Last updated: 12-September-2020
This is a live page with regular updates to Pi Network Project. Bookmark this page to stay up to date with the Pi Network progress.
What to expect in this article?
- What is Pi Network?
- Who can participate and whether it is worth it to participate in the Pi Network?
- Step by step process to mine on the Pi Network
Slowly but surely Pi Network is slowly gaining traction. At the time of this writing, it has over 15000 followers on Twitter, 60,000 likes on Facebook, 72,000 followers on Instagram. That is not bad for a ‘word of mouth’ publicity.
Not only that, the Pi Network IOUs are trading for around 40 cents. If this project continues to gain traction and it can garner over 40 cents when it starts trading – that is quite something for a project that is essentially free to join/mine. Again, that is a big IF.
What’s in each phase?
Phase 1: Design, Distribution, Trust Graph Bootstrap
Phase 2: Testnet, the Node software is installed over the testnet to run before the mainnet launch
Phase 3: Mainnet
Please read the whitepaper for details on each of these phases.
What is Pi Network?
Pi Network was created from the simple belief that the existing blockchain and cryptocurrency networks are out of reach for the common public. For instance, you can no longer mine Bitcoin using your home computer. You need very expensive equipment to stand a chance. These equipment are out of reach of most people and that tends to keep people out of the cryptocurrency ecosystem – and act as key impediment to mass adoption.
Pi can be mined on mobile phone and does not need the app to be switched on to mine. This drastically changes the way mining works and potentially encourages people who are kept outside the crypto ecosystem because of costs and complexity. Pi is both free (almost) and easy to participate in the ecosystem.
What makes Pi Network different?
“Pi’s consensus algorithm builds atop SCP. SCP has been formally proven [Mazieres 2015] and is currently implemented within the Stellar Network. Unlike Stellar Network consisting mostly of companies and institutions (e.g., IBM) as nodes, Pi intends to allow devices of individuals to contribute on the protocol level and get rewarded, including mobile phones, laptops and computers.”
Who can participate in Pi Network?
Anyone with an Android or Apple smartphone and internet access can participate in the Pi Network.
According to the whitepaper: “There are four roles Pi users can play, as Pi miners. Namely:
- Pioneer. A user of the Pi mobile app who is simply confirming that they are not a “robot” on a daily basis. This user validates their presence every time they sign in to the app. They can also open the app to request transactions (e.g. make a payment in Pi to another Pioneer)
- Contributor. A user of the Pi mobile app who is contributing by providing a list of pioneers he or she knows and trusts. In aggregate, Pi contributors will build a global trust graph.
- Ambassador. A user of the Pi mobile app who is introducing other users into Pi network.
- Node. A user who is a pioneer, a contributor using the Pi mobile app, and is also running the Pi node software on their desktop or laptop computer. The Pi node software is the software that runs the core SCP algorithm, taking into account the trust graph information provided by the Contributors.
Pi network team consists of professionals from Stanford university and they are welcoming interested enthusiasts from all over the world to join the team. Interested professionals can be the part of their team by filling the form here for consideration.
To FOMO into Pi Network?
We would not recommend FOMO entering into any project. In the case of Pi Network, since it does not literally cost anything to join – we have registered ourselves and have started activating mining sporadically.
You do not have to keep the app on to mine, as such, it is relatively a zero cost venture for the participants.
For that reason (and indirect FOMO on our end) – we are OK to install and run the Pi Network app.
If you are thinking about joining – then feel free to use this link (it will increase our mining capabilities): https://minepi.com/rkreddy
Here is the picture by picture breakdown on how to successfully install and mine Pi on your mobile.
The fact that it is listed on both Android and Apple stores (under their due diligence) – we are a bit more open to installing the program.
Sign up with Facebook or Mobile number
Either you can choose to sign up with facebook account or mobile number. Remember to provide valid information as you need to either login or be able to access these accounts or numbers in order to get hold of your minded tokens when the mainnet is launched.
We are signing up with our mobile number.
Set up a unique password and submit
Complete the fields with your name and unique username, then click submit.
Consider using the invitation code, rkreddy (it will increase our mining capabilities) and click submit.
