What Is Pi Cryptocurrency How do Pi Networks make Money

What Is Pi Cryptocurrency How do Pi Networks make Money

Crypto currency

Crypto currency can also be an option to invest. But it is very expensive and difficult for the ordinary person, in the absence of deep understanding of the internet. There is a crypto / digital currency developed by PhD Masters of Stanford University.

Its name is Pi, which has more than 6 million members across the world. This currency keeps increasing at the rate of 0.20 units per hour without any condition for the members. Its membership can be obtained only by invitation and not a penny  get it Lagata.

Pie is not free money.

Pai is a long-term project whose success depends on the collective contribution of its members.

Pie is dedicated to helping everyday people capture the greater economic value that today goes to banks, technology giants (eg, Facebook, Amazon), and other middlemen. Pie relies on the collective contributions of its members. If you are looking for quick money, look elsewhere. For detailed information on pie network, read the following questions.

What is pie?

What is pie

Pie is a new cryptocurrency and is for every ordinary people so that you can "pie" (earn) from your phone.

Cryptocurrency is a new form of digital money that is maintained and secured by a community rather than governments or banks. Today, you can earn (or earn) pie by helping to secure currency and grow a reliable network of pie. While most cryptocurrencies (such as bitcoin) are too hard for everyday people to access and use, Pie puts the power of cryptocurrency in the palm of your hand.

Is this real? Is pie a scam?

Pie is not a scam. This is a genuine effort by a team of Stanford graduates to give people greater access to cryptocurrency everyday.

Pai's core team is led by two Stanford PhDs and a Stanford MBA, all of which helped build Stanford's blockchain community. We cannot guarantee that the project will be successful. However, we promise to work hard to realize our shared dreams, while maintaining the highest standards of honesty. You can learn more about us in the "Core Team" page in the main menu of the application.

How does this app work? How do I earn more pie?

This app allows you to earn pie by making a simple contribution to the Pi community. The more you contribute, the more pie you earn.

To start making pie, check every 24 hours and start mining by pressing the power button. Once you are mining, you can increase your hourly rate by inviting trusted friends and family to join the community. After 3 days of mining, you can further increase your earnings by building your security circle, which contributes to the overall security of the network. Keep in mind, the first members of the network are at a higher rate than those who come after them.

Do I have to leave the app open for mining? Does the app drain my battery or data?

You do not have to leave the app open for mine. Pie does not affect your phone's performance, exhaust your battery, or use your network data. Once you press the power button, you can also close the app and you will continue my pie. Read less

So how can you do a cryptocurrency without opening your battery or data? Instead of burning energy as proof of cryptocurrency when acts like bitcoin, PIs secure their ledger when members pledge to each other in good faith. This interlocking creates a network of "security circles" that determine who can execute the transaction. This novel approach allows crypto mining on your phone by leveraging your existing social connections, with no financial cost, no battery decay, and an energy footprint on the planet.

Why do already connected members pay at a higher rate?

They are paid at a high rate to reward the already connected members for their contribution to the network.

Pai aims to be the world's most widely used and distributed cryptocurrency. To achieve that goal, Pi encourages its initial members to contribute that will ensure its success (eg, securing and growing the network). To reflect the importance of the initial contribution, the rate of mining decreases as more people join the network. At this time, the base rate of mining increases by a factor of 10 each time the number of active users (see graph below). This rate will eventually drop to 0, when the network reaches a certain number of users (eg 10 million or 100 million). At that point, like bitcoin, miners continue to be rewarded through transaction fees, not through the mint of new currency.

What is the role of ambassador? How does the earning team work?

As an ambassador, you earn up to a 25% bonus on your base mining rate for each person invited on the network.

When you sign up for Pi Network, new members join your earning team using your invitation code. Each member of your earning team provides a 25% increase in your earnings when they are actively mining. A new member can only be added to their invitee's earning team, as each member joins the pie using only one invitee's invitation code. In other words, unlike security circles, where people can be combined into multiple member circles based on trust, earning teams are decided on the basis of which. Each invitee in the world can be claimed by only one invitee.

What is the role of contributor? How can I become a contributor?

Becoming a contributor allows you to earn more pie by building a security circle of 3-5 trusted members.

After finishing 3 mining seasons as a pioneer, Pi's contributor role is unlocked for users. After 3 days of mining, you will see a new icon of the security circle on the home screen of the app, which you can click to start. To be a contributor, you need to add 3-5 people whom you trust to your security circle.

What are the security circles?

The security circle is a group of 3-5 trusted people formed by each member of the PI. Security circles secure the currency by creating a global trust graph that prevents bad actors from committing fraudulent transactions.

