Welcome to my review of Pi Network. You are here because you want to learn more about it, and wondering should you invest your time in Pi Network. I will explain what it is, how does it work and is it a scam or a legit thing. Before we continue, I want to congratulate you for being responsible and doing research on this topic!
Overview
- Name: Pi Network
- Owners: Nicolas Kokkalis, Chengdiao Fan and Vincent McPhillip
- Website URL: https://minepi.com
- Price: Free
- Recommendation: Yes
What Is Pi Network
Everyone wants to earn money and people are searching for ways to do that all the time. With technology advancing so rapidly, we are connected more than ever before. Long ago was the mobile phone only used for calls and sending text messages.
So the logical question would be how to make money with your mobile phone, correct?
As time goes by and the world becomes increasingly digital, cryptocurrency is the next natural step in the evolution of money.
Pi Network, a new cryptocurrency and peer-to-peer network, is currently operational in 150+ countries and 32 languages.
The pi coin is the first digital currency for everyday people, people like you and me. It is developed by Stanford PHDs: Dr. Nicolas Kokkalis, Dr. Chengdiao Fan and Vincent McPhillip.
Pi Network is first and only cryptocurrency that you can mine (or earn) on your smartphone or tablet without the usage of battery and RAM, and it doesn’t affect your phone’s performance. You don’t need to leave the app open to mine.
Since the program is still in beta, you can mine Pi coins at a higher rate. Like Bitcoin 10 years ago for mining, you would be able to get a few Bitcoins every hour. Today, you would get somewhere around 0.000001 BTC per hour, depending on your mining rate.
Pi Network is growing rapidly, and in under two weeks, 50,000 users have joined and the total number passed 200,000 active users on 2nd of August, and with that amount, they surpassed cloud mining app Electroneum, which at this moment has 166,798 active miners.
Their mission is to build a cryptocurrency and smart contracts platform secured and operated by everyday people, and their vision is to build the world’s most inclusive peer-to-peer marketplace, fueled by Pi.
How Does It Work
How exactly does it work? Let’s take a Bitcoin as an example. To earn Bitcoin, you need to burn energy as proof of work. Pi, on the other hand, secures its ledger when members vouch for each other as trustworthy.
This forms a network of people that determines who can execute transactions, and it allows crypto mining on your phone by leveraging your existing social connections, with no financial cost or battery drain. You can read the details on their white paper.
Pi uses the algorithms that are based on the Stellar Consensus Protocol (SCP) which was architected by David Mazières a professor of Computer Science at Stanford who also serves as Chief Scientist at the Stellar Development Foundation. In short, SCP is the leading candidate for user-friendly mobile-first mining.
You can think of Pi coins like Bitcoin in its early stages. Back then, nobody knew or understood the technology behind it. Imagine if you knew then what you know now. You would mine it like crazy! It goes exactly the same for Pi coins.
At the moment, there are four known roles at which you, as a user, can earn Pi coins at different rates:
- Pioneer – By checking in every 24h prooving you are a human and not a bot you earn Pi coins.
- Contributor – Mine at a higher rate by adding other members to your security circle, enabling the Pi Network to secure transactions. You need to complete at least three earning sessions as a pioneer to unlock this option.
- Ambassador – Simply invite people to join your network and earn Pi coins at a higher rate.
- Node – Run the decentralized code. A user who is a Pioneer and a Contributor using the mobile app, and is also running the Pi node software on desktop or laptop computer. The Pi node software is the software that runs the core SCP algorithm, taking into account the trust graph information provided by the Contributors.
Earning Pi coins is very straightforward. You earn 0.39 Pi per hour as a Pioneer. The more people you invite as Ambassador, the more you earn. For each person you invite, both you and that person gets a 25% increase in income per hour.
The Future of Pi Network
As the Pi Network is still in beta there is no option to withdraw Pi yet. Withdrawing or exchanging for other currencies will be available in Phase 3 of the project when Pi transitions to a fully decentralized blockchain, which will happen during Q4 2019. This will be the beginning of seeing the true value of the coin.
For now, they are still laying the infrastructure and marketplace by distributing the currency, building the community, and developing the technology to ensure its security.
Users that hold Pi coins will have two options to turn Pi into money (cash out):
- Directly purchasing goods or services with Pi coins – This will be done through the peer-to-peer marketplace where members will be able to spend Pi to buy goods or services.
