I am sending you 1π! Pi is a new digital currency developed by Stanford PhDs, with over 55 million members worldwide. To claim your Pi,
follow this link
https://minepi.com/RareCoinX01
and use my username (RareCoinX01) as your invitation code.
This article explores how Pi Network works, its key features and the challenges it faces. We'll explore the project's mining system, consensus mechanism and ecosystem development plans, while analyzing both opportunities and risks for potential users.
What Is Pi Network?
Pi Network is a blockchain project that lets users mine cryptocurrency through a mobile app. Started in 2019 by Stanford graduates, the project aims to make crypto accessible to everyday people without specialized hardware or technical knowledge. Unlike Bitcoin, which requires expensive mining equipment, Pi can be earned by verifying presence on a phone app daily
How Pi Network Works
Pi uses the Stellar Consensus Protocol instead of Bitcoin's energy-intensive proof of work system. Users build trust circles by nominating 3-5 reliable contacts, creating an interconnected web of verified members. These connections form a global trust graph that helps secure the network and validate transactions without massive computing power.
The mining process rewards different types of contributions. Pioneers earn base rewards for daily check-ins, additional amounts for growing their trusted circles and bonuses for running full nodes on computers. The network also incentivizes app usage and Pi lockups to support ecosystem development.
Since December 2021, Pi has operated on its Mainnet blockchain in an "enclosed" period. During this phase, users must complete know your customer verification to transfer their mined Pi to the blockchain. The project plans to remove these restrictions in its "open network" phase, allowing full external connectivity.