In the increasingly advanced and complex digital era, various innovations and major transformations have emerged in different sectors, including the world of cryptocurrency. One such innovation is Pi Network, an ambitious project launched in 2019.

 

Pi Network offers a revolutionary approach to crypto mining with a unique vision: to make crypto mining accessible to anyone, anywhere, without the need for high costs or specialized hardware. In a previous article, we already provided a tutorial on how to easily mine Pi Network for beginners, and this time, we will explore how Pi Network has the potential to change the digital financial landscape and how to cash out Pi Network. Curious? Read on below.

Origins and Rapid Development

Pi Network was born from the minds of a group of Stanford University graduates. Unlike its predecessors that required large investments in hardware, Pi Network allows ordinary users to participate in transaction validation and “mine” Pi coins using only their smartphones or personal computers.

 

This simplicity and accessibility proved to be a magnet for users. In just three months after its launch, Pi Network (Minepi) successfully attracted over 100,000 users. This rapid growth continued, and by March 2022, the platform claimed to have a global user base of 33 million people. This number shows the great potential of Pi Network in bridging the gap between complex blockchain technology and the average user.

Advantages of Pi Network

One of the main advantages of Pi Network is its commitment to environmental sustainability. Amid global concerns about the environmental impact of traditional crypto mining methods, Pi Network offers a smart solution. The Pi mining app is designed to be energy-efficient, allowing users to run it on their phones without draining the battery or causing the device to overheat.

 

The way this app works is unique and innovative. Instead of performing energy-consuming complex calculations, Pi Network users play a role in verifying and securing the network through a trust system. This approach is not only eco-friendly but also makes the mining process more inclusive and easier for the average user to understand.

Revolutionary Blockchain Technology

Pi Network adopts a different approach to blockchain technology. Instead of using the popular Proof of Work (PoW) system like Bitcoin, Pi Network applies the Stellar Consensus Protocol (SCP) as its consensus mechanism. SCP allows Pi nodes to reach agreements more efficiently, using security groups consisting of three to five trusted users.

 

This system not only enhances the reliability and credibility of the network but also allows for faster and more efficient operations without requiring the participation of the entire network in every transaction.

Recent Developments and Future Prospects

Pi Network continues to update and develop to improve the functionality and security of its network. Recent key steps include the launch of the KYC (Know Your Customer) app to verify user identities, as well as the Block Explorer, which allows users to track transactions and easily explore blockchain data.

 

Although still in the development stage, Pi Network has shown a commitment to gradually realizing its vision. The launch of the Enclosed Mainnet in December 2021 marked a significant step towards the full realization of this project.

How to Cash Out Pi Network?

Now, one of the most frequently asked questions by Pi coin miners is how to cash out Pi Network? If there is one reason to mine or collect Pi coins on the Pi Network, it is to be able to withdraw them and convert them into spendable assets.

 

Please note that the Pi app includes a built-in wallet that only allows users to store Pi coins. Below are the step-by-step instructions on how to use the built-in testnet browser wallet, as we quoted from the website Coinapult.com, divided into 3 easy steps:

1.Log in to Pi Browser

The first step is to log in to your Pi mining app and tap the menu in the upper left corner. Continue to the Pi Browser and read the instructions about Pi Browser, then log in by tapping “SIGN IN TO PI BROWSER.”

 

If you haven’t installed the browser, you will be directed to the app store to download it. However, if you have installed the browser, you will automatically be redirected to it. Normally, if you use the Pi mining app, the browser will automatically log in. However, you can log in manually by entering your Pi Network login details.

 

2.Generate a New Wallet

Once logged in, you will see a welcome page with a greeting and various Pi Network dApps, including chat apps, wallets, KYC, explorers, and mining apps. Tap on the wallet with the WALLET.PI icon. Finally, set up your wallet by clicking GENERATE WALLET. Back up your passphrase and complete the security steps.

3.Transfer Assets

After setting up your new wallet, you can now send or receive Pi coins within the Pi Network. To do this, simply open your Pi browser and select Wallet.pi. Log in with your password and unlock the wallet. Here, you will see the RECEIVE and SEND options. With these two options, you can send your coins within the Pi network.

 

It’s important to note, however, that unlike other cryptocurrencies, Pi coins are not yet available for withdrawal to exchanges or other wallets. Miners and Pi users will be able to withdraw their coins after the network upgrades to the Pi coin mainnet in the third phase of its roadmap activities. In this phase, the coins will attain full decentralized blockchain characteristics and complete exchange listings. Before the third development phase, Pi coin transfers and withdrawals will be restricted to prevent malicious activity and fraud within the network.

 

Although the team launched the Enclosed Mainnet in December 2021, the network is still largely undergoing testnet changes. According to the team, the mainnet will prevent unwanted external connectivity through the integration of the KYC process. After full migration, Pioneers will be able to transfer or use their coins for whatever they wish.
After the launch, further development will be proposed by the network developers and core team. Additionally, node implementation and updates to every part of the network will be applied periodically.

 

Conclusion

Pi Network is an exciting innovation in the world of cryptocurrency, offering a new, more inclusive, and eco-friendly approach. By enabling mining through simple devices like smartphones, Pi Network opens the door to broader participation for average users.

 

Although still in the development stage, Pi Network’s potential to change the digital financial landscape is huge. Environmental sustainability, revolutionary blockchain technology, and a commitment to security make Pi Network a project to watch in the crypto world. However, users must be patient until the third phase of development before they can fully utilize their Pi coins.

 

Well, that was the tutorial on how to cash out Pi network easily, you can also read various other interesting articles in Articles About Cryptocurrency at Indodax Academy.

 

Disclaimer: Pi Network is still in development, and Pi coins cannot yet be traded or withdrawn to other crypto exchanges. The information in this article should not be considered financial advice or an investment recommendation. Users are encouraged to do further research and exercise caution when participating in developing projects.

 

FAQ

1.What is Pi Network?
Pi Network is a cryptocurrency project launched in 2019 with the goal of democratizing crypto mining.

 

2.How does mining work on Pi Network?
Mining on Pi Network is done through an energy-efficient mobile app, where users verify transactions and secure the network through a trust system, making it more environmentally friendly and inclusive.

 

2.What makes Pi Network different from other cryptocurrencies?
Pi Network uses the Stellar Consensus Protocol (SCP) as its consensus mechanism, unlike Bitcoin, which uses Proof of Work (PoW). SCP enables faster and more efficient transactions without requiring the entire network’s participation.

 

3.How to cash out mined Pi coins?
Currently, Pi coins cannot be withdrawn or traded on crypto exchanges. Withdrawals and trading of Pi coins will be available after Pi Network reaches the third phase of development, where the coins will be listed on exchanges and the network becomes fully decentralized.

 

4.Is Pi Network safe to use?
Pi Network continues to develop security features, including the implementation of the KYC app for user identity verification. Additionally, the network uses the SCP consensus mechanism, which enhances the network’s overall credibility and security.

 

Author RB & AL