What is it?

The PI network is a project established by a group of PHD-students and Professors at Stanford University. You can meet the current team here.

It is a project, to launch a Cryptocurrency entirely reliant on the processing power present on a smartphone.

PI, as a Cryptocurrency, cannot be mined with dedicated hardware of powerful CPU’s, GPU’s or ASIC-miners. The mining process is scaled down, and distributed, to such a level that all is being done through the use of a smartphone.

What sets PI apart from the other Cryptocurrencies is to bring the power of Cryptocurrencies into the hands of general public. As mentioned before, it is the very first and only Cryptocurrency that can be mined by making use of a smartphones processing power.

It is a project still in development and will roll out in 3 stages. As of current writing is PI still in its phase 2. The 3 phases are as follows (more extensive elaboration can be found here and here):

PHASE 1: (FINISHED)
This is aimed at increasing involvement and getting the Pi Network name out into the world. During this phase more Pi is gained by getting more people involved. This lets the user get involved easily and allows the Pi Network to grow as it needs to in order to be successful.

Phase 2: (ONGOING)
Phase 2 began in early 2020. This phase will allow users to set-up their computers as nodes. This takes the computation out of the developers hands, and puts it into the users’. This is no requirement.

Phase 3:
There currently isn’t an official estimate for the start of phase 3. Speculations are the end of 2020-the beginning of 2021. This is when Pi will be allowed to be traded on crypto-currency exchanges and Pi will take on actual value. BEFORE THIS PHASE PI HAS 0 VALUE AND ANY TRADING/BUYING OF PI IS NOT LEGITIMATE.

More information can be taken from its Whitepaper.

Opinion and analysis:

An outstanding project which should carry full support. Whereas many Cryptocurrencies are hindered by high hash-rates in order to roll out development, and make them suspect to monopolization through mining-pools and centralized exchanges, this is not so the case with PI.

Its unique setup to use smartphone processing power makes it low maintenance and less likely to be monopolized by mining groups. While indeed various nodes in the first two phases are required to invite others to join the network, the resulting distribution is MUCH wider than that of traditional Cryptocurrencies upon launch. A majority of the coins of many other altcoins tend to be held by a handful members of the community supporting the project. With PI, distribution is being done by all involved which already makes it more widespread for use should it enter its final Phase 3 and be launched on the market.

It is highly advised to get involved before Phase 3 is launched so distribution is more widespread.

A project to be involved in with high potential and good returns for basically low low investment (practically nil).

For more information check out the following websites:

Official website: https://minepi.com/#home
Official whitepaper.: https://minepi.com/white-paper#paragraph_1
FAQ: https://minepi.com/faq
Marketcap: Not available yet.

Liked this article?

You can always help by donating to my Paypal.

Want to learn more?
I have written a book about Cryptocurrency.
Find more about it here: Binary Gold, Crypto