FAQ for PICurrency .

FAQ

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Disclaimer: Pi is NOT free cash.
Pi is NOT free cash. It's a long-term venture whose success is dependent upon the collective contributions of its members. Pi is devoted to serving to on a regular basis individuals seize extra financial worth that at present goes to banks, know-how giants (e.g., Fb, Amazon), and different intermediaries. Pi is dependent upon the collective contributions of its members. In case you are in search of fast cash, look elsewhere.

What's Pi?
Pi is a brand new cryptocurrency for and by on a regular basis individuals that you could “mine” (or earn) out of your telephone. Cryptocurrencies are the brand new type of digital cash that's maintained and secured by a group, as an alternative of by governments or banks. In the present day, you possibly can mine (or earn) Pi by serving to to safe the foreign money and by rising Pi’s trusted community. Whereas most cryptocurrencies (like Bitcoin) have been very onerous for on a regular basis individuals to make use of and entry, Pi places the facility of cryptocurrency into the palm of his hand.


Is that this actual? Is Pi a rip-off?
Pi is just not a rip-off. It's a real effort by a staff of Stanford graduates to offer on a regular basis individuals larger entry to cryptocurrency. Pi’s core staff is led by two Stanford PhDs and one Stanford MBA, all of whom helped construct Stanford’s blockchain group. We can't assure that the undertaking will succeed. Nevertheless, we do promise to work our hardest to make our shared goals a actuality, whereas sustaining the very best requirements of integrity. You possibly can study extra about us on the “Core Staff” web page in the primary menu of the app.


How does this app work? How do I earn extra Pi?
This app lets you earn Pi by making easy contributions to Pi’s group. The extra you contribute, the extra Pi you earn. To start out incomes Pi, examine in each 24 hours and hit the lightning button to start out mining. As soon as you're mining, you'll be able to increase your hourly price by inviting trusted family and friends to hitch the group. After Three days of mining, you'll be able to increase your earnings extra by constructing your safety circle, which contributes to the general safety of the community. Consider, earlier members of the community mine at a better price than people who come after them.

Do I want to go away the app open to mine? Does the app drain my battery or knowledge?
You do not want to go away the app open to mine. Pi doesn't have an effect on your telephone’s efficiency, drain your battery, or use your community knowledge. When you hit the lightning button, you possibly can even shut the app and you'll proceed to mine Pi. So how are you going to mine a cryptocurrency with out draining your battery or knowledge? As an alternative of burning power as proof of labor cryptocurrencies like Bitcoin do, Pi secures its ledger when members vouch for one another as reliable. This varieties a community of interlocking “safety circles” that determines who can execute transactions. This novel strategy permits crypto mining in your telephone by leveraging your present social connections, with no monetary value, no battery drain, and a light-weight footprint on the planet. Learn the technical part in our White paper for a extra correct and detailed rationalization.

Why do earlier members mine at a better fee?
Earlier members mine at a better fee to reward contributions to the community when they're most wanted. Pi goals to be the world’s most generally used and distributed cryptocurrency. To realize that objective, Pi incentivizes its earliest members to contribute that may guarantee its success (e.g., securing and rising the community). To mirror the significance of early contributions, the speed of mining decreases as extra individuals be a part of the community. Presently, the bottom fee of mining halves each time the variety of lively customers will increase by an element of 10 (see graph under). This fee will ultimately fall to zero when the community reaches a sure variety of customers (e.g. 10 million or 100 million). At that time, identical to Bitcoin, miners will proceed to be rewarded by means of transaction charges and never via the minting of latest foreign money.


What's the Ambassador position? How does the incomes teamwork?
As an Ambassador, you earn as much as a 25% bonus in your base mining fee for every individual you invite to the community. You develop into an Ambassador when new members be a part of your incomes workforce through the use of your invitation code once they join Pi Community. Every member of your incomes group supplies a 25% increase to your earnings when they're actively mining. A brand new member can solely be added to their inviter’s incomes group as a result of every member-only joins Pi as soon as utilizing one inviter’s invitation code. In different phrases, in contrast to the safety circles the place individuals could be added into a number of member’ circles based mostly on belief, incomes groups are fastened based mostly on who invited whom. Every invitee on the earth can solely be claimed by one inviter.


What's the Contributor position? How do I grow to be a contributor?
Turning into a Contributor permits you to earn extra Pi by constructing a safety circle of Three-5 trusted members. Pi’s Contributor position turns into unlocked for customers after you’ve completed Three mining periods as a Pioneer. After Three days of mining, you will notice a brand new icon of the safety circle on the house display of the app which you'll be able to click on to start out. To turn out to be a contributor, it's worthwhile to add Three-5 individuals who you belief to your safety circle.

What are safety circles?
Safety circles are teams of Three-5 trusted individuals constructed by every of Pi’s members. Safety circles safe the foreign money by constructing a worldwide belief graph that forestalls dangerous actors from executing fraudulent transactions. Whereas cryptocurrencies like Bitcoin safe their ledgers by forcing miners to burn power (proof of labor), Pi secures its ledger when its members vouch for one another as reliable. Pi’s Contributors vouch for one another by constructing safety circles comprised of Three-5 members they deem as reliable. Safety circles ought to be comprised of individuals you belief to not execute fraudulent transactions. The community’s safety circles type a worldwide belief graph that determines who may be trusted to execute transactions on Pi’s ledger.

