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Pi is a cryptocurrency in the production phase. The goal is to create the World's Next Currency by becoming the most inclusive and widely used cryptocurrency. Reaching 7M members with a massive growth rate in 18 months is easily considered a proof that this is going very well.
At this stage we're being rewarded with this currency by helping the ecosystem grow (by referring new members), securing the platform (by establishing security circles) and proving that we're a real human and not a bot (by clicking the mining button once every 24 hours).
We're being rewarded with Pi for 24h nonstop once we get on the app and click the lightning icon (even if our data or phone goes off). Each of these 24h cycles is called a "mining session". Completing 3 of these "mining sessions", unlocks the contributor role and the security circle.
Security Circle consists of the ones from your connections that you deem to be trustworthy to record transactions on Pi blockchain. It works separately with your Earning team (your referrer and referrals). You can add the ones on your Earning Team to this circle as well as other Pi members that are not (which in this case you need to have their phone numbers on your contacts -registered in the international format-). You can reach the security circle by either tapping the lightning icon and then "Edit Security Circle" button right below Contributor section or by tapping the shield icon on the main screen. Both these 2 will be visible once you complete the 3 mining sessions.
For adding your team members on your Security Circle, use the "Add existing Pi Users" button. For adding members that are not on your earning team use the "Add from my contacts" button. To remove someone from your circle simply click on the bin icon next to them.
You can add as many members as you want on your SC but the max mining boost you can get is +%100 provided by 5 members. Exceeding 5 will make the blockchain more secure due to increased confirmations, yet it slows down the blockchain with the same reason. Optimal way of creating a circle is to have 5 members with at least 3 that you personally know and trust.
There is no limit on having referrals. Every new member that use your invitation code while signing up becomes your referral and grants you a boost on your mining rate ONLY when they're actively mining at the same time with you. One can only get increased mining rate for their own earning team and not their referrals team. (1 level referral)
Currently each ref gives you 0.1 pi/hour before the security circle and 0.2 after you complete it. Each member you add on your circle gives +%20 until you reach +%100.
Project will soon move on to testnet phase. In this phase p2p transactions will begin and we'll have wallets. Alongside the digital marketplace will step in where we will be able to buy and sell goods/services using Pi as the currency.
It's planned to have nodes up and running within 2020 Q1. We will be able to record all the transactions on Pi blockhain to the ledger by running the software using a preset pi balance threshold and an active internet connection. Thus it will have a completely decentralized structure. We will be earning commissions and *block rewards (*to be determined) for doing it depending on our security circles in radius, qourom slices and our global trust graphs.
Once all these features are well tested on the testnet phase and proven to be able to run on it's own with any interventions, Pi will move on to it's own blockchain (mainnet). Only after then the exchanges may decide to list Pi. In brief, hitting exchanges will occur after moving on to mainnet and that might take until 2020 Q3 and so on.
Until then we keep on mining, bringing new members to our teams and the Network.
Dowload Pi Network app
minepi.com
Invitation ID : akn62