{"id":9002,"date":"2023-12-31T09:08:02","date_gmt":"2023-12-31T09:08:02","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=9002"},"modified":"2023-12-31T10:00:43","modified_gmt":"2023-12-31T10:00:43","slug":"mining-on-the-phone-what-is-pi-network","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/mining-on-the-phone-what-is-pi-network\/","title":{"rendered":"Mining on the Phone: What is Pi Network?"},"content":{"rendered":"<div><strong>Pi Network<\/strong> is a cryptocurrency still in the development stage. It is a Proof-of-Work cryptocurrency, meaning users can mine Pi coins by completing simple tasks on their smartphones. Pi Network was listed on the <a href=\"https:\/\/www.htx.com\/tr-tr\/trade\/pi_usdt\/\" target=\"_blank\" rel=\"noopener\"><strong>HTX exchange,<\/strong><\/a> formerly known as Huobi, on this day last year. However, it is not currently listed on any other exchanges.<\/div>\n<div><\/div>\n<div>There are some concerns about Pi being a scam, mainly due to it not being a fully functional cryptocurrency yet. The uncertainty about how the team will generate revenue in the future also persists. However, they have published a technical report outlining their plans for the project and being transparent about their operations.<\/div>\n<div><\/div>\n<div>In a post from Pi Network&#8217;s official accounts, they shared the Pi roadmap, containing important information about the future of Pi products.<\/div>\n<div>You can find a detailed review of <em><strong><a href=\"https:\/\/minepi.com\/roadmap\/\" target=\"_blank\" rel=\"noopener\">the road map here.<\/a><\/strong><\/em><\/div>\n<div><\/div>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Read V2 of the Pi Roadmap, which includes essential information on the future of Pi products. More updates to the Roadmap will be released in 2024. <a href=\"https:\/\/t.co\/guIq1O73jB\">https:\/\/t.co\/guIq1O73jB<\/a> <a href=\"https:\/\/t.co\/2hRKH5L3xC\">pic.twitter.com\/2hRKH5L3xC<\/a><\/p>\n<p>&mdash; Pi Network (@PiCoreTeam) <a href=\"https:\/\/twitter.com\/PiCoreTeam\/status\/1740915775249002587?ref_src=twsrc%5Etfw\">December 30, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/mining-on-the-phone-what-is-pi-network\/#How_Does_Pi_Network_Work\" title=\"How Does Pi Network Work?\">How Does Pi Network Work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/mining-on-the-phone-what-is-pi-network\/#Community_Formation\" title=\"Community Formation\">Community Formation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/mining-on-the-phone-what-is-pi-network\/#Pi_Network_Future\" title=\"Pi Network Future\">Pi Network Future<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/coinengineer.net\/blog\/mining-on-the-phone-what-is-pi-network\/#Pi_Network_Founder\" title=\"Pi Network Founder\">Pi Network Founder<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"How_Does_Pi_Network_Work\"><\/span>How Does Pi Network Work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It uses a consensus algorithm called Stellar Consensus Protocol (SCP). SCP allows users who contribute to the network to be rewarded.<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-9004 aligncenter\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/1-12-300x94.png\" alt=\"Pi Network\" width=\"707\" height=\"221\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/1-12-300x94.png 300w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/1-12-1024x320.png 1024w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/1-12-768x240.png 768w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/1-12.png 1367w\" sizes=\"auto, (max-width: 707px) 100vw, 707px\" \/><\/p>\n<p>Stellar claims that Consensus Protocol (SCP) is faster, more secure and more scalable than other consensus algorithms such as Proof-of-Work (PoW) and Proof-of-Stake (PoS).<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-9005 aligncenter\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/2-12-300x110.png\" alt=\"Pi Network\" width=\"906\" height=\"332\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/2-12-300x110.png 300w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/2-12-1024x374.png 1024w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/2-12-768x281.png 768w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/2-12.png 1426w\" sizes=\"auto, (max-width: 906px) 100vw, 906px\" \/><\/p>\n<p>You can access the Pi Network <a href=\"https:\/\/minepi.com\/\" target=\"_blank\" rel=\"noopener\"><em><strong>website here.<\/strong><\/em><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Community_Formation\"><\/span>Community Formation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Pi Network community consists of four roles:<\/p>\n<ol>\n<li>Pioneers: Users conducting mining activities are referred to as &#8220;Pioneers.&#8221; However, Pi Network does not currently have a functional blockchain. Users attempt to prove they are not robots by clicking on a specific button in the application every 24 hours. However, unlike traditional cryptocurrency mining, actual mining activities have not taken place on the Pi Network yet. Pi Network developers are working to launch their own blockchain, but the exact date for the open mainnet launch is still unknown.<\/li>\n<li>Contributors: Users who engage in mining for three consecutive days ascend to the Contributor status. Contributors represent a Security Circle, which consists of three to five Pioneers coming together. The Security Circle is a group of users on the Pi network who trust each other. Users can join multiple Security Circles, and Contributors earn more mining rewards compared to Pioneers.