You will earn your 1st Pi Network token for joining and land on this page. Click get started
Tap on the flash sign to start earning
That’s it, you have now successfully installed Pi Network on your mobile and are now mining the Pi tokens, at 0.25 Pi Token per hour. As you invite more people – your rate per hour will increase. Also, make sure to turn notifications since you will have to tap this ‘flash’ button every 24 hours to continue to mine – you do not need to keep the app open though.
Quick snapshot of token metrics
Any math geniuses can explain this to us…
Token Emission Policy
Total Max Supply = M + R + D
M = total mining rewards
R = total referral rewards
D = total developer rewards
M = ∫ f(P) dx where f is a logarithmically declining function
P = Population number (e.g., 1st person to join, 2nd person to join, etc.)
R = r * M
r = referral rate (50% total or 25% for both referrer and referee)
D = t * (M + R)t = developer reward rate (25%)
Video Source: Sean Logan
Should I mine Pi Network coin? Critical factors to consider
In this article, we want to look at some factors on Pi Network to help you decide whether or not you should mine Pi Network coin.
If you are interested in Pi Network, pay particular attention to the utility section below.
Bitcoin’s model is built in such a way that early adopters got hands on a big chunk of bitcoins and those who join later are rewarded less and less to the point that individuals without specialized equipment cannot even dream to mine any bitcoin today.
This hampers the bitcoin adoption seriously since the only way to participate in the bitcoin ecosystem is to buy it if you do not have specialized mining farms.
This creates a big barrier to entry for individuals who are dabbling with the idea of cryptocurrency.
Pi Network wants to change this model.
Their philosophy is embedded into their system design. It includes:
- Simple: Build an intuitive and transparent model
- Fair distribution: Give a critical mass of the world’s population access to Pi
- Scarcity: Create a sense of scarcity to sustain Pi’s price over time
- Meritocratic earning: Reward contributions to build and sustain the network
Mobile First approach
To accommodate mass adoption, Pi Network went with Mobile first approach. In doing so, they made sure that the users data or battery is not drained by Pi Network app.
This eases the resistance users have about installing a cryptocurrency mining app.
The average Pi Network coins you receive will depend on how many people you have referred using your code.
This ‘referral’ model is a time tested one and has contributed to Pi Network growing over 100,000 miners around the world.
Looking at these numbers and how little their advertising has been, it looks like they might actually realize their mission and vision.
Our Mission: Build a cryptocurrency and smart contracts platform secured and operated by everyday people.
Our Vision: Build the world’s most inclusive peer-to-peer marketplace, fueled by Pi, the world’s most widely used cryptocurrency.
Balancing scarcity and access to the network
Pi creates a fixed supply of Pi coins for the first 100 million participants that join the network. These pre-minted coins are then released to these participants over their lifetime on a decreasing function similar to Bitcoin.
Referrals and Developers also will get rewarded. Developers will be rewarded based on the contributions they make to the network.
While the initial miners will get more rewards than those that join later, everyone will have the ability to take part in the Pi network.
Ingenious utility from shared trust, social media, marketplace, DApps
No matter how great the design of a cryptocurrency is, if there is no utility – it will eventually die out.
Pi Network’s utility goals include creating a platform where users can share their collective views which would then be rewarded through Pi Network. Companies like Amazon, Yelp, etc., rely heavily on user data/reviews but users generally do not get anything back. Building a global shared trust space among Pi Network “will facilitate transactions between strangers that would not have otherwise been possible.”
Shared social media space will facilitate Pi Network users to wager their tokens to garner attention of the network.
White paper explains “You can think of the scarce social media channel as Instagram with one global post at a time.”
How much would you pay if you knew that you were going to get the attention of over 100s of thousands of active smartphone users and with over one million App downloads? (as of this writing) Pi Network already has over 100,000 pioneers who applied to act as nodes/supernodes on the Testnet. What if you have an ad that gets displayed before users can hit the ‘mine’ button?
This could bring massive utility to the token. Advertisers will not care if a Pi coin costs 10 cents or 10 million if they are going to get the attention of over 100 million smartphone users in the future.
