Disclaimer: Pi is NOT free money.
Pi is NOT free money. It is a long-term project whose success depends on the collective contributions of its members. Pi is dedicated to helping everyday people participate in a utilities-based ecosystem on blockchain fueled by a cryptocurrency without the need for traditional intermediaries. If you are looking for quick money, look elsewhere.
What is Pi?
Pi Network is essentially a globally accessible online blockchain ecosystem that makes use of “Pi” – a new cryptocurrency for and by everyday people that you can “mine” on your phone for free with simplicity. Cryptocurrencies are a new form of digital money maintained and secured by a community, instead of by governments or banks. Today, you can mine Pi by making diverse contributions to the ecosystem, namely, helping to secure the blockchain, grow Pi’s trusted network, run a Node, and engage with the Pi app ecosystem. 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.
Is Pi real? There is some confusing commentary on Pi online.
Pi is a genuine effort by a team of Stanford graduates to give everyday people greater access to cryptocurrency. Pi’s core team is led by a team of early innovators in blockchain and social computing, with PhDs from Stanford University. No one can guarantee that the project will succeed. However, the Core Team is committed to working their hardest along with all Pioneers to make our shared dreams a reality, while maintaining the highest standards of integrity. You can learn more about the “Core Team” on the Team page on the website.
Furthermore, the app is free. You never have to spend fiat money out of your pocket in this app. The app was vetted and approved by Google Play and the Apple App stores. The Google Play store alone shows millions of downloads.
In fact, the network uses a native, decentralized KYC process to identify and verify that the members have only one account and to prevent bots or fake accounts from trying to game the system.
How can the mining of Pi crypto be free? Are you using my phone resources?
Allowing Pioneers to mine Pi cryptocurrency for free is a conscious network choice in service of ensuring accessibility to cryptocurrency to people regardless of their financial background. In fact, 65% of the entire Pi supply will be available for mining by Pioneers for free, which is a substantial share for the community in the blockchain space.
Pi Network does NOT use your phone’s resources – hardware, network, or anything else. The main Pi app and the Pi Browser app uses as much phone battery just as any other regular app. Please refer to the next answer to understand why Pi mining does not consume your phone resources.
How can Pi be mined on mobile phones without energy consumption typically known in “crypto mining”?
Pi achieves this by using a different type of consensus algorithm in its blockchain, rather than the widely known Proof of Work (POW) algorithm that consumes a lot of energy. Pi’s consensus algorithm is adapted from the Stellar Consensus Protocol (SCP) and an algorithm called Federated Byzantine Agreement (FBA), which do not require energy consumption to reach consensus in order to secure a ledger. This type of consensus algorithm requires the nodes to form quorums and exchange messages with each other based on a trust graph composed of individual quorum slices to come to a “consensus” on what the next block should be.
Mining is making contributions to the consensus algorithm to secure the ledger in blockchain for rewards. While POW mining requires nodes to “work” to solve mathematical puzzles to help the algorithm reach consensus and incidentally consume a lot of energy, Pi mining requires a distributed trust graph. The security circles of each individual mobile miners will aggregate into a global trust graph that will feed the consensus algorithm of the Pi blockchain. Therefore, each mobile miner is mining Pi by contributing to the intersectionality, security and feasibility of the consensus algorithm of the Pi blockchain in order to secure the Pi ledger.
While POW miners’ contribution to those blockchains is the energy, Pi mobile miners’ contribution to Pi Blockchain is their trust relationships and the active confirming of such relationships. The heavy lifting of running the consensus algorithm based on the trust graph that the mobile phones are creating is still falling into computer nodes. In fact, the Pi Testnet already has more than 10K such computer nodes that will be soon migrated to the Pi Mainnet, placing Pi into a good path into creating a very decentralized blockchain network.
How do we create and use the Pi Wallet? And can we use an external wallet to hold our Pi in the future?
