The Pi Network is an invitation-only cryptocurrency community that has grown to over 2 million people worldwide in less than 12 months. Each day, people earn credits hourly toward free Pi Network cryptocurrency by using the app once every 24 hours.
Discovering and Monitoring Internet Search Trends
While researching the growth of cryptocurrency, actually the proliferation of the multitude of cryptocurrencies over the past several years, I wanted to know how The Pi Network digital currency app fared in Search over the first 6 months of its new app life. I looked retrospectively at the worldwide search trend graph for Bitcoin between 2008 and 2014 and noted there was a whole lotta nuthin' even when I zoomed in on the timeframe, scaling it to 2 or 3 years. Ethereum's search trend chart over its first few years fared a bit better.
While growth of the Pi Network has been rapid, the digital currency and smart contracts platform is still in beta. After entering (not bursting onto) the app scene in March 2019, app capabilities have been rolled out continuously. Chat features were added. Then, additional chat rooms were enabled in languages other than English. Moderators soon followed. The growth of the Pi Network was fueled by word-of-mouth, incentivized by an increase in hourly earning rates for each person brought into the network.
That increased-earning incentive, positive in my book, is pitted against a negative incentive that plays on a common human weakness, diminishing returns, creating a psychological tension. App users earn hourly credits for future Pi Network cryptocurrency. When you bring people into the network with your invitation code, your hourly earning rate increases. However, with every doubling of the number of Pi Network Users, your hourly earning rate is cut in half.
What this means is that the earlier a person signs up, the more "PI" they will initially earn per hour. When the number of Pi Network users doubles again, the hourly earning rate will halve and each person will earn less Pi per hour.
You can explore the Pi Network and, if you would like to join, download the iOS or Android app and use my invitation code freqflyer (all lowercase) to sign up.
In-App Transfer Pilot Program
In-app transfers were enabled for a small group of Users in December 2019. This pilot program allowed the developers to find bugs in the transfer process and bad actors among the millions of Users. From a User perspective, this pilot program has jumpstarted the Pi Marketplace. People are buying and selling all sorts of goods and services using Pi cryptocurrency and the in-app transfer program.
While the initial group of testers for the in-app program was small, more people are being added to the in-app transfer program pilot on a rolling basis. As to when the cryptocurrency will become mainstream is anyone's guess. If international adoption of the Pi Network mobile app continues at this pace, the Founders' vision of a mainstream crypto that everyone can access and use may sooner become a reality.
Pi is a Digital Currency for the Average Person
Folks new to the Pi Network Mobile app come from a broad range of disciplines, cultures and understanding of digital applications - particularly digital wallet and cryptocurrency applications. Initial adoption was been fueled by cryptocurrency experts and speculators. Now, however, adoption has spread beyond the confines of the cryptocurrency industry, and the majority of Pi Network app users are not crypto experts. Instead, for many, this is their first venture into the world of digital currency.
The Pi Network Whitepaper
To give newcomers a better understanding of cryptocurrency in general and the Pi Network platform specifically, the Pi Network Founders developed a White Paper. While the Whitepaper does a good job explaining the Why behind this endeavor, there is so much detail in the lengthy paper that it simply cannot be consumed and understood in one sitting. Consequently, many people who join the Network do not understand the ins and outs of cryptocurrency and do not know what to do with the mobile app once they download it and sign up. Once Pi becomes a means of payment for goods and services, whether people completly grasp how a digital currency is secured will not affect their ability to use Pi to pay for what they want.
Using the Pi Network App
It is important to understand that this is not "free money." This is a mobile application in development, still in Phase 1. And a person's primary contribution as a beta tester is simply to help the Developers secure the network. A person does this easily by simply by tapping the charging icon on the homescreen of the app once every 24 hours. (It is insanely simple.)Every 24 Hours, one Icon on the face of the application, must be tapped in order for you to continue "earning Pi."
Given the growth of the Pi Network, it is not surprising to see the proliferation of Pi Network-related websites, Discord channels, Instagram accounts and Facebook pages.
People feel strongly about their cryptocurrencies and Pi Network is not different. Domains like Mining-Pi.com, BuyWithPi.com and PiCollectors.com were recently hand-registered. While Google Searches for "Pi Network are also on the rise.