Pi Network can also, in theory, design the network such that – advertisers only pay for the ads that are viewed.
It is ingenious that Pi App users are already accustomed to going into the app to ‘tap’ on the mining button. In the future, when ads come to the platform – advertisers are going to place their product in front of millions of smartphone users. This is better than Instagram since you are getting one ad a day. We could anticipate bidding type competition for the ad space.
Storefront & payment built in with undivided attention – great utility
The roadmap includes opening a storefront on the app where people can list their products and buy & sell using Pi coin. If you can grab attention of a million users who could trade using Pi Coin, the sales could soar and make it much more attractive to the businesses to advertise on the network. This will in turn increase the utility of the Pi Network in general.
Don’t forget the DApps: in the end Pi Network should also get utility and demand from the DApps that are built on the network.
The more we read into the simple yet genius plan behind Pi Network the more we are convinced that it is totally worth it to join the network (of course, this assumes zero data breaches, hacks, etc.,).
This Stanford trio may have laid the foundation for the most global and inclusive cryptocurrency yet and if everything goes according to the plan – it could disrupt a lot of intermediaries and turn a lot of heads in the process!
Pi Network to launch In-App ads and nodes
What to expect?
– Quick overview of in-app ads on Pi Network
– Quick overview on becoming a node on Pi Network
We have been following the updates on Pi Network closely. It looks like they are moving along with their road map. They are also looking to democratize the decisions based on feedback from the community.
For instance, after reviewing over 10,000 comments and 130,000 responses submitted through surveys about in-app ads, Pi Network has now decided to launch in-app ads.
According to the in-app announcement, roll out will take place after in-app ads will be tested with a brief skippable video and a small banner on the screen to see which one works well from a user experience point of view.
Announcement read: “based on your 130,000 responses about ads placements, we decide to initially test the top two voted ads placements: 1) A brief video ad that you can skip after a few seconds during time wasted waiting for the app to load, but not every time you open the app (28.2% of the responses selected this option as the best ads), and 2) A small banner ad at the bottom of the screen in place of the “Send 1 Pi” button (47.0% of the responses selected as the best ads). The other two placement options got respectively 12.7% and 12.1% of responses selecting them as best ads.”
Increasing Costs to cover the project
The decision to introduce in-app ads comes from the fact that Pi Network costs to run the network.
According to the announcement: “Our network grows and scales so fast, we need to develop a sustainable funding model that can help cover the costs of maintaining the Pi Network. The current costs of the servers and the phone verification service alone run in excess of $30,000 USD a month just to maintain the account of each Pioneer in the network, not to mention the development, maintenance and operational costs.”
The creators of Pi Network have emphasized that although ads will be introduced the format will be selected based on feedback of user experience. “Strike the optimal balance between two key variables: ad revenue and impact on user experience,“ announcement read.
Nodes are coming to Pi Network
A node is a computer that provides computing power to run the network. Bitcoin was built on this model and such nodes are rewarded with native coins, in Bitcoin’s case, bitcoins and in Pi Network’s case – Pi coins.
The hardware specification, earning rate and other details are not yet available.
How to be a node on Pi Network?
If you are interested in becoming a node on Pi Network, you can go to the Pi Network App and apply to become a node. The applications are currently being reviewed and you will receive the instructions once the nodes go live.
Note: we will update this space once further instructions are provided.
Disclaimer: Except for the increase in mining rate when someone joins our network, we do not get compensated or receive any other benefits for this write up.
Pi Network launches Pi Apps prototype and first pilot App
Pi Network is moving ahead with its roadmap and vision. They are planning to release the platform on pilot basis during Q2 2020 to learn the interface, functionality and accessibility to make it better before the platform becomes open to the broader public.
Pioneers will be able to join the apps released on the platform to provide feedback.
First among the Apps to launch on the platform is FeverIQ by Enya.
Alan Chiu, co-founder and CEO of Enya, and Jan Liphardt, an engineering professor at Stanford University and co-founder of Enya, introduced FeverIQ on the Pi Network app.
Alan is the co-founder and CEO of Enya, a privacy-preserving analytics startup based in Palo Alto, California and Jan is an engineering professor and co-founder of Enya. Nicolas and Jan teach one of Stanford’s blockchain classes.
