PI Cryptocurrency Review

What is PI Cryptocurrency?

PI, or the “PiCoin”, is a decentralized cryptocurrency that uses peer-to-peer technology to operate with no central authority. The currency was launched on March 14, 2019, by Stanford Ph.D. graduates, Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, and Vincent McPhillips. They created and uploaded both the PiCoin website and Windows wallet.

Background information about PI Cryptocurrency:

The currency uses a mining-based algorithm called “X11” which is very similar to the popular X13 algorithm. There was no pre-mine and no ICO, making the launch completely fair and unbiased. The PiCoin website states that this is because they want everyone to mine their own coins. As it currently stands, there will only be 21 million Bitcoins and 29 million PiCoins. An additional bonus of 5 million coins was given for free to early miners who downloaded the wallet within four days of its release. This bonus has long since been mined out, however. Also, unlike Bitcoin, Litecoin, or Dogecoin; there will not be any ‘halving’. The last coin will be mined in 116 years. Six million coins were released within the first six months, followed by a further fourteen million every year.

A total of four different Proof of Work algorithms are used to mine PiCoins. These are ‘Scrypt’, ‘X11’, ‘X13’ and ‘Groestl’. These each have their independent difficulty associated with them, although they all share the same profit-switching feature found on multipools such as Coinotron or Multipool.us. The addition of four different mining systems helps to make PiCoin very resistant against 51% attacks and makes it extremely hard for a small group of people to gain majority control over the entire network hash rate, an attack that has become increasingly common among other cryptocurrencies such as Vertcoin and Monero.

Is PI Cryptocurrency legit?

Yes, it is completely legit. There were no pre-mined coins and the mining schedule makes it very unlikely that a single person will accumulate the majority of all mined coins. One of the creators also stated that: “We want to show people this can be done without any fancy ICO or pre-mine and hopefully other devs might follow our lead,” he said at the time. And while this does seem like a fair launch, some things don’t add up.

Is PI Cryptocurrency a scam?

It is unlikely that the currency was created to be a scam, but there are some aspects of the PiCoin launch that could be viewed as questionable at best. The original post on Bitcointalk only included two lines, one saying ‘it’s life’ and another linking to the website. This creates very little information about what this currency is or why it exists in the first place. However, since PiCoin is still in its formative stages, it will have time to prove its legitimacy to the people. So far, there have not been any complaints of fraud, only suspicions.

PI Cryptocurrency Reddit

The Reddit posts about PiCoin show a lot of similar concerns and it is clear that there are still questions that need to be answered. “What’s the purpose of this coin?”, asked one Redditor, with another suggesting “this is obviously a pump and dump”. The creator himself has not posted anything since December 2020 when he announced he was ‘working on an Android wallet and some other secret stuff.

Since PI Cryptocurrency is only in its early stages and no one has complained of being defrauded on Reddit or any other social platform, it is safe to say that this coin is legitimate, but it will be interesting to see what steps are taken to secure the future of this cryptocurrency.

How to mine/earn PI Cryptocurrency: A Step-by-Step Guide

 

1. Visit the official Pi Network website at https://minepi.com/.

2. Download the wallet for your operating system (Windows, macOS, Linux, Android)

3. Follow the instructions on the site to sync your wallet with the PiCoin blockchain

4. Create a worker login name and password on Multipool’s main page (https://www.multipool.us/)

5. Enter that worker into your PiCoin wallet and start mining!

Advantages of PI Cryptocurrency:

1. Doesn’t require an enormous amount of processing power to mine, making it more accessible to the general public.

2. Is still fairly easy to mine even when the price is yet to be set.

3. All 30,000,000 coins have already been mined in the genesis block – there will never be another coin generated through mining in this currency.

4. No pre-mine or ICO was used to create this cryptocurrency which ensures fair distribution and no centralization of wealth.

Frequently Asked Questions about PI Cryptocurrency (FAQs)

1. What is PI?

Pi stands for the symbol of the circumference divided by the diameter, which in turn comes from geometry and is represented as π.

2. How many total PiCoins will there be?

There are a total of 30,000,000 PiCoins that can be mined.

3. What is the block time?

The average block time is 2 minutes and can fluctuate in either direction depending on mining power and the total network hashrate.

4. What is the reward for each block?

At this moment, there are 12 PiCoins rewarded for every block that is mined on the blockchain, which halves every 210,000 blocks.

5. How much are the transaction fees?

PiCoin does not have a mandatory fee, but transactions with less than 0.0001 PiCoins will be rejected by the network since they are considered dust transactions.

6. Is PiCoin a scamcoin?

While there are still some unanswered questions, it does not appear as though PiCoin is a scamcoin.

Conclusion

The idea for this cryptocurrency was very creative and the team behind PiCoin did a great job in creating a currency that runs efficiently on its blockchain network. As more steps are taken to solve the remaining issues with this currency, it will most likely become more and more successful over time.