Written by Chaitanya Sharma
As we all know that the world is high on the concepts of cryptocurrency right now, so I don’t think I need to tell you what bitcoin is. What I need to tell you is why it leads to the world of cryptocurrency. I believe that there are only a few factors to name that led to bitcoin being unbeatable. First of all, bitcoin is untraceable- which is why it attracts transactions from all kinds of criminals, hacker collectives, and even terrorists!. Transactions like these are in millions. Secondly, transactions like these made people learn about it and the foundational rules about its production rate and how only 21 million bitcoins will be mined. Bitcoin could be mined on people’s home computers encouraging them to join it, hoping to get rich overnight. And there you go, Satoshi’s plan worked! Since the sudden spike in its growth, there have been hundreds of following systems trying to copy it and maybe even its success graph.
I’m telling you all this because all of it is crucial to learn how Pi networks might be the next gamechanger in the world of cryptocurrency. So how is Pi network different from Bitcoin and other cryptocurrencies?
What is Pi?
Pi network is a gamechanger in the field of cryptocurrencies. I say that because of many factors. Pi network is secure and you can bet on it. Even if you lose a lot of pi you have a place to go or a company to sue, not just a pseudonym.
You might want to see this video:
Features Of Pi
It can be mined from your phones, but other cryptocurrencies can also be mined from phones, so what makes it different?
Mining pi from your phones is practical unlike in the case of other cryptocurrencies where the rate of mining on phones is miserably low. This means that pi is a cryptocurrency that can be mined by everyday people and not just by computer scientists and big companies. This feature can be seen in effect in the growth of the pi network in just a year—35,00,000+ users!!!
If we talk about the bitcoin network, it took more than four years for it to get to 100,000 users!
Another factor that should be taken into consideration it's the background.
Pi network’s founders include Stanford PhDs, Dr. Nicholas Kokkalis, Dr. Chengdiao Fan, and Yale and Stanford trained social movement builder Vincent McPhillips. As you can see, they’re not just real people (unlike Satoshi Nakamoto) but they’re also the top experts in this field ensuring the network's potential.
The biggest feature of pi in all of this is that “Pi is simple”, You don’t need to take courses on Blockchain technology, you don’t need to be an economist or an analyst, you just need to have a smartphone and that’s all.
So now that we know what is pi and what its significance is in the world of cryptocurrency, we just need to know how it works.
How does Pi work?
There are four tiers of Pi miners:
Pioneer: A member who’s currently earning and has verified his/her identity.
Contributor: A member who adds other people to their network.
Ambassador: A member who invites his friends to the pi network thereby contributing to the growth of the network.
Node: A member who’s physically running a pi node on his/her PC/Laptop.
Pi is different in its working because:
· Rewards for mining pi are paid out daily
· All miners receive payment for their contribution
· Free transactions when network congestion is low
Currently, the value of a single pi is null but seeing its growth in less than a year we can easily say that it’ll be worth way more in the near future.
The Pi Network mining app was released just a little less than a year ago, so mining rates are still very high, but each 10-fold increase in user base will decrease the mining rate by half, so those who get in early, mine substantially more than those joining late.
Will Pi ever be able to reach the height i.e. $20,000 in its prime time? No one knows, but for the cost of a few taps on your phone per day, there’s nothing to lose.
So all in all if you missed the bitcoin bus, take a ride on this one and please don’t use your pi to buy a pizza.