How does PI coin work?

How does PI coin work?

How does PI coin work?
How does PI coin work?

Unlike nodes on networks such as Bitcoin that use proof-of-work (PoW) protocols, Pi nodes use an algorithm based on the Stellar Consensus Protocol (SCP). Pi Nodes validate transactions on a distributed ledger and reach a consensus on the order of new transactions that the ledger records.

The Pi coin has a large following despite not having a price yet; the project’s straightforward idea and strong technological base have already drawn quite a few cryptocurrency aficionados. The Pi network has a vibrant community that has stuck around despite the recent crypto crash, and its user base is constantly expanding.

What is Pi Coin?

The pi coin is a modern currency that can be easily mined even from your smartphone. Pi coin, or PI, is the primary cryptocurrency that operates on the Pi network. This network enables the users to mine the Pi coin directly from their smartphones and thus eliminating the need for expensive hardware and graphic processing units (GPUs).

Like any other digital currency, the Pi coin is regulated and managed by a social community rather than any form of government. Currently, the network is in the second phase of testing and is expecting a full-fledged launch that might happen in phase 3. Pi network is different from other kinds of cryptocurrencies as it works on a mechanism known as “stellar consensus protocol”, which enables users to obtain benefits on their contribution to the network.

What are the Uses of Pi Coins?

The uses of Pi cryptocurrency are still unclear at this point in time. Developers of the network have plans to release the blockchain, the PI browser as well as Pi wallet. However, it is still in progress with no concrete information about its release date or when it will get listed on the crypto exchanges.

Pi coin miners and crypto enthusiasts from all over the world are hoping for its early launch. Once the trading of these coins starts, there will be greater interest generated, which will lead to more innovations on the Pi network.

How to Buy Pi Cryptocurrencies in India?

Currently, these tokens are not available for trading, i.e., one cannot buy or sell them on the crypto exchanges. The only way to get Pi cryptocurrency is to mine them through its mobile application.

Here are some steps that one must follow to get Pi coins in India:

  • Step 1: Download the Pi Network application on your smartphone.
  • Step 2: Sign up with your Facebook account or mobile number.
  • Step 3: Complete the registration by correctly filling up your profile details. After submitting the details, you will be sent an invitation code by a Pi coin user.
  • Step 4: Enter the invitation code to join the Pi network.
  • Step 5: You will get access to the dashboard where you will receive one Pi coin as a joining reward.

How does PI coin work?

The Pi Network app is about as straightforward as it gets. It has a lightning button that you tap to mine Pi. This also starts a 24-hour countdown, and, when it ends, you need to check in and tap the button again to continue mining. You don’t need to leave the app open to mine, so all it takes is opening the app and tapping the button every 24 hours.

Your hourly mining rate is determined by when you signed up. Earlier members earn at a higher rate than those who came after. You can boost your mining rate by inviting new users or building a security circle.

There are four roles users can play on Pi:

  • Pioneer: Mines Pi by tapping the lightning button.
  • Contributor: Adds three to five other users they trust to a security circle. Contributors earn an extra 0.2 PI per hour for each member of their security circle.
  • Ambassador: Introduces new users to Pi through their invitation code. Ambassadors earn up to a 25% mining bonus for each person they invite.
  • Node: Runs the Pi node software on their computer. This software is currently in the testing phase.

What is the Future of Pi Coins?

The Pi crypto coin has gained popularity due to its ease of access and affordability. However, as of now, they are not listed on any cryptocurrency exchange. This makes it difficult to ascertain its value. Individuals can mine these coins and store them on the app itself. Additionally, one can also use these coins for buying goods available on the Pi marketplace.

One can assess its future value by studying the current trends; however, it is subject to speculation. Investors who have a high-risk appetite and are looking to invest in newer forms of cryptocurrencies can consider Pi coin mining. The early movers may earn high returns in case the price of Pi coins move upward in the future.

Related More Posts :

  1. How To Buy Crypto On WazirX?

2. How to Buy Pi Coin in India

3. How to Invest in Pi Coin in India?

4. Buy Pi Network Coin in India

5. What is a Pi Coin (PI)?

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