You might have heard of Bitcoin and Ether but never known what they actually are. These two are well-known cryptocurrencies that are being used for years. Pi Network has recently created a cryptocurrency that is making a big market in Nepal.
Cryptocurrency, or in simple words – digital money is getting popular in Nepal. A mark-able network of Pi Currency has been built – 7 million users have registered to the network. Cryptocurrency or Pi currency is like cash without physical presence – it’s all online. The coins can be transferred without any go-between network bank.
The digital world demands the use of digital money – especially after the Corona Pandemic of The question is, Will PI Currency be a big revolution in the market?
About Pi Network
“Pi Network” is a mobile application that allows users to dig Pi cryptocurrency. The entrepreneurs from Stanford launched the beta version of the app in March 2019. The network uses distributed ledger technology and seller consensus protocol.
Pi is mined by the proof of consensus – your phone communicates with different nodes that collectively decide on the solution to the next block. In other Cryptocurrency like bitcoin, the solution is pre-set and whoever gets it initially gets the rewards.
How to join Pi Network?
The step is pretty simple- first, you download the Pi Network application and complete the registration by phone number or Facebook. You will need an invitation code to initially join the network as the Pi network relies on a secure circle. Upon registration, the user receives one “Pi” per account.
How to earn Pi Coins?
To mine, open the app and look for the ‘mine’ button in every 24 hours. This proves that you are a credible contributor. Initially, you are a Pioneer who uses the app to interact with the Pi network daily. It is the entry-level rank with a production size of 0.39 pi/h production size can increase to 0.49 pi/h by being a part of the referral program during registration.
Then, you can be a contributor who adds new people to their network. You need to mine OI currency for 3 days to get this rank. If you unlock an Ambassador, you can receive a 25% referral bonus for being in the network. Ambassador invites members to link with the Pi Network. Last but not the least, there’s Node – one who physically run a node on a laptop or desktop to maintain the distributed ledger. The nose is yet under development.
How are Pi coins different than other cryptocurrencies?
Pi Network is different from other blockchains in terms of rewards collection. The rewards in the Pi network are paid out daily while other blockchains pay rewards per block. As long as you keep on interacting with the network, you receive a payout.
Conclusion
Pi network is rapidly expanding in the world, it has about 5 million users. The network is free to join and doesn’t need to be working in the background. Do your research and decide if you want to be part of your network. This could definitely be the next big thing.