COVID proximity and symptom tracker with a lot of security features
Enya, the company behind FeverIQ, on its website describes itself as “Enya is the leader in enabling privacy-preserving analytics everywhere, including mobile devices. With the rise of consumer concerns about privacy and the increasing cost of complying with privacy regulations, companies are looking for solutions that help them earn the trust of customers and reduce their data liability. Built on decades of research in cryptography, Enya offers the easiest way to analyze sensitive data without compromising privacy.”
FeverIQ helps people self-report their symptoms and those who got tested can provide their ‘test status’ as well. The objective is to provide real-time analytics for people and learn about the most common symptoms of the virus to better handle it.
None of the personally identifiable information of the users is revealed, according to the creators of the App.
The transcript from the video reveals that “FeverIQ allows you to securely share your symptoms. You can see a map that updates in real time and shows you the symptoms that other people around you have shared. If you report your test result you will help scientists better understand which symptoms are most predictive of Covid-19. The discoveries from your contribution will also help policy makers manage the pace of reopening the economy.
Because of Enya’s privacy-preserving technology, nobody knows your location or personal information – not even us. We downsample the location to 1km resolution, and never collect any identifiable information about you.”
Stanford research based easy to use COVID symptom tracking app
This prototype shows how easy it is to navigate the heat-map. According to Alan, the app was designed based on Stanford Research information.
The app is expected to let users check-in every day as to how they are feeling and the test results (if they had one done).
They aim to help the places where testing infrastructure is limited through this app.
FeverIQ’s website is live with its COVID-19 Risk Calculator where users can volunteer to enter information on a ‘non-name’ basis.
“Because of Enya’s privacy-preserving technology, nobody knows your location or personal information – not even us. We down sample the location to 1 km resolution, and never collect any identifiable information about you,” founders explained.
The introduction of the FeverIQ app video states “We are excited to work with you to help stop the spread of Covid-19 and to help your neighborhood re-open safely. Together, we’ll tackle one of the most pressing health challenges of the century, while demonstrating the value of Pi’s distributed, global community.”
Ads go live & Nodes selection starts on Pi Network app
Ads go live on Pi Network app
As of end of May, 2020, ads are live on the Pi Network app. The ads range from crypto related projects to non-crypto related projects (like Constant Contact). Our hope is that Pi Network team is going to launch the DApps and other utility along with formulating a plan to share the ad revenue through creating value for the token (similar to BAT).
If the project fails to deliver on the timeline, negative chatter may emerge that this was all a ruse to get people to join the network to make it ‘valuable’ for the creators of the app and it was never about the blockchain movement. However, this is too premature to speculate and comment on.
We will try to reach out to the creators of this project to see if we can get them for a quick interview and/or Q&A. Stay tuned.
Pi Node applicants go to KYC
Pi Network KYC now live through Yoti
Those who have applied to act as Node on Pi Network have started receiving the Pi Network notifications for Know Your Customer (KYC) verificiation. Pi Network has partnered with Yoti to conduct the KYC.
Once you see the prompt to verify your identity, you have to install the Yoti app, upload your government ID and wait for them to confirm the document verification.
We have to concur with the reviews on the AppStore. We were not thrilled with the app. We kept uploading our driving license and it kept showing ‘failure’ message and insisted that we upload a different ID. We are personally not aware of other solutions that do a better job or the criteria behind selecting Yoti in spite of the ratings on the AppStore.
All is not bad though. To their credit, the app did provide help option under the More (with three dots) section. They promise to reply within 3 hours. We got the driving license accepted on our second attempt.
In our personal opinion, we don’t like the whole verification tools out there as we do not have a way to rely on their document protection and retention process.
Once the KYC is done, the Pi Network team will select the nodes to support the network.