Pi Network has a native noncustodial Pi Wallet app on the Pi Browser. Create your Wallet by downloading the Pi Browser app from the Google Play Store or iOS App Store and logging into your account on the Browser through your Pi mining app. Then you can access and follow the instructions on the “wallet.pi” page within the Pi Browser. Detailed video instructions on how to create and use a Pi Wallet can be found here.
You are the sole owner of your Wallet’s private key in the form of a passphrase, which is generated locally on your phone and never comes to Pi’s servers. Your public key is also disclosed to you in the wallet creation process, and is supposed to be publicly visible like on any other blockchain. Make sure to store your Wallet passphrase (equivalent to your private key) in a secure location, and don’t share it with anyone else. Due to its noncustodial nature, the Wallet will not be recoverable from Pi Network’s servers. Once you complete KYC and your Pi Transferable Balance is migrated to the Mainnet blockchain, you may lose all of your Wallet’s Pi if you lose this passphrase.
The Pi balance visible on the Pi app (your mobile balance) may not be in the Pi Wallet yet. The mobile balance becomes transferable to your Mainnet Wallet after you pass KYC (identity verification) and complete the Mainnet Checklist in the Pi app. More and more of your mobile balance becomes transferable as your Security Circle members (and at a later stage your Referral Team members) pass KYC. KYC verification makes sure that the Pi you’ve mined along with these bonuses come from verified, real individuals.
In the Enclosed Network period of Mainnet, your Wallet can be used to send or receive Pi peer to peer or through apps within Pi Network’s app ecosystem. In the following Open Network period, external connectivity will be allowed, so the Pi Wallet will be open to holding any types of crypto assets and external wallets can access Pi blockchain.
How does the Pi app work?
The Pi app allows you to mine Pi cryptocurrency by making diverse contributions to the network. The more you contribute, the more Pi you mine. The app is also the home for your Pi account where you can stay tuned on the network updates and interact with fellow members of the Pi community.
To start mining Pi, check in every 24 hours and hit the lightning button. Once you are mining, you can boost your hourly rate by inviting trusted friends and family to join the community. After 3 days of mining, you can boost your mining rate further by building your security circle, which contributes to the overall security of the network. There are additional ways to mine Pi through Pi lockups, app engagement, and Node operations.
How do I mine more Pi coins?
Pi Network’s mining mechanism is simple and meritocratic: The more you contribute to the network in diverse ways, the higher your mining rate is. Please refer to the updated chapters of the whitepaper draft released in December 2021 (December Whitepaper) for details.
In addition to mining everyday, you can boost your individual mining rate by doing one or more of the activities below. Keep in mind that the mining stops along with all types of mining rewards when a mining session is no longer active (that is, after the end of a 24-hour mining session and before you start another mining session on the app). Therefore, it’s best to set an app notification to remind you when it is time to start a new mining session.
- Completing your Security Circle to maximize Security Circle rewards. Pi’s consensus algorithm relies on a global trust graph, which is aggregated from the millions of intertwining Security Circles of individual Pioneers. Thus, a Pioneer is given an additional mining boost for each new valid Security Circle connection, up to 5 such connections. Each Security Circle member who remains active adds a boost of 20% of the base rate (up to a maximum of 100%).
- Inviting your friends to mine Pi to increase Referral Team rewards. Inviting more people to join your Referral Team by sending them your invitation code (your Pi username) and mining concurrently as they mine increases your mining rate rewards. Each member who is concurrently active adds a bonus of 25% of the base rate to your hourly mining rewards. There is no limit to the number of members you can add to your Referral Team. This Referral Team rewards recognize Pioneers’ contribution to the growth of the network and the wide distribution of Pi.
- Reminding your existing Referral Team to mine, so that you can maximize the concurrency of your mining together that boosts your mining rate.
- Setting and commiting to a lockup configuration or increasing your current lockup commitment. This helps stabilize the Pi ecosystem with long term engagement.
- Using apps on the Pi Browser directory to increase App Usage rewards. This helps the network create utilities and build the ecosystem.
- Running a Node to increase Node Rewards. The Node Bonus rewards are open to any Pioneer with a computer connected to the internet, and are computed based on the reliability and accessibility of the Node you are running. Node rewards also apply to running nodes on the Testnet.
