Pi: The next cryptocurrency

BitCoin. LiteCoin. Ether.And now Pi. Upon the verge of the Global Economic Crisis back in 2008, the general public began to lose their confidence in the conventional banking and financial system. And there was this amazing thing called BitCoin which marked and started a revolution in global finance. And Pi, the next cryptocurrency is going to set the bar high. Pi is the first and only cryptocurrency open for everyday people. Yes, you can start mining with Pi right away from your phone.

So what’s cryptocurrency?

In simple words, cryptocurrency is a new decentralised form of currency. Unlike the currency we know, it doesn’t require government guarantees for legitimacy and banking institutions for verification and transactions. In fact, cryptocurrencies exist merely as a long string of data. Instead of having banks and financial institutions to maintain the record, cryptocurrencies are maintained in public ledgers. The ledgers are hosted over the community (called miners) where cryptographic hash algorithms are used to validate and hence secure each transaction in the ledger. For computer geeks, cryptocurrency is based on blockchain technology where each transaction information is added to the end of the ledger to form a blockchain. This adds authenticity to the transaction. That should be enough intro for cryptocurrency for now.

And what exactly is the Pi?

So Pi is expected to be the next big wave in cryptocurrency and the fact that it is open to the public makes it even more popular. Pi is based on, well, Pi Network, obviously. Unlike its forerunners Bitcoin and Ether, it’s free to get started with. All you need to do is install the “Pi Network” app on your mobile device, open the app once a day and click on the “Mine” button. Remember, you need to do this only once every 24-hour. The catch is that an invitation code is required to install the app on your device and get started with.

Unlike other cryptocurrencies, the miner isn’t rewarded for every algorithm he or she solves. Rather, the miner is rewarded on a daily basis. The currency is yet to be launched officially. So it is too early to say how the entire system works out.

Talking about Pi’s legality in Nepal, the Government of Nepal’s policy is blurry. Technically, cryptocurrencies are not yet legal. But the Finance Minister has indicated his interest in legalizing them in near future. Bankers better fasten their seatbelt now.

God Bless the Internet.

©Linking the Myths 2020: Pi Network. The next cryptocurrency