- Exchange Pi for fiat currency on exchanges – Although Pi’s Core Team does not control when will exchanges decide to list Pi for trading, it will be tradable in Phase 3 of the project (Mainnet). At that point, exchanges can choose to list Pi.
Some of the other planned features in phase 3 will be trading Pi coins with other members, using Pi coins for advertisement and wager Pi to engage the attention of other members of the network by sharing content (text, images, videos) or asking questions.
The Owners
The creators of this project are real people. They all went to Stanford and have public profiles accessible for everyone to see.
Dr. Nicolas Kokkalis – Head of Technology. Stanford Ph.D. and instructor of Stanford’s first decentralized applications class; combining distributed systems and human-computer interaction to bring cryptocurrency to everyday people.
Creator of online game platform Gameyola, founding CTO at StartX, a non-profit startup accelerator for Stanford students that has helped over 2000 entrepreneurs.
Dr. Chengdiao Fan – Head of Product. Stanford Ph.D. in Computational Anthropology harnessing social computing to unlock human potential on a global scale. Her focus is on how to use technology to positively impact human behavior and societies.
Her previous research projects and published papers include designing software systems to improve productivity, scale social communications and surface untapped social capital for people.
Vincent McPhillips – Head of Community. Yale and Stanford-trained social movement builder on a mission to democratize how society defines, creates, and distributes wealth.
Co-founder of the Stanford Blockchain Collective, a group of 750 thought leaders, business people, engineers, and lawyers from across Stanford and Silicon Valley.
Conclusion And My Final Verdict
Taking into consideration it is completely free to join and you only need to download the app to start earning, I don’t see any harm in signing up and seeing where everything goes.
After all, you don’t have to invest anything. You just need to wait to see how will it develop. And in the meantime, you can ask people to join your network.
If you use my nick when joining, you will get a boost of 25% in earnings. Use Verzus when you are signing up to claim this boost.
If things go as planned, you can expect Pi coin value to be increasing as new people will be joining, something like Bitcoin was in its early stages.
My advice is to wait to see what will happen and how will it develop. In the meantime, be sure to join with Verzus code when signing up to claim 25% increase earnings and you will be added into my security circles. Who knows, maybe at this time next year we will be millionaires 😉
Until the next time, I wish you all the best!
Dalibor.
31 thoughts on “Pi Network – Earning Money With Your Phone”
Very interesting. Thank you. I never really wrapped my head around cryptocurrency. I just don’t understand how it actually has any value. My dad told me that it can be used to pay for stuff anonymously or something. But I still don’t get it.
I actually bookmarked your page. If I want to sign up I will use your code. It sounds good since I will get a 25% bonus too. Better for me than signing up directly with their site.
I guess everyone who missed out on Bitcoin is going to be like “I gotta get on this one!” and I could see cryptocurrency companies hoping for that kind of response.
Thanks, good article, good website! I’ll be back.
Hello Charles,
Thank you for your comment.
This could really be the next best thing. I guess it depends on how people will react to it and what kind of momentum will it get. It is easier to jump in the train while it is still slowly moving rather than try and jump while it is at full speed.
I hope I will see you in my network.
Regards,
Dalibor.
Great article! This is the first time I’ve heard of this program. It is interesting to see what the future holds for this program. Like bitcoin, you would never know how big it will get.
Hello Louis,
Thank you for taking the time to comment, I am glad you like it.
Yes, hopefully, this will turn out to be something. It doesn’t cost anything so it is worth to try it.
Regards,
Dalibor.
Maybe it’s not a scam but I don’t trust them anyway, because other then with BTC it is Pi Network that controls your account. They can delete it at their sole discretion. Actually your account is at risk right now because they have to deal with lots of fake accounts which NEED to be deleted. EACH account can be found suspicious based on criteria unknown to us. It can also be YOURS!
Hey Joe,
Thank you for your reply and honest opinion!
It is true there is a lot of fake accounts at the Pi Network at the moment. It is due to people trying to gain an unfair advantage and creating multiple accounts (also known as bots) to boost their gathering rate.
However, I can assure you that if each account from a real person is not in danger. In fact, due to KYC implementing that will soon be implanted, those fake accounts won’t be able to transfer the currency that they hold and the owners of those fake accounts won’t be able to use the gathered Pi from them.
If there is no violation of the rules, each account will not be in danger.
Thank you for your time to read through the article. Tell me if I can help you with anything else?
