Mining cryptocurrency is the territory of people that have access to a lot of hardware and technical know how. A trio of Stanford PhDs is setting out to change that. The Pi Network aims to put cryptocurrency in the hands of everyday people. https://minepi.com/faq
The initiative is being spearheaded by Nicolas Kokkalis, who is a Stanford PhD, and teaches Decentralized Application on Blockchain classes. Chendiao Fan, who is a Stanford PhD in Computational Anthropology and Vincent McPhillip, a Yale and Stanford trained social movement builder.
Pi aims to give everyday people the ability to “mine” cryptocurrency. Pi is currently in the first of what is going to eventually be three phases. In this phase the currency is being distributed. There are three ways to earn Pi, right now.
The first and simplest way is to download the app and tap a button, once every 24 hours, to prove that you are not a bot. By doing this, you are helping to build the community . In order to do this, you must have an invitation code (more on that below).
Once you download the app and begin mining, you can build a “security circle”. You will earn Pi for doing this. The idea here, is to build a Trust Graph, so users can validate that holders of the currency are valid. This is laying the groundwork, for what will be a transact-able currency.
After three days of mining you will qualify as an “Ambassador”. Once you are an Ambassador, you can invite others to join your team. When you invite more people, you earn more Pi. This is the third and final way to currently earn Pi.
There are plans to begin enabling peer to peer transactions for Pi, by the end of this year. Keep in mind, we are still in phase one, and the opportunity still exists to mine Pi. Right now, there are over 800,000 engaged Pi Network miners. Or “Pioneers”. Once this number hits 1,000,000, the mining rate will be cut in half.
During phase two, a “Testnet”, will be launched and miners will have an opportunity to begin to implement their trust graph, in a testing environment and begin running nodes. Once the community feels that the software is ready, Pi will move to phase three and be launched on the Mainnet. At this point, Pi will be able to be traded for other cryptos or fiat currencies.
As I mentioned above, we are still in phase one. You can still mine Pi, and get involved, for free. If you want to do so, follow this link: https://minepi.com/larryw. Then, download the app, to get started. You will need an invitation code. If you use mine, which is Larryw, you will get a 25% boost in your mining rate.
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