Do I need to leave the app open to mine? Does the app drain my battery or data?
You do not need to leave the app open to mine. Pi does not affect your phone’s performance, drain your battery, nor use your network data any more than other regular apps. Once you hit the lightning button that initiates a new mining session and confirms your security circle, you can even close the app and you will continue to mine Pi. However, making diverse contributions to the network, such as using Pi apps, running computer nodes or inviting friends, will boost your mining rate. Any mobile usage of Pi apps will not consume more energy or resources than other regular mobile apps.
So how can you mine a cryptocurrency without draining your battery or data? Instead of burning energy, as proof of work cryptocurrencies like Bitcoin do, Pi secures its ledger when members vouch for each other as trustworthy.
Why was the mining rate higher in the past?
Earlier members mined at a higher rate to reward their contributions to and leap of faith in the network when the network was small and young. Pi aims to be the world’s most widely used and distributed cryptocurrency. To achieve that goal, Pi needed to bootstrap its network in the beginning, and therefore, incentivized its earliest members to make contributions that would set it on a path to success (e.g., securing and growing the network). The Pre-Mainnet mining mechanism began at 3.14 Pi/h and halved whenever the network increased in size by a factor of 10x without a definite max supply, starting at 1,000 Engaged Pioneers. This occurred five times before the Mainnet Phase launched on December 28, 2021 when a new mining mechanism along with a clear supply model was introduced.
Starting March 1, 2022, the declining rewards issuance formula based on the supply model took effect, adjusting the systemwide base mining rate based on a monthly supply limit defined by the formula and replacing the milestone-based halving explained above. Generally, the mining rate declines month over month due to the limit of supply, the growing network size and Pioneer mining activity. This formula helps ensure that Pioneer mining rewards are within the total supply limit of 65 billion allocated for mining rewards as announced in the new chapters of the whitepaper drafts released in December 2021. This declining rewards issuance formula along with the new mining mechanism (which went into effect on March 14, 2022) balances the network’s need for growth, accessibility, longevity, and scarcity. Additionally, it right-sizes the Pioneers’ rewards for contribution to the network.
Why is the Pi Referral Team program NOT multi-level marketing?
It is not exploitative of the newer members being referred because the Referral Team mining bonus is an equal split between referrer and referee, i.e. both of them mine the same 25% bonus when both are concurrently mining.
There is no fiat money involved in the referral program. New members do not have to pay the referrer any money or pay the project any money to join. Pi is free to be mined by anyone.
The referral bonus only applies to 1 level of referral relationship. This means that the referral-grandchild’s behavior doesn’t affect at all the mining of referral-grandparents.
What is the utility of Pi?
Pi’s utility will be backed by the time, attention, goods, and services offered by other members of the network in exchange for Pi. By pooling our attention, goods and services around a common currency, Pi’s members are building the network together. Because this is a network supported by blockchain technology, the network can help its members reduce their costs and prevent slippage 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 for a utilities-driven app ecosystem by distributing the currency, building the community, developing the technology to ensure its security and designing new types of online social experience.
How can I use my Pi on the Mainnet?
Pi Network is building a peer-to-peer ecosystem including marketplaces where our members will be able to directly spend Pi to buy goods and services. Once Pioneers are able to pass KYC verification and migrate their mobile Pi balance to Mainnet, this option will be available. When Pi apps transition from Testnet to Mainnet, this option will be scaled and diversified across the ecosystem. Pi Mainnet Enclosed Period restricts the use of Pi to such scenarios in the enclosed environment where the Mainnet blockchain is guarded by a firewall that prevents any external connectivities. Refer to the whitepaper draft here for the reasoning and importance of the Enclosed Network period.
In the Open Network period of the Mainnet phase, Pi Mainnet Blockchain’s firewall will be removed, where external apps and organizations will be able to connect and transact with the Pi Mainnet blockchain.
What is the Ambassador role? How does the Referral Team work?