Dalibor
hi…..
i am from India, how to verify my phone number?
thank you
Hello Pramod,
thank you for your message.
You can verify your phone number by going to your profile in the Pi Network application and you will see two options for account verifications:
Kindly choose Phone verification and follow the steps required to verify your phone number, which will include choosing a destination number to send SMS to (usually the UK, but it can also be the USA or even Belgium).
Please have in mind that if you are registered with Facebook, there is no need to verify your phone number as one verification is enough.
Best wishes,
Dalibor.
KYC is a main reason why it is a scam. If you are in the US you may think that KYC is great but for most of the world it quite simply does not work. Pi accept accounts from all over the world and now they are suggesting that most of them are fake based solely on the simple fact that they cannot get through the verification process. I live in the UK and I cannot do it. I much prefer real crypto and this training wheels version has far too many things wrong with it.
Why has it not gone real yet? It has been around for years but it is still a game.
Calling clicking a button every day mining is dishonest and certainly makes it look like a scam to anyone who has actually mined crypto.
I may be wrong but I see it as a scam and this marketting article does not change that.
Hey Jamie,
Thank you for your time to read through my review and for your comment, as well as for voicing out your opinion.
I’m sorry to see you are discouraged regarding KYC. But I am from Croatia and I was able to do the KYC without a problem. Pi Network uses a third-party company, Yoti, through we make KYC verification. It is a very legit company and in fact, if I am not mistaking, they are also cooperating with some UK departments for the KYC also. Since you are in the UK, it is strange you weren’t capable of doing KYC. Why? Were you declined? If you would be willing to provide some details, I would like to help if I can.
Regarding the Mainnet, or going live as you said, Core Team actually announced the plan for the Mainnet is the end of 2021. They already are testing wallets, soon hopefully they will be ready for KYC Pioneers, and with it, through DAPP’s, Pioneers will be able to spend their Pi. I think it is a huge step toward Mainnet for this project.
Yes, I would agree that you can’t call it mining just because you click a button on your phone. The thing is, this is a faucet and not mining, but minting, as they said in their White Paper. And since the project is based on the SCP and not POW, it will be much faster and eco-friendly.
Anyway, I do hope you will give this project a chance. Besides “losing” few seconds to press a button, you don’t lose anything else, right? If you need help with anything regarding the verification of your account or KYC, I will be glad to help with advice or opinion. Feel free to reply here if you need help. And once again, thank you for your comment and your opinion!
Best wishes,
Dalibor.
You shouldn’t try to mislead people by telling them that they’ll earn 25% extra by using your referral code. Yes, it’s true that no one can join without a referral code, but there is no advantage to yours as opposed to any other, so long as the referrer is consistently active.
My referral code is MercuryOne, it’s as good as any other, and anyone can use it if they want to. I won’t promise extra earnings, but I do promise to never lie or mislead.
Hello MercuryOne,
thank you for your message.
Yes, you are right, there is no advantage to my code opposed to yours. Each code brings the same amount to the one that uses it. But the referral does get 25% of it based income, same as the one who invites the person.
In fact, if you use a code from a person that is not active (or if you miss write the inviter name), you won’t get that 25 %. So yes, as long as I am active, each person will get boost of 25%.
Again, thanks for reaching out to me and I am happy to see fellow Pioneer here!
Dalibor
Hi Dalibor,
That’s an interesting article and fills in a few gaps for me, thank you. I too am still skeptical about it and worried that it might be a scam. However, I took the “risk” on an old mobile phone and have seen my number of Pi grow really slowly over the last few weeks.
Just one point, if people use your name, you say they will get 25% extra. If new people followed this link: https://minepi.com/Maikol6225 and used my username (Maikol6225) instead, would they get the same or do you have another status? Can I link your name to mine and then get 25% more or does that just happen over time?
Cheers,
mike
Hey Mike,
Thanks for stopping by and commenting, I really appreciate it!
As one of the moderators at Pi Network, I get that question a lot: “is Pi Network a scam”? That was also one of the reasons I wrote another article on that subject which you can read >>HERE<<.
Pi Network is still in the beta phase, but it was announced that the plan is to reach the Mainnet by the end of this year, 2021. So fingers crossed, right?
As far as the code goes, you also get 25% from anyone that joins your team with your code. I am not an exception: everyone gets the same bonus from the people they invite.
