Cryptocurrency began with Bitcoin in 2009 as an electronic peer-to-peer cash system that runs on blockchain technology. At its inception stage, it was mined via the bitcoin software application by individuals and was worth basically nothing. Around February 2011, its value finally became equivalent to a dollar and has grown astronomically ever since. This article highlights a growing coin called Pi coin or PI.
Before reading any further, read our guide on what you need to know if you are just getting into cryptocurrency.
Following the success of Bitcoin, other coins and value systems have been created and added to the cryptocurrency trading network. These other coins are called alternate coins (Ethereum, Dogecoin Shiba Inu, Squid game Coin, etc.). Another such coin is currently being developed called Pi π.
What Is Pi π?
If you are a member of the crypto community, you must have already heard of Pi, but if you aren’t, we can always give you a quick lesson.
Pi is a digital currency project created by a team of Stanford graduates, Dr. Nicolas Kokkalis and Dr. Chengdiao Fan. It is a mobile software application that enables users to mine coins every 24 hours, validating transactions on a distributed record.
It was first launched in June 2019, reaching more than 100,000 active users. In 2020, a year later, it increased to about 3.5 million active users. This year, Pi intends to launch with its now 33 million Pioneers to the mainnet a.k.a crypto trading platforms.
Who Is A Pioneer?
A Pioneer is someone who earns Pi by checking in every 24 hours into the free Pi mining app. This shows commitment to the Pi network and proves that they are human and not a robot.
After the Bitcoin ship sailed, many people developed the fear of missing out on another big cryptocurrency launch. I was one of such people who thought they had missed out on the most profitable venture of the century. But with Pi, people like me believe it to be another opportunity to get involved in a cryptocurrency from the ground up and possibly reap its profit in the future.
Pi might take years to increase in value in crypto markets like its predecessors, but it only needs patience and perseverance.
What Pioneers Need To Know
Pi is currently in the testing phase, and it is impossible to withdraw your mined Pi from the network. However, when it comes out of its testing phase, you will be able to transfer your mine Pi.
First of all, the three types of Pi account balances are;
Mobile Balance: This is the current Pi balance showing on the Pi mobile app at all times.
Transferable Balance: This contains Pi only mined by you. It will be allowed to be transferred to the mainnet because pioneers and their security circles have passed KYC. It is also your verified balance.
Unverified Balance: This means Pi that you mined with the help of your security team and referrals on the Pi mining app when the members of your security and referrals all pass their identity verification or KYC.
Mainnet Balance: This balance reflects what is transferred by pioneers to their Pi wallet in the mainnet. When Pi becomes listed on other crypto trading platforms, it will be transferred to other exchange wallets from here.
Mainnet Transfer Essentials
There are certain conditions Pioneers must fulfill before they can claim their mined Pi when it transfers to the mainnet. Relax, no one is asking you to pay money; we are not demanding any arduous task not.
There are steps every pioneer needs to prepare for transferring their mined Pi balance to the mainnet. It is essential to complete the available steps so you don’t lag and miss out.
1. Download Pi browser app
The Pi browser app is an application made by the Pi network. It is similar to a crypto wallet where you can hold your mined coins. During phase 3 of the Pi launch, your mined coins will be moved from the Pi mining app. You will have control of your Pi coins and can use them to purchase services and products from the Pi market.
It is available for download from the iOS App Store/Google Play Store.
2. Create and confirm your Pi wallet
After downloading the Pi browser, you must sign in and link your account to your main account on the Pi Mobile app. You can locate the Pi wallet on the Pi browser to create your wallet when this is done. Remember to copy out your passphrase on a notebook and keep it safe; without these phrases in the correct order, your Pi will be lost. You can also set your wallet to unlock with your fingerprint.
Follow the steps to confirm your Pi wallet address with your main account. If you did this correctly, there would be 100Pi in your account. Relax, it is not yours but a test Pi. It has been allocated to everyone for the sole purpose of testing transactions on the Pi Testnet. So it has no value, but at least you can send and receive it with others as a warm-up.
3. Commit to Lockup configuration
Pioneers can voluntarily Lockup a set amount of their transferable balance for a period of time. Doing this will boost and increase the mining rate, effective from March 14, 2022. So yes, you can Lockup portions of your Pi from now on. However, it becomes binding when you agree to lock up your Pi. You cannot change the amount or time duration of the first mainnet transfer. It is advisable to commit to Lockup to earn Pi quicker. Let’s be honest, when Pi gets into the mainnet, it will take some time to gain value which might take a few years.
How to commit to Lockup
Since Lockup is an essential mainnet transfer, it is mandatory to lock up your Pi before the first mainnet transfer. When committing, you can choose the percentage and period to lock up. This will not take effect immediately, but during the first mainnet transfer, you will be able to access everything in your account except the locked-up amount.
The lockup configuration offers different mining boosted rates, and you can make a selection by moving the thick purple dot. You can lock up 25% for as long as two (2) years or more or even less. Think well before making your choice because you won’t be able to change it except after the first lockup.
4. Submit KYC application
KYC means Know your customer. It is the form of identity verification used to authenticate Pi users to make sure the accounts belong to real people. This also removes multiple and fake account holders. Submitting KYC is not yet available at the time of writing this article, but it is smart to keep checking every day as you mine. KYC verification takes a lot of time, so it will be better to be among the first list of applicants to be verified when it goes live.
5. Wait for KYC Results
It is only natural to wait for the results after submitting for KYC verification. If your results return verified, you will be able to proceed to other things, but you may have to redo the process if it doesn’t.
6. Invite your teams to complete KYC to transfer more Pi
As aforementioned above, the unverified balance cannot be claimed by you if the members of your security council are not verified. KYC verification has not yet started, but you will need your security circles to make this balance yours when it does. Currently, you can see the amount you have in your unverified balance on the app. It might also be larger than the amount in your verified balance.
The security circles build a global trust network that prevents fraudulent transactions like the blockchain. Transactions can only be validated on the shared ledger if the trusted nodes approve them.
What to do: Pioneers
Commit to all the mainnet transfer essentials
Not all the items on the mainnet transfer checklist are available, but it is wise to be up to date with the network. This will guarantee your success in collecting your mined rewards at the end of the day. If you have come far, why will you slack now?
Telling Your security circle to verify essentials
If you want to get the entirety of your mine Pi, bonuses, and rewards, you will have to make others see the reason and need to. There is no doubt that many people have fallen by the wayside, having lost faith in the Pi network. Most people don’t even mine Pi anymore because it’s exhausting, or they changed phones. If these people are members of your security circle, you will need to call their attention back to the app. It’s simple; without them, you won’t be able to transfer all your Pi.
What to do: Non-Pioneers
Everyone cannot be a believer or an early adopter. For those who could not be part of the Pi mining, you still have a chance to not miss out on the venture. It is still possible to be a miner even though the mining rates are now slow. You can download and start mining here.
Alternatively, when Pi gets launched in various crypto exchanges, you can buy and hold coins until they grow in value. It will be wise to buy this coin very early when it’s cheaper to buy as much as you can afford.
Investing in cryptocurrency is the future of the financial side of the internet. There have been controversies about whether Pi is a scam, which may or may not be true. For now, users haven’t invested their money, and they wouldn’t be asked to, so that conclusion is implausible.
Pi is still in its testing phase, do not lose faith. If you have held out this long, please see this through.