Overview of Pi Network

The digital cryptocurrency project Pi Network was introduced in 2019 with the objective of making crypto mining available and accessible for everyone. It was founded by Stanford alumni Chengdiao Fan and Nicolas Kokkalis with the goal of bringing a crypto coin that is sustainable, inclusive, and decentralized.

The Pi Network functions according to the “Stellar Consensus Protocol”; this allows users to obtain benefits for their participation. It is currently in the second testing phase. What sets the Pi Network apart from other cryptocurrency initiatives is that anyone can sign up into the network and mine coins in it in an eco-friendly way on their mobiles for free without the need for high tech and high power consuming devices.

The main cryptocurrency of the Pi Network is its free coin, Pi coin, whose maximum supply is currently capped at 100 billion. Furthermore, the core team of Pi holds 25% of the total number of coins. The Pi coins aren’t available for trading on any cryptocurrency exchange, which is why users can grab them just by mining.

How to sell Pi Coins? 4 Ways You Need to Know

There is no definite process for trading or selling Pi coins. The secure gateway has yet to open, and the launch of the Pi Network mainnet is pending. Let’s explore the methods that can be adopted to sell Pi coins.

1. Peer-to-Peer transactions

The P2P transaction of Pi coins is possible, where individuals will exchange coins for a value amount, without the involvement of any bank or exchanges. Pi through P2P can be executed via online or offline modes.

P2P via Online

The buyer and the seller of Pi can connect through any P2P platform. This process involves no safety or transaction validation, which makes it a less authentic method. The market is flooded with reviews and testimonials of fraudulent transactions associated with Pi through P2P online.

P2P via Offline:

In case of P2P in the offline mode, Pi can be transferred in exchange of physical cash. Although we can’t run away from the fact that personally meeting a person is less convenient than an online transaction. But in case a user wants a secure transaction then offline is a wise option.

2. Trading

On major exchanges, Pi coins are still not listed. However, one can always trade IOUs (Interest-Bearing Obligations) for other fiat currency or cryptocurrencies. IOUs are unofficial agreements accepting debt which can be traded through either Pi network or through other private agreements with users.

It is important to note that Pi coin IOUs are not actual Pi coins but are beneficial in providing a generalized picture of the Pi coin’s financial value.

3. Exchange listing

Being on the exchange platform ensures legal trading of cryptocurrency. Although Pi Network open mainnet is still not officially out on the exchange list, it is highly anticipated to launch soon. As soon as that happens, users can trade Pi coins for fiat currency or cryptocurrencies.

The rising popularity of Pi coins will soon help establish a Pi network on major exchanges, and this will ensure a safe and secure deal with the coins. The latest reports about attracting new developers for Pi coins clearly indicate that the company is strongly committed to launching the mainnet as soon as possible.

4. Direct Spending

Just like buying products and services using fiat currency, Pi can be directly spent on goods and services. The only challenge in this process is to find a platform or merchant who agrees for Pi as a currency in exchange for their product.

Can Traders Mine PI Network Coins, and How?

With a community of millions of users, individuals can easily mine Pi coins for free right after signing up. However, the Pi ecosystem authenticates the KYC of every user. Here’s a step-by-step guide to help new users on how they can mine Pi cryptocurrency:

Firstly, users need to download the Pi Network app, which is available on both Google Play and App Store.

Then, the user needs to sign up on the app either by using their email address or Facebook account.

Moving on, users are requested to choose their desired strong and secure password following the instructions given on the screen.

In the next step, users need to enter the invitation code sent by the person who referred them to the platform.

Once done, users can start mining by clicking on the lightning button every 24 hours. Furthermore, the users don’t need to keep the app open and active to continue the mining process. The process continues in the background and users just need to restart the process after 24 hours by again clicking on the lightning button.

After completing the sign-up process successfully, the user gets rewarded with 1 Pi. After this, users on the Pi Network can be classified into four ranks:

Pioneer: Pioneer refers to those users who mine the coins on the app.

Contributor: Contributor refers to those users who add other users to the Pi Network, thus creating their security circle.

Ambassadors: As the name suggests, ambassadors refers to those users who introduce and sign up more users to the network. For each successful invite, an ambassador earns up to a 25% mining bonus.

Nodes: Nodes refers to the users who use the software “Pi Node” on their personal computers. Based on your role, you’re placed into the category of users.