Pi Network Ambassadors are Pioneers who help grow the network and distribute Pi cryptocurrency widely by referring other people to join the network as Pioneers.
Accessibility is a core value of Pi, and Pi’s vision is to build the world’s most inclusive peer-to-peer ecosystem and online experience, fueled by Pi, the world’s most widely distributed cryptocurrency. Therefore, anyone who contributes to network growth and Pi distribution by introducing others into the Pi Network will receive Pi rewards in the form of higher mining rate.
You become an Ambassador when new members join your Referral Team by using your invitation code (also your Pi username) when they sign up for Pi Network.You earn a 25% bonus on your base mining rate for each person you invite to the network and is mining concurrently with you at a given point in time. There is no limit to the number of new Pioneers you can invite, and therefore, no limit to Referral team rewards. A new member can only be added to one inviter’s Referral Team, because each member only joins Pi once using one inviter’s invitation code, but each member then can create their own referral team with new members. In other words, unlike the Security Circles where people can be added into multiple members’ circles based on trust, Referral Teams are fixed based on who invited whom. Each invitee in the world can only be claimed by one inviter.
There are four roles for Pioneers in the Pi ecosystem: Pioneer, Contributor, Ambassador, and Node. To view your roles, first tap the ≡ icon in the top left of the mining app. Then, tap “Roles.
Can I transfer my Pi? What is the timeline for transferring Pi?
The network went through three major phases: Bootstrap (3/14,2019 – 3/14,2020), Testnet (3/14,2020 – 12/28,2021) and Mainnet (12/28,2021 – the Present). During the first two phases, transfer of Pi was generally not available across the whole network. In the Mainnet phase composed of two periods—Enclosed and Open Network periods— mainnet migration and transferability became available for individual Pioneers based on the following procedures.
Unverified and unmigrated Pi in the mobile mining app is not transferable. Once you pass identity verification through the KYC (Know Your Customer) process in the Pi KYC app, and thus show that you are who you say you are (which prevents bad actors from accumulating Pi from unverified accounts), you can migrate your mobile-mined Pi balance onto the Mainnet blockchain. Once your Pi balance is migrated to Mainnet, you can send or receive your Pi to and from other Pioneers or to and from a Pi app in return for their goods or services. For how you can use your Mainnet Pi on the Pi ecosystem, see here.
Can I mine from more than one device? How does Pi Network prevent fake accounts, bots, etc. from mining Pi?
No, you cannot mine from more than one device. Pioneers are only allowed one Pi account per person.
Pi uses a multi-pronged strategy to safeguard against fake accounts and bots. First, the network uses a combination of third party checks (e.g., recaptcha) and natively developed machine learning algorithms to identify bots. Such checks are usually invisible to most Pioneers.
Second, Security Circles, which are integral to the functioning of Pi’s consensus algorithm, also make it easy to detect fake accounts. Fake accounts will not have enough real people pointing at them via Security Circles. At best, fake accounts would be pointing at each other with very few incoming pointers from the rest of the network. This anomaly is easy to detect with computer algorithms.
Third, Pi’s native, decentralized KYC solution helps validate the identity of Pioneers before they are eligible to migrate their mined mobile Pi balance onto the Mainnet blockchain. In other words, only accounts validated as belonging to distinct real individuals will be honored on the Mainnet blockchain. KYC also acts as a final system check against bots and fake accounts. That is, even if all other methods missed out on some “bot” accounts, this Pioneer validation process will further eliminate them because bot owners will not be able to prove bots to be real people with real names and government-issued identity cards.
Are there countries or regions restricted from accessing Pi?
Yes. Pi Network’s vision is to build an inclusive peer-to-peer ecosystem and online experience, fueled by the Pi cryptocurrency.
Therefore, Pi Network is making a personal communications service available to all Pioneers where permitted under applicable laws and regulations. Additionally, Pi Network is providing cryptocurrency transactions to all Pioneers where permitted. Please keep in mind that these laws and regulations change frequently due to changes in technology, policy and political events. For additional information, you may wish to visit the Office of Foreign Assets Control Regulations’ website.
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