Is PI network a cryptocurrency is SCAM?
Now a days everybody is curious about PI Network that it is SCAM. But the truth is its not scam its real. From the information I gathered from my research on PI network is that it's not a SCAM. Its vey legitimate and innovative digital currency initiative. It is the only no cost digital currency you can earn PI by mobilization of you PI network with your friend and family at no cost. You and others on you PI network can earn lots of PI coins that will be very valuable in future like bitcoin.
Who Started It?
PI network is started by the Professors of Stanford University Dr. Nicolas kokalls (Head of Technology), Dr. Chendiago Fan (Head of Product), Vincent McPhillips. (Head of Community). The project started in March 2019 at a rate of 3.1 Pi/hr.
How to Use it?
- After downloading PI network app from play store or app store, you have to create account on PI network. After creating account open PI network app there is a lightning button symbol after every 24 hours. This will initiate mining process at predetermined rate on your mobile device i.e. currently 0.20 pi/hr, without draining your mobile battery. Once the mining process is started you can exit the app but the mining process will continue for 24 hours. After 24 hours you have to start mining process again. This process is just to conform that the app is being used by humans.
Members can join this app only by invitation from other members. You can accelerate you mining rate by inviting other members to join your invitation code. As I discuss earlier that mining process is 24 hours after 3 successful mining cycles of 24 hours each (3 days). After 3 days you qualify to contributor and you can form a security circle of 3 to 5 of your trusted members. This will increase your mining rate as well.
On Pi network white paper, a summary description of the technology they use is as follows: For Pi, we introduced the additional design requirement of employing a consensus algorithm (the process that records transactions into a distributed ledger) that would also be extremely user friendly and ideally enable mining on personal computers and mobile phones. The consensus algorithm that they use is the Stellar Consensus Protocol (SCP) that was architected by David Mazieres a Professor of Computing Science at Stanford University as stated in Pi Network white paper as well.
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