While cryptocurrencies such as Bitcoin secure their burners by forcing miners for energy (proof of work), Pie secures its bookkeeping when its members pledge to each other in good faith. Pai's contributors pledged to each other by creating a security circle consisting of 3-5 members whom they consider to be trustworthy. Security circles should include people you believe do not commit fraudulent transactions. The network's security circles create a global trust graph, which determines who can be trusted to execute transactions on the pie's ledger.

What is the value of pi?

What is the value of pi

Today Pi is almost 0 dollars / euros etc. similar to Bitcoin in 2008. The value of the pie will be supported by the time, attention, goods and services given by other members of the network.

By accumulating our focus, goods, and services around a common currency, PI members seek to capture the greater value that typically goes to banks, technology giants (eg, Facebook, Amazon), and other intermediaries. In addition, we are laying the infrastructure to distribute technology to this digital currency and market, build community, and develop technology to ensure our security.

Can i get my pie back? What is the timeline for withdrawal?

No, you can't take the pie back yet. When you transition to a fully decentralized blockchain, you will be able to withdraw the pie or exchange for other currencies in Phase 3 of the project.

Pai launched Phase 1 of the 3/14/2019 (Pi Day) project. During Phase 1, your balance is being recorded with a guarantee of being awarded when there is a pie change in the mainnet (Phase 3). The transfer of pi is prohibited until we reach the mainnet to prevent bad actors from depositing PUs from fake accounts. For example, a bad actor could take the mine from fake accounts, transfer the pie to a legitimate account, and then go through the account verification process of the pie despite its illegal profits. We are still refining the exact development timeline for the project. For more information, please see the roadmap section of our white paper.

When will the pi be worth it? When can I convert PI to "real" money?

The holders of the pie can convert the pie into "real" money when they either purchase goods and services on the PI's market or exchange the pi for currency.

Cryptocurrency holders have four options to convert their holdings to "real" money (or "cash out")

 1) Purchasing goods and services directly with your crypto,

2) Cryptocurrency exchanges to exchange their cryptos for a currency (eg, dollars, euros, etc.).

3) Purchase goods and services directly with your PI. The Pie Network is building a peer-to-peer marketplace, where our members will be able to spend pie directly to purchase goods and services. We want to start experimenting with in-app transfer of pie as soon as Q4 2019.

4) Exchange of Pi for currency on cryptocurrency exchanges. Pie's core team does not control when cryptocurrency exchanges (such as Binance, Coinbase, Kraken, etc.) decide to list the pie. However, the pie can be traded in Phase 3 (ie, Mainnet) of the project.

Can I mine from more than one device?
 How does the network prevent fake accounts, bots etc. from earning pi?

No, you cannot mine from more than one device. There is a strict rule of one account per person in the network. Pie uses a multi-dimensional strategy to ensure that the pie is not mined by fake accounts.

First, the network uses Google's iteration v3 to find out if a device is powered by a human or a machine. (This technology is completely invisible to most users, as they are real humans, but bots can start seeing captchas if Google's algorithm catches them). Over time, we are also developing a machine learning algorithm based on the mining behavior of real users to predict bots.

Second, the Pi's consensus algorithm requirement (security circle) makes it easier to detect fake accounts. Fake accounts will not have enough real people through security circles. At best, bogus accounts point to one another with very few inward indicators of the rest of the network. This discrepancy is easy to detect with computer algorithms.

Finally, when the PI enters its third and final stage - the mainnet, only accounts related to specific real persons will be validated. In other words, even if all other methods have missed some "bot" accounts, this user verification process will end them further because the owners of the bot will not be able to prove the bot as real ones with real names. We are currently exploring decentralized KYC processes that will be minimally intrusive.

Is this app a wallet?

Yes, your phones will work as a cryptocurrency wallet that will be linked to your current accounts (number / Facebook).

Like any other public blockchain, Pi's blockchain will allow the in-app / external purse to be found and transact with it, submitting transactions to the blockchain. This is a functionality we are currently scheduled to provide at Phase 3 of the project. (As a reminder we are now at step 1 - distribution of currency - we will then launch a testnet as step 2, and step 3 is when our mainnet goes live). During phase 3 of the project, you will also have the option to take full ownership of your private / public key.

Pi aims to be more accessible to everyday people, which is why we are trying to build this integrated interface. We have chosen this phased implementation to make it easier for everyday people to use. We are still in our early days, and are excited for the path ahead of us.

Its membership can be obtained only by invitation and it does not cost a penny to get it.

  So friends, this was information about our crypto currency, how Pi and crypto currency work. I hope you like my information. So friends to get similar new information Stay with us.✍️

Thank you!🙏


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