The success of Bitcoin has paved the way for the creation of alternative currencies for the purpose of correcting its apparent limitations. Those currencies offer faster, more efficient and inexpensive ways to carry out transactions over the Internet. But so far only the Pi Network offers a unique approach to making its currency more easily accessible to everyday people.
To fulfil this objective, the Pi currency is distributed freely to anyone with a smartphone. This distribution happens in parallel with the development of the Pi Network software, thereby granting people early opportunities to adopt the thereby granting people early opportunities to adopt the currency before it starts being used as a medium of exchange for goods, services and other things of value. In order to help raise the level of awareness and understanding among early adopters of the Pi currency, informative videos are posted through the mobile application while knowledgeable volunteers actively answer questions and provide valuable requested information. Members also discuss the future of Pi and share ideas with each other in the chat section.
Earning the Pi currency is an extremely simple process. You would first need to download the mobile application, then setup your account. You can download the Pi Network mobile application on Google Play or access the download link on the main website: minepi.com. During the setting up of your account, you will need to enter the invitation code of an existing member of the Pi network. It is advisable to obtain an invitation code from someone you already know. However, if you do not have an invitation code, you may use: SharePie.
When you and the user who invited you are active, both your Pi earnings will increase by the same rate of 0.1 Pi per hour. In this way Pi is distributed in a more equitable manner ensuring that no one person has a great advantage over the other.
After setting up your account, you are only required to tap on the active button once per day. Your Pi earnings will start increasing and then pause after 24 hours until you press the active button again. Pressing the active button proves that you are human, and not a malicious application or program attempting to cheat the system. When you and the user who invited you are active, both your Pi earnings will increase by the same rate of 0.1 Pi per hour. In this way Pi is distributed in a more equitable manner ensuring that no one person has a great advantage over the other. There are other ways to increase your Pi earning rate, all of which are explained in the mobile app in the Earn Pi section. You can also easily access this information by tapping once on the active button.
The distribution rate of the Pi currency will continue to decrease by half after a certain number of persons have joined the network and will inevitably fall to zero when a capacity of 1 billion users have been reached. This will create scarcity of the currency which will in turn help safeguard the currency against devaluation. This is in contrast to our national currencies which loses value over time. This is evident as there are at least 50 electronic currencies which are currently more valuable than the US dollar, many of which had little to no value when first created.
The Pi currency is likely to follow this trend. In fact, Pi has no value because it cannot be used while the software is still being tested for security and efficacy. The software is estimated to be launched in approximately one year from now. Importantly, the Pi Network is quickly growing with over 13 million active users. The Pi currency will as a result, instantly hold value the moment it starts being used. Furthermore, Pi will be used by people from all over the world to facilitate faster regional, national and international transactions at a much lower cost. Other people may want to swap their national currency for Pi if they are confident that the currency will continue to increase in value over time. So, the adopters of the Pi currency are in the process of gaining valuable economic power that most have yet to realize. Pi can therefore be a means to a great source of wealth for people who have access to a smart phone but little to no earning opportunities or financial support in their respective countries.
Nevertheless, people are still finding it especially difficult to understand how it is possible to so easily earn money without having to work tirelessly for it, and well, it does seem like magic. As British science and fiction writer Arthur C. Clarke proclaims in his most widely cited proverb:
Any sufficiently advanced technology is indistinguishable from magic.
The truth is, we are the ones who create value through work and that value is stored and exchanged using money. Thanks to innovative technology we are currently transitioning to a new kind of money, one that no one controls. Those currencies will give everyone the collective power to decide how they use and exchange the value which they themselves help create. And so, the value we create through work will be better protected and not easily manipulated or unfairly reduced to nothing based on the unilateral decision of a few people. It is this kind of progress which will bring us one step closer to creating a better functioning world where everyone has equal opportunities.
I am convinced that cryptocurrency is one of the most powerful tools we have to provide opportunities for people everywhere to achieve a new meaning of prosperity.
― Vincent McPhillip, Head of Community at Pi Network
sources: Pi Network,Wikipedia,The economics of digital currencies, Investopedia, How to know more about cryptocurrency than others, Number of smartphone