Hello Everyone!
Have you heard about a coin but doesn't have a real value right now? But there is a reason to believe that it could be launch in exchanges soon. And the good thing is, it is free. Yes, you heard it right! You can start stacking it up and can make gain along the road.
Btw, i am Crypt, and if you haven't subscribe to me yet. Please do!
So lets start on how to get a piece of a Pi...
Mobile mining cryptocurrency, yes i know whats on your mind. There are several projects like this that attempted the mobile money thing and all failed or did not gain value. However this one can actually fulfill its goal.
Pi coin is currently under beta mode but there are looking to add users nodes to the network through words of mouth.
Unlike bitcoin, users can earn pi coin by an hourly rate through a mobile application. Yes you mine on your phone.
You can download the mobile application:
For android users https://play.google.com/store/apps/details?id=com.blockchainvault
For ios users https://apps.apple.com/us/app/pi-network/id1445472541
And you can use my code: Sergee02 and start earning Pi.
The Benefits of Mobile Mining
It is easily to use. Everyone with a smart phone can mine Pi and you don't need to set up complicated miner hardware or software. You just need to turn your phone on, download the application, sign up, log in and there, you start to mine Pi.
So why Pi?
Exactly like bitcoin, Pi held no token seller or ICOs. The only way to obtain it is thru mining but there is a catch. The early you start mining is the more hash rate you will have. And once Pi reaches 10,000,000 - 100,000,000 million users, the mining app will stop or halve then the trading for services and trading on exchanges will start.
I know its too late to be the earliest but its not to late to jump in. Approximately, there is 7,500,000 million users right now making it to the top 4 cryptocurrencies when it comes to users based.
User bases are that small besides bitcoin with 42million wallets. But that doesn't necessarily mean that there are 42million users. To put the into perspective, ethereum has 42million non zero addresses and just reached an all time high users in June 2020.
There is really no way to judge how many users of bitcoin or ethereum there are unlike Pi. Just because there is a wallet persay or there are users without a wallet. Kinda complicated right?
Unless you set up multiple accounts which then will become disappointment because PI requires KYC to withdraw.
How to mine Pi and why you should mine it?
The Pi cryptocurrency the uses the proof of work without the need to burn a huge amount of electricity. Yes! You heard it right! You can mine Pi on your phone without using up your battery power. It is decentralized in an eco friendly situation.
According to Pi's whitepaper,
their mision : to build cryptocurrency and smart contracts platform secured and operated by everyday people
while their vision : to build the most inclusive peer-to-peer marketplace, fueled by Pi, the world's most widely used cryptocurrency.
Pi has three phases
Phase 1 - Design, Distributuon Trust Graph Bootstrap
During this phase, the team will distribute Pi tokens on a centalized Pi server. The team will be testing and improving aspects of the Pi network and app. The Pi coin will not be listed on any exchanges during this period
Phase 2 - Testnet
During this phase, the team will begin deploying Pi network nodes as well as allows users to run their own nodes on the Testnet. This will be used to test the nodes against the phase 1 emulator.
Phase 3 - Mainnet
It is time for primetime! The emulator will be shut down and the netwrok will be allowed to operate on its own. Similar to the other cryptocurrency prohects, Pi network will be open to developers to join the community and help improve the netwrok alongside the original team. During this phase, the coin will be listed on exchanges.
Pi networks team decided to choose the consensus algorithm on top of SCP which implemented in the stellar network.
Their are four roles that Pi user can play
Pioneer - a user of the Pi mobile app which is simply confirming that they are not "robot" on a daily basis. This users validate their presence everytime they sign in to the app. They can also open the app to request transactions.
Contributor - a user of the mobile app who is contributing by providubg a list of pioneers he or she knows and trusts. Pi contributors will build a global tryst graph
Ambassador - a user of the Pi mobile app who is introducing other users in the Pi network
Node - a user who is a pioneer, a contributor using the Pi mobule app and is also running the Pi node software on their desktop or laptop computer. The Pi node software is the software that runs the core SCP algorithm, taking into accountthe trust graph information provided by the contributors
Supply and token
Pi's token supply, for myself, is one of the most confusing metrics. I'm gonna show you the screenshot of formula and let the math geniuses handle the rest.
You might think that Pi got its name on a difficult math formula. You are wrong!
Pi launch its beta on Pi day 3/14/2019.
There is one reason you might don't want to download Pi because you don't want another app to run on your phone withput knowing its risks.
According to Pi whitepaper, the app doesn't drain your phone batteries or affect performance. So since the network team uses SCP, mainly is to check that you and your mobile exist as a trust node. It doesn't uses the same process on updating records like bitcoin which requires more energy and money.
You might feel the team may exploit your mobile data and that is a legitimate concern. The team vowed yo not have an interest in ads and various videos that have been uploaded to their app over the past couole of months.
Pi's team
Some accused that Pi is a scam. Well, its not a scam because it is an active project with active teams working on it.
Pi plans on a similar route to be an open source as itself. With community developement just like bitcoin, bitcoin cash and litecoin. This could be a massive opportunity as Pi is on phase 3, meaning exchanges could be right around the corner. I repeat Pi network is on phase 3. So what are you waiting for? Download the app and use my code: Sergee02
So what do you think of Pi Network? Will it play out like bitcoin or will it not gain any value? Let me know your idea by leaving a comment below.
Source: https://minepi.com/white-paper
