Hi Friends,

When bitcoin was first created by the mysterious Satoshi Nakamoto in 2009, it 
was intended to make virtual finance accessible to all people. A decentralized 
cryptocurrency would allow people to make money for themselves, as one could 
mine pieces of bitcoin and then cash in once they acquired a whole bitcoin. 
Today, one bitcoin is worth more than $10,000. While it’s not worth nearly as 
much, the newest cryptocurrency, called Pi, takes that goal a step further.

Bitcoin has waned in popularity and in value because mining is extremely 
expensive and requires extensive knowledge of the mining technology, which also 
contributes to CO2 emissions. There are also only 21 million bitcoin to mine, 
and it isn’t clear if or when more will be created. So not only is bitcoin 
exclusive, but it’s also harmful to the Earth.

Luckily, the rise of bitcoin led to the development of other cryptocurrencies, 
known as altcoins. Most of these, such as Litecoin, Dogecoin and Ethereum, are 
more accessible than bitcoin but still follow the same basic model and 

For example, Litecoin has 84 million coins to be mined, which is over four 
times more than its predecessor. The code is also easier to learn, but this 
comes at a cost. To keep any one user or group from dominating the market, 
Litecoin’s scrypt makes it harder to generate coins, and as a result, Litecoin 
requires much more time and money to attain a solid investment. At this point, 
the crypto game is simply a “pick your poison” ordeal. Some people refer to 
sites like cripto-valuta.net to make their decisions.

The newest cryptocurrency promises to change all of that. Pi is officially 
known as a “social currency,” backed by everyday people. Instead of using 
costly and complicated machines to mine, users simply mine using their 
smartphones. The basic idea is to get 100 million regular people to download 
the mobile app and be active miners, then Pi will have enough users backing it 
that it’ll become a legitimate cryptocurrency. It’s because of these founding 
principles that Pi ensures it will be everything bitcoin is not: inclusive, 
practical and eco-friendly. But to understand how the network came to fruition, 
one only need look to Palo Alto, California.

Launched in March 2019, the Pi Network was created by three Stanford Ph.D. 
graduates: Dr. Nicolas Kokkalis, Dr. Chengdiao Fan and Vincent McPhillip. Dr. 
Kokkalis is a computer engineering Ph.D. and teaches Decentralized Applications 
of Blockchain at Stanford. He’s been working with blockchains since he began 
his early Ph.D., designing several social apps that have garnered over 20 
million active users. That list includes Gameyola, the online gaming platform. 
He also helped found StartX, a Palo Alto startup designed to help entrepreneurs 
perfect their business models. With an extensive background in computer 
engineering and software, Dr. Kokkalis mainly focuses on the Pi Network’s 
scrypt and code design.
Dr. Chengdiao Fan has been studying interactions between humans and computers 
for years. She is fascinated by the impact that recent technological advances 
have had on both individuals and society as a whole. Some of her research has 
involved developing software to monitor productivity, as well as improve social 
capital. For those who don’t know, social capital is essentially networks that 
serve a functional purpose in society.

Dr. Fan graduated from Stanford with a Ph.D. in computational anthropology, and 
her work for the Pi Network is focused on social computing, envisioning how 
virtual currency can not only spark financial transactions, but also cultural 
exchanges. Dr. Fan explains, “I believe their [cryptocurrencies] potential is 
far beyond the realm of finance, and will create values that have otherwise not 
been created or captured on individual, societal and global levels. My hope for 
Pi is the establishment of an inclusive economy for global citizens to unleash 
and capture their own value, and in turn, create value for society and the 

Vincent McPhillip earned his bachelor’s degree in Political Science from Yale 
University. He spent time working for a Nongovernmental Organization called 
Bridgespan, distributing millions of dollars to communities across the United 
States to help develop their schools and local workforces. It was this work 
that cultivated his keen interest in the distribution of wealth, particularly 
as it’s related to upward mobility. This led him to enroll in Stanford’s 
Graduate School of Business, where he discovered the power of cryptocurrencies.

What fascinated him about digital currency the most was its potential to help 
people find previously unattainable levels of wealth and prosperity. His 
official title at the Pi Network is “social movement builder,” as the majority 
of his duties involve managing Pi’s ability to empower everyday citizens with a 
tool to redistribute wealth and create a more financially literate populace.

The three founders all met at Stanford, and their individual interests resulted 
in the creation of the Pi Network and the currency known as Pi. What makes Pi 
different is its status as a social currency, which means the power of Pi lies 
in its capability to create its own security through people’s social networks. 
When users join Pi, they not only mine for it, they also create “security 
circles,” which indicates that users are trustworthy and validates transactions 
involving Pi.

To incentivize users to grow their security circles, the system is designed to 
allow users to mine at a higher rate as more people join their network. The 
basic mining rate is 0.20 Pi per hour, but someone with two others in their 
security circle mines at 0.27 Pi per hour. That may not seem like a huge 
difference, but it adds up over a 24 hour cycle.

If you’d like to invest in Pi, it’s best to download the app and start mining 
immediately. Once the crypto reaches 100 million users, it will become a real 
currency and can be used in transaction. At that point, the standard mining 
rate will go down to around 0.1 Pi per hour. For now, higher rates are spurring 
the growth the app needs in order for Pi to become legitimate. The same can be 
said of the exchange rate, which is currently estimated at $200 per Pi. 
However, this is bound to change as the Network grows in numbers. It will 
likely remain high, as most crypto rates are.

To start mining, download the Pi Network app and set up an account. You have to 
open the app and hit the “Mine” button once every 24 hours, but you don’t have 
to keep it open. It won’t use up much battery either. You can also use the app 
to invite people to your security circle, see a breakdown of your mining rate 
and even chat with a Pi Team Member if you have any questions.

With an extremely helpful app and revolutionary technology, the Pi Network 
hopes to transform global finance by creating a unified community focused on 
creating their own net worth and expanding opportunities for everyone.

If you want to learn more , please visit us at
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