So you took a chance and downloaded the Pi Network mobile app. The next question you have is: Ok, now what?
It may seem overwhelming at first, but here are what you can do to orientate yourself.
The Pi Network requires one user for one account only. This is to prevent bots and crafty users from making multiple accounts and exploiting the system. One common example is people buying burner cellphones with SIM cards for additional accounts to mine. They will be purged from the system and all coins earned will be deleted.
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It’s the same concept as you downloading Spotify app on your phone, laptop, and Alexa devices for convenience. One common example is when you switch to a new phone. As long as your number is the same or you can verify through Facebook, then your coins will carry over. Make sure you do have access to the same number or Facebook account.
Reaching the MainNet means that Pi Network will join other cryptocurrencies in the market, where they are prescribed an exchange value with fiat currencies like the USD or Euro. Expect this to occur at end of 2021. At the moment, Pi Network coins are worthless. Please do not listen to rumors. Even if you google its value, take it with a grain of salt.
I encourage you to hold even after Pi reaches the cryptocurrency market. Pi Network needs another decade to mature. It takes about one year to reach 10 million members. The growth is exponential, so in the next year, I estimate we will past 100 million users.
The potential worth of Pi Network coins is not in the number of coins in circulation, but the demand as well, according to the whitepaper. This differs from other cryptocurrency, where the scarcity of coins dictates its worth. The demand is a function of how Pi Network supports its ecosystem of third party applications. In the first Pi COiNVENTION 2020, some applications in the pipeline includes PayPi Mall, Task Bounties, and LiteMint Games.
If you add at least 5 person in your earning team to your security connection, you can earn a bit more Pi. The menu is a bit unintuitive, but here are the screenshots on how to do it.
First, select the Earn Pi item from the menu.
Next, select the Edit Security Circle button.
Then click on the Add An Existing Pi User button.
Now select the Pi Network member you want to add. It is best to add people you know. Avoid users with unverified phone numbers. Try to add 5 members.
You must prove you are an actual human being, if you want to keep your coins when it hits the market. Luckily, you still have a year to decide.
Pi Network is identification process is strict. You need a government-issued identity card. This is a total crapshoot — depending on your nationality its bureaucratic process to obtain paperwork. On the flip side, this keeps Pi Network a cleaner cryptocurrency by discouraging money laundering.
I understand sharing personal identification is concern for some people. If you are the cautious type, my advice is to just opt out at the moment and continue to mine on your phone. You have a year to observe the stability of the platform. Keep in mind that once the platform launches on the market, you still must verify with a government-issued identity card.
Well, now you ask, how am I going to prove to Pi Network I am a real person? Pi Network decides to select an external identification app called Yoti.
Once you are a member, you might receive a pop up message on your app asking if you want to verify your identity. The chance of this is completely random. There are people who received the message two weeks after joining. Some might receive it after six months or a year.
You will have 24 hours to verify your identify yourself. Note that KYC means “Know Your Customer” — it is just another fancy jargon for user identification. If you do not have the identification on hands, do not worry. You will have more chances to verify later. Since August 2020, there are only 100,000 slots to KYC as a trial. Over the next year, they will open more slots.
Unfortunately, the Yoti app is extremely finicky. Most users in the United States and other countries where passports and driver licenses are issued will have no problem. I heard many members have a hard time verifying in other continents.
If you have not received the invitation from Pi Network to authenticate with KYC, you can still download the Yoti app first to get a head start. This means you have all your identification approved through the Yoti app side. Once the day comes when you do receive the Pi Network invite, you just need to send it to Pi Network.
They might have “Pi” in the name, but they three are not the same cryptocurrency. The first two coins are already on the market while Pi Network still need another year to launch.
The most important takeaway for new member is to make sure you can verify your identity when Pi Network hits the market at the end of 2021. In the meantime, tap Earn Pi once each day and enjoy your cup of coffee. Patience is a virtue, grasshopper.
If you are not currently part of the Pi Network, you might want to read my other article first. You can always find me in my team chat channel on Pi Network, if you have questions. There is only one community rule there:
The invite code for membership as Pioneers and to my chat channel is @codergrr.
