recognize as he seems to be the face of the project.
Now, what I do find a little bit concerning is the fact that you only really do see a picture of events and videos of events on the social media channels. Whereas the rest of the team seem to be taking a back seat and don’t really seem to be in the public eye very often.
I would like to see more of them interacting with the community on various different media channels with the social media channels being mentioned. You can find a PI network on Instagram, Facebook and Twitter. You will not find them on Telegram, discord or Bitcoin talk. They do have a relic.
However, that doesn’t seem to be anyone from the team on this Reddit channel. Another thing I want to point out is the lack of tweets on the PI Networks Twitter profile
I’m really going to focus on the mining and how all this sort of work the money for PI crypto network is done on a 4 basis, you can join me on my pi network through this link and use aneel645 to join my strong pi network team.
The first of which is a pioneer.
This is somebody who uses the mobile app to interact with the network on a daily basis. They do this by signing into the mobile app to verify their identity and to request transactions so that can be sent or receive PI over the PI network.
The second of which is a contributor.
This is somebody who adds other people to that network within PI. And this information goes together to create the shared trust graph that we will discuss very briefly later on.
The third of which is an ambassador
This is somebody who recruits other individuals to come over and join the PI network, whether they are pioneers, contributors or ambassadors themselves, an ambassador and a referral. We will receive a 25 per cent referral bonus for signing up to the network.
The fourth is a node.
This is somebody who is physically running a node on a desktop or laptop and will maintain the distributed ledger.
It is possible to be all four of these tiers of mining and receive contributions based on all four of some of the key differences between the PI network and other block term projects.
Is the fact that rewards are paid out daily. pi crypto is not paid out per block. They are also spread across the entire network. So as long as you interact with the network in some shape or form, you will receive a payout at the end of the day with pi network value.
It also in the White Paper discusses the availability of free transactions depending on network congestion. So once the network becomes heavily congested, then miners will be able to sort through transactions based on a fee system with the higher fees being dealt with first and everybody else having to wait.
Based on the number of fees they want to pay, these money fees will be sent with separate wallet, which will then be distributed with the rest of the mine and more rewards at the end of the day.
The economy behind pi digital currency?pi crypto
Now we can talk about the economics behind the pi crypto and the economic model of the project.
This is because the total supply will be worked out once the project officially launches because at present the mobile app and the tokens that people are earning is actually acting as a faucet. And it’s just a visual representation of the tokens that will be created in the Genesis block when the main launches.
So here we have the total supply Equals M+R+D. M Being the mining rewards, R being the referral rewards and the D being the developer rewards.
So the first thing to discuss is the mining rewards and it basically works out to the fact that there is a fixed supply for each individual user of the network that will be created up to the first 100 million network users are both the referral supply is 50 per cent, which is created at the same time as the mining rewards, which will then be broken down to 25 per cent for the referrer and the referral rate.
These will be distributed at the same time as the mining rewards. At the end of each network day, the developer rewards work will 25 per cent of both the mining rewards and the referral rewards combined in the white paper.
It does describe F, which was used in the equation as a declining function. This, from what I understand of reading the white paper, is considered to be a declining function due to the fact that the supply will be capped to the first 100 million users.
Distributed ledger and the shared trust graph
We also have the pie stuck. And these are potential use cases for the PI crypto. The first one is the distributed ledger and the shared trust graph.
This is a map of nodes and contributors and pioneers across the network being rated on their contribution to the network, which is the number of people they recruit and also the behaviour of the nodes.
The shared trust graph will be used to connect users to the nearest well-behaved node on the network. If they send and receive any pi, the second is the attention marketplace.
This is being sold as a scarce social media. And the example they use is an Instagram type format where users can post out to the entirety of the PI network value and only one post will go out at a time.
And you can buy this post by staking or spending your PI in return for the attention of the PI network. There is also the advertising marketplace.
This is where you can opt into selling your attention to advertisers in return for some PI. There’s also the Barter Network. This is where users and individuals can sell services and products.
We are skipping the shared data and connections because there’s no explanation in the white paper as to what that is or what it consists of.
Skipping that we will then jump to decentralized Appstore. This is going to be an app store similar to Google, where developers can sell that decentralized apps without having to bootstrap to the network because all of this will be put in place by the PI network, which seems like something that the majority of smart contract platform and projects that enable decentralized apps are already have in place.
Governance of PI network:
So under five million+ users, they intend to have a similar off-chain kind of governance to that of an Ethereum and Bitcoin.
The main difference being that PI network is going to be a closed source project. So whereas with Bitcoin and Ethereum, users can actually add or put forward code and improvements to the network for people to agree on. This is not going to be the case for PI network.
This will be obviously users winning a node, and there are ranked highly on the shared trust graph, which we know is constituted on the behaviour of nodes, but also on recruitment of other users.
My review over pi crypto|Pi digital currency:
So we’ve PI crypto. There are a few things that we need to remember and at least think about, first of which is the total supply, which we don’t know what that’s going to be.
Secondly, we have social media channels and the teams public relations.
And we’re not seeing any of the two team members. So I would really like to say Nicholas or Chenda Chindamo in front of the camera, letting us know exactly how they’re progressing with the network and how things are going behind the scenes. We have Twitter, one of the channels the Pi Network has connected itself to.
I’d also have liked to have seen a telegram channel Discord, a Bitcoin talk forum, and an official pi network relet channel.
Another thing in regards to the team is Chendeigo. So her social media presence is non-existent now on the Web site. She discusses her P.H.D and the fact that she’s had published papers. Well, I did a search of her name and the fact that she comes from Stamford and I couldn’t find any published papers by anybody of that name at all.
Now, if you search Nicolas, for example, you will find papers with his titles on that he and other authors have put forward. I am a little bit concerned that Chen isn’t who she says she is.
Now, obviously, all of this information that I put forward to you guys is my own research. I do try my very best to be unbiased and give you just the facts. But if you disagree, that is obviously your opinion.
I expect everybody watching this. If you are going to invest in PI network to go out there and do your own research.
How to withdraw pi crypto?
One of the foremost commonly asked questions I read within the Pi chat, aside from “how much is Pi crypto worth?” is people asking “how to withdraw pi digital currency?”. So today I’m getting to answer that for you.
Currently, pi crypto isn’t withdrawable. However, you’ll trade commodities for it IF you’ve got been accepted into the market testing program within the app.
Unfortunately, if you’re like 99% people who aren’t within the testing program then you’re out of luck until phase 3.