Convert PI to AUD

Pi is a novel cryptocurrency project that aims to make digital currency mining accessible to everyday users through a mobile-first approach.

Key takeaways:

• Pi Network enables users to mine PI tokens directly from their smartphones without draining battery or data.
• The project operates in three distinct phases: Phase 1 (Beta), Phase 2 (Testnet), and the upcoming Phase 3 (Mainnet).
• PI tokens are currently not tradeable on open markets as the network is still in its enclosed mainnet period.
• The project's value proposition centres on creating a widely distributed and user-owned digital currency.
• Pi Network utilises a consensus algorithm called the Stellar Consensus Protocol (SCP).

What is Pi? Key Specifications & Tokenomics

Pi Network is a mobile-based cryptocurrency project designed to be mined on smartphones. Its development is led by a team of Stanford graduates.

Who created Pi(PI)?

Pi Network was founded by Dr. Nicolas Kokkalis and Dr. Chengdiao Fan, both of whom hold PhDs from Stanford University. Dr. Kokkalis, who serves as the project's technical lead, has a background in computer science and social computing. Dr. Fan, the product lead, brings expertise in computational anthropology. Vincent McPhillip, an early community lead, was also involved in the project’s founding phase but is no longer with the core team. The core idea behind Pi was to address the centralisation of Bitcoin mining and the high energy consumption of Proof-of-Work systems by creating a cryptocurrency that could be "mined" or earned through a lightweight, mobile-friendly process. The development is spearheaded by the Pi Core Team, a group of developers and researchers. The project does not have an Initial Coin Offering (ICO) and has been funded through venture backing and the founders' own resources, aiming to build a community-owned network.

How does Pi(PI) work?

Pi Network operates through a mobile application where users can "mine" PI tokens by simply pressing a button every 24 hours. This process does not consume significant battery life or data as it does not rely on energy-intensive mining hardware. Instead, it uses a consensus algorithm based on the Stellar Consensus Protocol (SCP). The security circle is a fundamental concept where users build a network of trusted individuals (typically 3-5 people) they know in real life. These circles form a global trust graph that secures the blockchain and prevents fraudulent accounts from earning rewards. The mining rate for an individual user is influenced by several factors:

• Base Rate: A rate set by the system.
• Security Circle Boost: Contributions from trusted nodes in your security circle.
• Contributor Role: Running a Pi Node on a desktop computer.
• Ambassador Role: Inviting new, active members to the network.

What makes Pi(PI) unique and valuable

Pi's primary uniqueness lies in its accessibility and user acquisition model. By allowing mining on smartphones, it has lowered the barrier to entry for cryptocurrency, attracting millions of users worldwide who would otherwise not participate. Its value proposition is built on creating a widely and fairly distributed digital currency from the outset, contrasting with the early concentration seen in Bitcoin. The use of the Stellar Consensus Protocol (SCP) allows for fast, energy-efficient transactions without the need for massive mining farms. Furthermore, the project's emphasis on building a trust-based security web through real-life social connections is an innovative approach to Sybil resistance. The enclosed mainnet period, where PI is not yet freely tradeable, is a deliberate design to allow the ecosystem of apps and utilities to develop before external market pressures are introduced.

What is Pi (PI) used for?

Currently, during the enclosed mainnet phase, the utility of PI tokens is primarily focused within the Pi ecosystem itself. The Pi Browser and Pi SDK allow developers to create decentralised applications (dApps) where PI can be used. The envisioned use cases for PI are broad, aiming for it to function as a medium of exchange. Potential future uses include:

• P2P Transactions: Sending value between users within the Pi Network.
• In-App Purchases: Buying goods and services in Pi-based dApps.
• Governance: Potentially participating in future community decisions regarding the network's development.
• Payment for Services: Using PI to pay for verified services offered by other Pioneers (users) on the network.

How Is the Pi (PI) ecosystem developing?

The Pi ecosystem is being developed in a structured, phased approach. The network is currently in the "Enclosed Mainnet" period of Phase 3, where the blockchain is live but operates in a walled garden. During this phase, the focus is on two main areas: KYC (Know Your Customer) verification for millions of users and the development of a robust ecosystem of utilities. Pioneers can only transfer PI to other KYC-verified users and can only use PI within Pi-approved apps. The Pi Core Team is actively encouraging developers to build applications via hackathons and grants. The long-term roadmap points towards an "Open Mainnet," where external connectivity, exchanges, and unrestricted transfers would be enabled, but no official date has been set for this transition.

How to mine Pi(PI)?

Mining PI is a straightforward process designed for mobile users, but it requires an invitation from an existing member. Here is how to start:

1. Download the App: The Pi Network app is available for free on the official Pi Network website or app stores. You cannot sign up without an invitation code from an existing user.
2. Sign Up: Use the invitation code to create an account with your phone number or Facebook account.
3. Start Mining: Once registered, you can start "mining" by simply pressing the lightning button on the app's home screen every 24 hours. This action signals your active participation to the network.
4. Boost Your Rate: Increase your mining rate by building a security circle of 3-5 trusted people and by inviting others to join using your own referral code. You can also contribute to the network's security and earn more by running a Pi Node software on your desktop computer.

How to keep your PI Coin safe?

The primary risks involve account security and preparing for the future Open Mainnet. First and foremost, never share your Pi account password or passphrase with anyone. The Pi Core Team will never ask for it. Enable two-factor authentication (2FA) within the Pi app if available. Be wary of rampant phishing scams and fake Pi listings on external exchanges; PI is not officially for sale anywhere. When the Open Mainnet launches, you will migrate your balance to an official Pi wallet. At that point, standard crypto security applies: safeguard your wallet's private key or seed phrase offline, preferably on a hardware wallet, and never enter it on unofficial websites.

How to buy PI Coin?

Where can you buy Pi (PI)? A Guide on How to Purchase PI PI is currently available for purchase on many public cryptocurrency exchanges, including BTCC. The Pi Network is still in its enclosed mainnet phase, meaning PI tokens cannot be freely traded or transferred to external wallets or exchanges. For PI coin and other cryptocurrencies, you can explore the BTCC price page.

The legitimate process to acquire PI is as follows:

1. Get an Invitation: You need an invitation code from an existing verified Pi user (called a Pioneer).
2. Download the Official App: Install the "Pi Network" app from the official website or your phone's app store.
3. Sign Up & Verify: Use the invitation code to sign up with your phone number. Complete the in-app verification processes as they become available to you.
4. Start Mining: Press the mining button every 24 hours within the app to accumulate PI.
5. Complete KYC: To be eligible to transfer or potentially trade your PI in the future, you must successfully complete the identity verification (KYC) process provided within the Pi app when your slot is offered.