The upcoming launch of Pi Wallet has sparked a great deal of controversy within the cryptocurrency community. The project was first initiated in 2018 and officially launched on March 14, 2019, also known as Pi day. It has been in a testing phase for quite some time, but there are expectations that the cryptocurrency will go live by the end of this year (2021).
The Pi mainnet launch created a sense of anticipation among users who see it as an opportunity to get involved with a new cryptocurrency and not miss out on the potential gains that many experienced with Bitcoin. However, there are also many skeptics who view Pi as a multi-level marketing scam with no real value. Currently, the main selling point of this wallet is that it allows for Pi mining on your mobile device.
The purpose of this article is to address any concerns or questions you may have about the Pi wallet and provide essential considerations when choosing a wallet to store your crypto assets. Before we delve into that, let’s clarify what the Pi Coin Wallet actually is.
There is a common misconception that the Pi wallet is based on the Raspberry Pi algorithm. However, the truth is that Pi runs on a consensus algorithm derived from the Stellar Consensus Protocol (SCP) and Federal Byzantine Agreement (FBA). Pi is considered an improvement over Bitcoin as it is eco-friendly and does not require excessive electricity consumption for its Proof-of-Work.
Under SCP, each node has the ability to independently verify the validity of a transaction, such as the authority and prevention of double-spending, based on cryptographic signatures and transaction history. However, in order for a network of computers to agree on which transactions to include in a block and the order of these transactions and blocks, they must communicate with each other and undergo multiple rounds of voting to reach a consensus.
Now, let’s address the question of what a Pi wallet actually is. A Pi wallet is an application designed to support the Pi network, where users can mine a new digital currency known as Pi. However, it’s important to note that the digital currency has not yet been officially launched and is currently being mined on the Pi testnet. The Pi wallet is available in both mobile and desktop versions.
The Pi wallet was created by a team of experienced developers who recognized the need for a secure and user-friendly crypto wallet. The goal of the Pi network is to cater to the needs of both new and experienced crypto users. As a result, the wallet offers excellent security, convenience, and a user-friendly interface. It also integrates with other wallets and exchanges, allowing for fast and reliable transactions.
The idea for Pi was conceived in 2018 by three Stanford graduates: Dr. Nicolas Kokkalis (Head of Technologies), Dr. Chengdiao Fan (Head of Product), and Vincent McPhillips (Head of Community). Since then, the development process has been rapid, with a white paper being written to outline the project’s goals. The development of the Pi network has been divided into three stages for clarity:
Phase 1 – Design and Token Distribution: This stage involves modeling and designing the Pi server, distributing tokens, and ensuring everything is prepared for the next step. The Pi server emulates the features of a decentralized system, similar to its future launch on the internet. User experience is continuously improved during this stage.
Phase 2 – TestNet: The Pi wallet is currently in the TestNet stage, where Pioneers are able to mine Pi using the deployed host software on the Pi testnet. Pioneers are encouraged to launch their own nodes during testing. Changes and improvements can be made during this stage, and test transactions are possible.
Phase 3 – MainNet: The MainNet is the final stage of development, and it will only be launched if the developers believe the wallet has undergone thorough testing and is ready for production. At this stage, actual Pi transfers will become possible. It’s important to note that only accounts belonging to real people will be allowed to transition to the MainNet, so it is essential to verify your account in a timely manner.
While there is currently no official release date for the MainNet, the availability of test transactions indicates that the launch is approaching. The Pi wallet’s development progress can be monitored through the Pi network’s official channels.
Now, let’s explore how you can mine Pi using the Pi desktop software during the testnet phase. It’s important to note that Pi does not currently mine anything, so there is no battery drain. The Pi ecosystem requires a certain number of users to start functioning, and until that threshold is reached and people begin mining as network nodes on their PCs, the coin holds no value.
To mine Pi, follow these steps:
Step 1: Download the Pi wallet app on your mobile device from the Google Play Store or the App Store. Make sure to download the official Pi Network app with the correct logo.
Step 2: After downloading the app, open it and create an account by providing your basic information and choosing a username. You will need to verify your identity by linking your wallet to your phone number or Facebook details. This verification process is essential for future potential earnings when the software goes online.
Step 3: Complete the sign-up process by using our referral link. This link is necessary to proceed with the registration. You can access the wallet from either your computer or mobile phone, depending on your preference.
Step 4: To access your wallet on your desktop, visit the provided link and click on the download node button. Once the download is complete, link your mobile wallet to the desktop version.
Step 5: To start mining, log in to your wallet, click on the lightning bolt button, and then minimize or close the application. After 24 hours, you will receive a notification to start mining again.
Step 6: It’s important to note that there are different user roles involved in mining Pi coins, and your mining rate can increase based on your level of participation. The current mining rate is 0.12 π/h.
When choosing a wallet for the next five years, there are several factors to consider:
1. Security: Ensure that the wallet you choose has robust security features provided by a reputable company.
2. Ease of use: Select a wallet that is easy to use and navigate to avoid any unnecessary complications when making transactions.
3. Customer service: Look for a wallet that offers reliable customer service in case you encounter any issues with your account or transactions.
4. Size and weight: Consider the amount of crypto you plan to store and choose a wallet that can accommodate your needs.
5. Transaction fees: Opt for a wallet with low transaction fees, especially for larger transactions, as high fees can be costly.
6. Supported Coins and tokens: Determine which cryptocurrencies you plan to store in your wallet and ensure that the wallet supports them all.
7. Country restrictions: Check whether there are any restrictions on the wallet’s service in your country of residence.
8. Company reputation: Conduct thorough research on the company behind the wallet to ensure its reliability and trustworthiness.
By considering these factors, you can make an informed decision when choosing a wallet that best suits your needs.
In conclusion, while some may have reservations about the Pi wallet, joining the Pi network and exploring new opportunities can be a rewarding experience. The Pi team’s ultimate goal is for Pi cryptocurrency to become widely used worldwide. Although the official launch on the mainnet has yet to occur, it is hoped that it will happen soon. Don’t miss out on this opportunity by not registering for the wallet.