<\/li>\n<li>Ambassadors: Users become Ambassadors when they invite new users through their referral codes. Ambassadors receive a 25% mining bonus for each user they invite. The more people invited, the higher the Ambassador&#8217;s earning rate. However, a user can only join the earning team of one Ambassador and cannot be added to multiple Security Circles.<\/li>\n<li>Nodes: Pioneers can become validators (Nodes) on the network by running the Pi software on a desktop or personal computer. Validators are rewarded with additional benefits in the mining process. Currently, there are more than 10,000 testnet nodes, and developers state that when the Pi Network mainnet is launched, nodes will ensure the security of the Pi blockchain.<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Pi_Network_Future\"><\/span>Pi Network Future<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div>Pi coin&#8217;s future price remains uncertain. The Pi Network aims to allow everyone to engage in crypto mining and make blockchain technology more accessible, similar to many other crypto platforms, but it is not without controversy.<\/div>\n<div><\/div>\n<div>While the strong incentive structure significantly supports recruitment, miners receive compensation in a local cryptocurrency that lacks real value.<\/div>\n<div><\/div>\n<div>Investors are advised to exercise caution when dealing with such speculative cryptocurrency ventures.<\/div>\n<div><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-9010 aligncenter\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/3-4-300x129.png\" alt=\"Pi Network\" width=\"828\" height=\"356\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/3-4-300x129.png 300w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/3-4-1024x442.png 1024w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/3-4-768x331.png 768w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/3-4-1536x662.png 1536w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/3-4.png 1665w\" sizes=\"auto, (max-width: 828px) 100vw, 828px\" \/><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Pi_Network_Founder\"><\/span>Pi Network Founder<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It was first introduced by Dr. Nicolas Kokkalis in December 2018 and officially launched on March 14, 2019 (Pi Day). He is a Stanford doctoral student and the instructor of Stanford&#8217;s first decentralized applications class, CS359B, in 2018.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-9011 aligncenter\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/4-6-300x76.png\" alt=\"Pi Network\" width=\"983\" height=\"249\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/4-6-300x76.png 300w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/4-6-1024x260.png 1024w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/4-6-768x195.png 768w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/4-6-1536x389.png 1536w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/4-6.png 1677w\" sizes=\"auto, (max-width: 983px) 100vw, 983px\" \/><\/p>\n<hr \/>\n<div>\n<div>\n<p data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><em>Also, you can freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram<\/strong>,\u00a0<\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>YouTube\u00a0<\/strong><\/a>and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\"><strong>Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Pi Network is a cryptocurrency still in the development stage. It is a Proof-of-Work cryptocurrency, meaning users can mine Pi coins by completing simple tasks on their smartphones. Pi Network was listed on the HTX exchange, formerly known as Huobi, on this day last year. However, it is not currently listed on any other exchanges.<\/p>\n","protected":false},"author":13,"featured_media":9024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,5],"tags":[3305,3307,3306,3308],"class_list":["post-9002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin-projects","category-project-review","tag-mining-on-the-phone-what-is-pi-network","tag-pi","tag-pi-network","tag-what-is-pi-network"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mining on the Phone: What is Pi Network? - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Pi Network is a cryptocurrency. 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It is a POW cryptocurrency, meaning users can mine Pi coins by completing simple tasks on their smartphones.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coinengineer.net\/blog\/mining-on-the-phone-what-is-pi-network\/\" \/>\n<meta property=\"og:site_name\" content=\"Coin Engineer\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-31T09:08:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-31T10:00:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/pi.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ahmet Bedirhan Arvas\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ahmet Bedirhan Arvas\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/coinengineer.net\/blog\/mining-on-the-phone-what-is-pi-network\/\",\"url\":\"https:\/\/coinengineer.net\/blog\/mining-on-the-phone-what-is-pi-network\/\",\"name\":\"Mining on the Phone: What is Pi Network? - Coin Engineer\",\"isPartOf\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/mining-on-the-phone-what-is-pi-network\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/mining-on-the-phone-what-is-pi-network\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/12\/pi.jpg\",\"datePublished\":\"2023-12-31T09:08:02+00:00\",\"dateModified\":\"2023-12-31T10:00:43+00:00\",\"author\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/b165f3cb898dc90eb7b6d9a3c2563932\"},\"description\":\"Pi Network is a cryptocurrency. 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