Pi Network Platform API, Node and Scaling updates
Pi vs. Bitcoin
|Created by Stanford Alumni||Created by an anonymous person or persons or group|
|You can mine Pi on smartphone||Bitcoin requires specialized equipment to mine|
|Everyone with a smartphone and internet can participate in Pi Network||Only specialized miners are able to claim any bitcoin rewards|
|Pi has the advantage of using the best of blockchain technology based on industry learning curve||Being the first, Bitcoin is attributed as store of value, however more layers are being built to make it useful for everyday transactions|
|Fair distribution: Pi Network is designed in such a way that new adopters too can get access to the Pi coins||Early adopters acquired a massive amount of bitcoins and the new adopters cannot get access to the bitcoin without spending thousands of dollars|
|Acquiring Pi Network coins is quite inexpensive. The app does not burn the data or battery to mine||Acquiring Bitcoin now is very expensive for many people in the world. This is one of the reason why people are not investing in Bitcoin|
|Pi Network has referral system that encourages people to invite others to the network to increase its traction||Bitcoin does not have any referral system; anyone with required equipment can connect to the network|
|Pi Network runs on app||Bitcoin does not run on app|
|Pi Network app relays ads; it is expected that the ad revenue is going to used to increase the value of network and the coins in future||Bitcoin does not run any ads on its nodes
Update 7: 29-June-2020
Pi2Day celebration on social media Pi Frame with 6 Million pioneers
Update 8 : 02-July-2020
Pi Network releases Pi Apps platform for developers
Halving may prevent new users from mining Pi Cryptocurrency & Q3 Convention
With over 6 million pioneers on the Pi Network, the next halving will hit as soon as the project hits the 10 million pioneers milestone. The reminder on the Pi app shows that there is a possibility that new users may not be allowed to mine on the platform.
“The Core Team has started planning on the convention and aims to hold it sometime during Q3 of this year. Due to the pandemic of COVID 19, the global convention will be online only,” announced the team. The convention is expected to cover these specific topics: “1) the progress in decentralization, i.e. node, Testnet and technical challenges and solutions; 2) the applications of Pi and the direction of the Pi Platform, e.g. showcase of applications by developers, how to create demands for Pi through applications and the platform development.”
Update 10: 01-August-2020
GenerationPI Giveaway: Opportunity to choose who builds on Pi Network
Pi Network Convention – inviting applications for Speakers
- First application for Speakers. The Pi Core Team will read applications & invite potential candidates for the next round application.
- Second round application. Candidates will be asked more in-depth questions about their presentation & to provide a short demo video submission of it.
- Final selected speakers will be contacted and notified.
If you are interested in speaking at the Pi Convention, please apply HERE.”
When will Pi Coin list on exchanges? Mine before the rates are slashed
As it turns out, even BitBoy refers to our article for information. You can see that in the below video CryptoTapas article is being referenced when talking about Pi Network.
In this video, BitBoy hints that the team is working on the exchange listing and that we could soon see Pi Coin on an exchange. However, this information has not been confirmed by the team or on any official channels.
In another news, Pi Network’s earning rate is going to be slashed to half or completely shutdown once the network reaches 10 Million pioneers. Pioneers is the word used to refer the individuals who start mining the Pi coin on the Pi App.
Those thinking to get into Pi Coin might want to start mining while the rates are still good.
Pi Network presses – app now runs blockchain
“We’ll initially enable the blockchain container to only Node candidates running (i) Windows 10 Home or Pro that are upgraded to the latest version from Microsoft (version 2004) with WSL 2 and using Docker Desktop, (ii) any macOS version with Docker Desktop. In future versions, we will enable this functionality for more operating systems, and we will try to make the blockchain work on Docker Toolbox. The goal is to enable all Node candidates to be able to turn on the blockchain container to follow the testnet blockchain as it evolves,” the update reads.
Our take on the project
It is quite refreshing to see how the first pilot project is aimed at solving a ‘real-world’ issue rather than creating FOMO of sorts.
Obviously, there are a lot of solutions out there that are aiming to achieve a similar objective, however, the user data privacy is arguably a big issue with those solutions.
An app that focuses on symptoms tracking rather than ‘particular patient tracking’ could be helpful in ‘alerting’ the communities as to when they have to be extra-cautious in their locale.
Thank you for reading and sharing this article and if you have spare satoshis lying around – consider donating.
Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.
We do not endorse or guarantee the accuracy of the information and claims made.
All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.
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