What's the worth of Pi?
In the present day Pi is value roughly zero dollars/euro and so forth. just like Bitcoin in 2008. Pi’s worth might be backed by the point, consideration, items, and providers provided by different members of the community. By pooling our consideration, items, and providers round a standard foreign money, Pi’s members search to seize extra of the worth that sometimes goes to banks, know-how giants (e.g., Fb, Amazon), and different intermediaries. At this time, we're laying the infrastructure for this digital foreign money and market by distributing the foreign money, constructing the group, and creating the know-how to make sure its safety.

Can I withdraw my Pi? What's the timeline for withdrawals?
No, you can't withdraw Pi but. It is possible for you to to withdraw Pi or change Pi for different currencies in Part Three of the challenge when Pi transitions to a totally decentralized blockchain. Pi launched Part 1 of the challenge on Three/14/2019 (Pi Day). Throughout Part 1, your balances are being recorded with a assure of being honored when Pi transitions to mainnet (Part Three). Transfers of Pi are restricted till we attain mainnet to stop dangerous actors from accumulating Pi from pretend accounts. For instance, a nasty actor might mine from pretend accounts, switch the Pi to a authentic account, after which move by way of Pi’s account verification course of regardless of their illicit good points. We're nonetheless refining the precise improvement timeline for the undertaking. For extra particulars, please confer with the Roadmap part of our white paper.


When will Pi be value one thing? When can I flip Pi into “actual” cash?
Pi’s holders will have the ability to flip Pi into “actual” cash once they both buy items and providers on Pi’s market or trade Pi for fiat foreign money. Cryptocurrency holders have two choices for turning their holdings into “actual” cash (or to “cash-out”): 1) Instantly buying items and providers with their crypto or 2) exchanging their crypto for fiat foreign money (e.g., dollars, euro, and so forth.) on cryptocurrency exchanges.
1) Instantly buying items and providers together with your Pi. Pi Community is constructing a peer-to-peer market the place our members will be capable of instantly spend Pi to purchase items and providers. We goal to start out experimenting with in-app transfers of Pi as quickly as This fall 2019.
2) Exchanging Pi for fiat foreign money on cryptocurrency exchanges. Pi’s Core Workforce doesn't management when cryptocurrency exchanges (like Binance, Coinbase, Kraken, and so on.) determine to listing Pi. Nevertheless, Pi will be capable of be traded in Part Three of the challenge (i.e., Mainnet). At that time, exchanges can select to listing Pi. In the intervening time, Pi’s core workforce is concentrated on implementing our technical roadmap (see our white paper) to succeed in part Three.


Can I mine from multiple gadget? How does the community forestall pretend accounts, bots, and so on. from incomes Pi?
No, you can't mine from multiple system. The community has a strict rule of 1 account per individual. Pi makes use of a multi-pronged technique to make sure Pi shouldn't be mined by pretend accounts. First, the community makes use of Google’s Recaptcha v3 to know if a tool is operated by a human or a machine. (This know-how is totally invisible to most customers since they're actual people, however bots might begin seeing captchas if google’s algorithm catches them). Over time, we're additionally creating a machine studying algorithm based mostly on actual customers’ mining conduct to foretell bots. Second, Pi’s consensus algorithm requirement (safety circles) makes it straightforward to detect pretend accounts. Pretend accounts won't have sufficient actual individuals pointing at them by way of safety circles. At greatest, pretend accounts can be pointing at one another with only a few incoming pointers from the remainder of the community. This anomaly is straightforward to detect with pc algorithms. Lastly, when Pi enters its third and last part - Mainnet, solely accounts validated as belonging to distinct actual people might be honored. In different phrases, even when all different strategies missed out on some “bot” accounts, this consumer validation course of will additional get rid of them as a result of bot house owners will be unable to show bots as actual individuals with actual names. We're at present exploring decentralized KYC processes that may be minimally intrusive.

Is that this app a pockets? Will we maintain our personal personal/public keys? And may we use an exterior pockets to carry our Pi sooner or later?
Sure, your telephones will function a cryptocurrency pockets that might be linked to your present accounts (quantity / Fb). Like with some other public blockchain, Pi’s blockchain will even permit in-app/exterior wallets to carry Pi and transact with it, by submitting transactions to the blockchain instantly. This can be a performance that we've at present scheduled to be offered on Part Three of the venture. (as a reminder we at the moment are on part 1 - distribution of the foreign money - we'll then launch a Testnet as part 2, and part Three is when our mainnet can be reside). Throughout part Three of the venture, additionally, you will have the choice to take full possession of your personal/public keys.
Pi goals to be far more accessible to on a regular basis individuals which is why we try to construct this built-in interface. We’ve chosen this phased implementation to make it simpler for on a regular basis individuals to make use of.

We're nonetheless in our early days and are excited concerning the street forward of us.




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( π ) Pi is a new digital currency developed by Stanford PhDs, with over 15 million members worldwide. To claim your Pi, follow this link https://minepi.com/yildiztekin Download from your mobile phone and use username (yildiztekin) as your invitation code. Then mine from your mobile or desktop to collect Pi coin everyday.