You can’t link your name to mine to get an additional bonus, it doesn’t work that way, so everyone builds their own Earning Team of referrals.
Once again, thank you for taking the time to read my review, I am glad it helped. If you have more questions of any kind, feel free to drop me a message, I will try my best to answer them as soon as possible.
Best wishes,
Dalibor.
Thanks Dalibor,
Let’s see how it goes then. I have mentioned it to a few friends but there is generally a reaction that I must be totally gullible to fall for it. Maybe, but I have nothing to lose apart from the hope that it’ll maybe work. I’m interested in how the project develops anyway as I have little understanding of cryptocurrency.
One question I do have though is, what happens if I lose my phone or change phones at some point? How can I recover my Pi on a new device?
All the best,
Mike
Hello Mike,
don’t be discourage about friends looking at you strangely for it. Remember them that in its beginning, Bitcoin was offering people 30 BTC just to set up a wallet. That is how they try to get people involved. Besides, a lot of cryptocurrencies are rewarding early members with free tokens (the way that Pi Network have set up faucet).
Stick around, fun and exciting times are in front of Pi Network. Soon, the market inside of the application itself will open, and more and more people will be able to use their Pi coins for products that others will list to trade for.
Personally, I am part of the 300 people that were testing in-app transfers and I have the option to send Pi to someone. I use it to buy a bottle of wine in the early stages. There are a lot of Facebook groups that have proof of people trading Pi for products, and there are at least three websites that are offering (actually, preparing to offer) products to buy for Pi. Look at it as filling up the shelves before the store opens!
To answer your question: that depends on which verification did you use for your Pi account? If you verified with Facebook then you are using Facebook information for login. If you use a phone number then your Pi account is bound to your number.
If you change your phone, you simply download the app on your new phone and use the same log-in details that you used when you register. Keep in mind that the phone number has to be the same. If you use a different phone number, you will create a different account.
And if you lose your phone, I hope you do keep it locked so nobody can get into it without a code. Your phone is your wallet for your Pi, keep it safe 😉
Also, do go through the FAQ in the app, you will get a general idea and some info about the project.
If you need more help, don’t hesitate to ask.
Best wishes,
Dalibor.
Thanks for this article. Ive been mining pi for over a year now and simply cannot find a way to add people that are already mining to my team. Can you or someone else help me here please..
Hey Lee, welcome!
First of all, let me ask you, do you mean your Earning Team or Security circle?
Because in your Earning Team you can only invite people that aren’t using Pi Network application yet. Those that are already using Pi Network can only be added to your Security Cirlce, not your Earning Team.
I hope it helps. Hit me up if you need anything else.
Dalibor.
Ah thanks mate.
That is what I needed. It’s hard to find anyone to actually speak to about this.
You are welcome Lee, glad I could help!
If you need any additional help or have a question about Pi Network, don’t hesitate to ask, I will help however I can.
Also, since I am doing reviews of other platforms, if you have questions about any, or you would like to request me to do a review about a company or product, I would be glad to see what I can do about it.
Best wishes,
Dalibor.
Hey,
Thank you so much for visiting my website and for the compliment. Are you interested in a specific topic?
No, I didn’t hire a developer, I did it myself using a SiteRubix platform. I have made a review on how to use it, you can read it here.
Thanks again for stopping by and commenting, tell me if I can be of further assistance.
Best wishes,
Dalibor.
Hey, thanks a lot for your message.
I do check the spelling on all of the posts. However, I can miss something for sure.
Thank you for your notice, I will try to improve my spelling!
Best wishes,
Dalibor
Thank you so much for the information. Please an account on pi network is entitled to how many referrals?
Hey Mike, nice to see you again. How is it going? Did you find any new referrals?
You can have as many referrals as you can get, there is no limitation in quantity.
However, only Pi collected from those that will pass KYC will be calculated toward your account in Mainnet. This makes sense if you think of it: someone could be “farming” with several phones and transfer all the coins to one account and get an unfair advantage.
So only those that will pass KYC verification will be validated for Mainnaet, and with them, their contribution toward your base mining.
Regards,
Dalibor
Thanks for your reply I now understand
Thank you so much for your comment, I really appreciate it and I’m glad you like this article. I try to bring as detailed information as possible, and with a clear message.
If you want to request a review on a certain subject, I would be glad to do it. Just write in the comment about the company or website you are interested in, and I will do my best to review it.
Regards,
Dalibor.