Pi Crypto. Beware of Disinformation. Free Crypto. New Cryptocurrency. 2019.
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What is Pi?
Pi is a new cryptocurrency that you can “mine” (or earn) from your mobile phone. Cryptocurrencies are new form of digital money that are maintained and secured by a community, instead of governments or banks. Today, you can mine (or earn) Pi by helping to secure the currency and by growing and supporting the network. While most cryptocurrencies (like Bitcoin) have been very hard for everyday people to use and access, Pi puts the power of cryptocurrency into the palm of your hand.
What is the value of Pi?
Pi’s value will be backed by the time, attention, goods, and services that you will be able to buy from other members of the Pi Network. By pooling our attention, goods, and services around a common currency, Pi’s members seek to capture more of the value that typically goes to banks, technology giants (e.g., Facebook, Amazon), and other intermediaries.
Today, we are laying the infrastructure for this digital currency and marketplace by distributing the currency, building the community, and developing the technology to ensure its security. During this phase of development, Pi is worth approximately 0 dollars / euro / yen etc., similar to Bitcoin in 2008. Its long-term exchange rate value will depend on the whole network’s collective contributions.
When will Pi be worth something? When can I turn Pi into “real” money? When can I spend Pi?
Cryptocurrency holders have two options for turning their holdings into “real” money (or to “cash out”): 1) Directly purchasing goods and services with their crypto or 2) exchanging their crypto for fiat currency (e.g., dollars, euro, etc.) on cryptocurrency exchanges.
1) Directly purchasing goods and services with your Pi. Pi Network is building a peer-to-peer marketplace where our members will be able to directly spend Pi to buy goods and services. We aim to start experimenting with in-app transfers of Pi as soon as Q4 2019.
2) Exchanging Pi for fiat currency on cryptocurrency exchanges. Pi’s Core Team does not control when cryptocurrency exchanges (like Binance, Coinbase, Kraken etc.) decide to list Pi. However, Pi will be able to be traded in Phase 3 of the project (i.e., Mainnet). At that point, exchanges can choose to list Pi. In the meanwhile, Pi’s core team is focused on implementing our technical roadmap (see our white paper) to reach phase 3.
Is Pi listed in any exchanges? How liquid is Pi?
No, not at the moment. People will be able to exchange Pi with other currencies in Phase 3 of Pi. (Please refer to the Roadmap section of our white paper.) We are building a socially responsible digital currency, with fair and meritocratic distribution. One element of this is that existing Fiat currency wealth (eg., in US dollars) does NOT give an unfair advantage in the Pi network. This means that, for a while, people should not be able to “buy” their way into Pi, which also translates into existing Pi holders not selling their Pi yet. Early selling usually means selling at bargain prices and results into accumulation of wealth into the hands of a few people.
Does it drain my battery or data? How can I mine from my phone?
Instead of burning energy, Pi secures its ledger when members vouch for each other as trustworthy. This forms a network of interlocking “security circles” that determines who can execute transactions. This novel approach allows crypto mining on your phone by leveraging your existing social connections, with no financial cost, no battery drain and a light footprint on the planet. Read the technical section in our White paper for more accurate and detailed explanation.
What is the strategy to make Pi a real currency?
We have a two-pronged strategy to ensure that Pi thrives as a digital currency. The first prong is building the technical infrastructure for a decentralized currency. We have a three-phased plan here: 1) our current phase focuses on distributing the currency and setting up the requirements for Pi’s consensus algorithm, 2) a testnet where we begin to experiment with decentralized validation of transactions, and 3) a mainnet where transactions will be decentralized
The second prong is building out the peer-to-peer marketplace where our members can use Pi to barter goods and services. Because Pi works on mobile phones, we have the benefit of being able to pair the currency with a native marketplace. Our plan involves building an ecosystem of decentralized applications (dapps) that facilitate exchanges between members. We are already exploring the first in-app spends of Pi.
Is this app a wallet? And can we use external wallet to hold our Pi in the future?
Yes, your phones will serve as a Crypto wallet.