Pi network review (is pi network legit or scam?)

Read all about the Pi network.

There almost seems to be a new cryptocurrency idea that gains popularity every day. These ideas around cryptocurrency/digital currency are designed to solve a problem in one way or the other.

Some of these cryptocurrency schemes are scams, designed to rip people of their money in one way or the other.

In this blogpost, am going to be writing about the “Pi network”, which is a new cryptocurrency that you can easily mine from your mobile phone. You can mine Pi by helping secure the currency and by growing the Pi’s network.

By making contributions to the Pi network, you will earn Pi. It’s as easy as downloading an app on your phone and clicking a button.

Many people have been searching about the Pi network, and want to know if it is legit or scam. Am going to be writing all you will need to know about the Pi network and if it is legit.

Remember to leave us a comment after you finish reading and also share with your friends on social media.

Let’s get into it then…

What is Pi network?

According to its white paper, Pi is a long term project, whose success depends on the collective contributions of its members.

Pi is dedicated to helping people capture more economic value that goes to the banks, technology giants and other intermediaries.

Pi was created by three graduates of the Stanford university, two PHD and the other MBA. They have clearly stated that Pi is not a get rich quick scheme or free money, but it is a long term project that will give people greater access to cryptocurrency.

Read my post on bitcoin mining in Nigeria

How does the Pi network work?

All you need to do is search for Pi network on your phone playstore and download the app. The app allows you to earn Pi by making simple contributions to the Pi community.

Once you download the app, you will have to check in every 24 hours and hit the lightning button to start mining.

The interesting thing about the app, is that you don’t need to leave it open on your phone to mine Pi. Once you hit the lightning button, you can even close the app.

Another thing also is that it does not drain your battery or use your network data.

As soon as you begin mining, you can invite friends and family to join the community and boost your hourly rate. You can earn more Pi by building your own active security circle.

Earlier members of the network mine at a higher rate than those that come after them.

Pennywise wealth management review

The Pi network mining process

Unlike bitcoin which requires specialized equipment and also a crazy amount of electricity to mine, the process for Pi is less tasking.

Pi secures its ledger when members vouch for each other as trustworthy, this forms a network of interlocking “security circles” that determines who can execute transactions.

It allows crypto mining on your phone by leveraging your existing social connections with no financial cost. The entire process can be found on the Pi network white paper.

The Pi network referral process

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

You become an ambassador when new members join your earning team by using your invitation code, when they sign up for the Pi network.

Each member of your earning team provides a 25% boost to your earnings when they are actively mining.

Each invitee in the world can only be claimed by one inviter. This is because a new member can only be added to their inviter’s earning team each member only joins Pi once using one inviter’s invitation code.

How to withdraw Pi network?

Pi is a long term project, as clearly stated by the creators. Pi currently doesn’t hold much value, but the long term plan is that Pi holders will be able to purchase goods and services on the Pi peer to peer marketplace.

You will also be offered the chance to exchange Pi for fiat currency like dollars or Euros, when the project gets to phase 3 (we are in phase 2 now).

Pi network phases

Pi network supposedly has three phases:

Phase 1: Involved getting enough users on board and was launched in March 2019 and was completed one year later.

Phase 2: We are currently in phase 2, which is a testing phase and users may volunteer to test “node” software on their computer to decentralize their network.

Phase 3: in this phase, Pi holders will be able to purchase goods and services on the Pi peer to peer marketplace.

You will also be offered the chance to exchange Pi for fiat currency like dollars or Euros, when the project gets to phase 3 (we are in phase 2 now).

Is Pi network legit or scam?

Pi network is definitely not scam, it’s an idea that 3 Stanford University graduates came up with to try and help people capture more economic value that goes to banks, tech giants and other intermediary.

It is clearly stated by the founders that, it is not a get rich quick scheme, but a project that can succeed or fail (Remember that bitcoin was once just a project).

It doesn’t require any money from you, just a little bit of your time each day. If the project succeeds, then you might be smiling to the bank in the future.

Frequently asked questions (FAQs)

How to earn on Pi network?

To earn on the Pi network, download the app, click on the lightning sign to start mining. You can ask your friends and family to join you, so as to increase your earning.

Does Pi drain battery?

Pi doesn’t drain battery, once you click on the lightning sign, you can close the app.

Is pi network worth anything?

For now, Pi is not worth a lot, but this can change in the future.

Conclusion

Thank you for reading my Pi network review, if you have any question or perhaps you have something to add, you can leave it in the comment section below.

Remember to share with your friends on social media.

 

 

 

 

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