Have you heard of a coin, but right now it has no real value? But there is reason to believe that exchanges will soon take it as soon as it's launched. And the good thing is, it's free of charge. Yeah, you read that correctly! You can begin to stack it and make a profit along the route.
Mobile crypto currency mining, yeah, I know what's on your mind. There are many campaigns like this that tried the mobile money thing and all failed or didn't gain value. This one should, however, actually accomplish its objective.
Pi coin is still in beta mode, but by word of mouth, user nodes are seeking to be connected to the network.
Unlike bitcoin, via a mobile application, users can receive pi coin by an hourly rate. Yes, on your phone, you mine.
The mobile application can be downloaded:
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
The Benefits of Mobile Mining
It is incredibly simple to use. Everyone can mine Pi with a smart phone and you don't need to set up complicated hardware or software for miners. All you need to do is turn on your mobile, download the application, sign up, log in, and start mine Pi.
Why Pi, then?
Pi did not have token sellers or ICOs, much like Bitcoin. The only way to do this is by mining, but there's a catch. The sooner you start mining, the higher your hash rate will be. And if Pi hits 10,000,000 - 100,000,000 million users, the mining app will stop or halve, then it will start trading services and exchange trading.
I understand it's too late to be the first to jump in, but it's not too late. There are around 10,000,000 million users currently making it to the top 4 cryptocurrencies when it comes to user-based users.
In addition to bitcoin, user bases with 42 million wallets are that thin. But that doesn't necessarily mean 42 million users live. Etherium has 42 million non-zero addresses to bring this into perspective and just hit an all-time high user in June 2020.
There really is no way to judge how many Bitcoin or Ethereum users there are, unlike Pi. Only because there is a Persay wallet or there are users without a wallet. Kinda tricky, right?
Unless you set up several accounts, which would then be frustrating because KYC has to withdraw from PI.
How do I mine Pi, and why do you need to mine it?
Without the need to burn a large amount of energy, the Pi cryptocurrency utilizes the evidence of function. Yes! Yes! You understood it wrong! You can mine your phone's Pi without using the power of your battery. In an environmentally sustainable example, it is decentralised.
According to the white paper from Pi,
Their mission is to create a network for cryptocurrency and smart contracts secured and run by ordinary citizens.
Their vision: to create the most inclusive peer-to-peer marketplace, powered by Pi, the most commonly used cryptocurrency in the world.
There are three stages of Pi.
Stage 1 - Design, Bootstrap Trust Graph Distributuon
The team will distribute Pi tokens on a centalized Pi server during this stage. The team is going to test and improve elements of the Pi network and app. During this time, the Pi coin will not be listed on any exchange.
Stage 2- Testnet
The team will begin deploying Pi network nodes during this time, as well as enabling users to run their own TestNet nodes. This will be used against the step 1 simulator to test the nodes.
Stage 3 - Mainnet
For primetime, it's time! The simulator will be shut down and it will be possible to run the network on its own. Pi network will be open to developers to join the group and help strengthen the netwrok alongside the initial team, similar to the other cryptocurrency prohects. The coin will be listed on exchanges during this stage.
On top of SCP, which was introduced in the stellar network, the Pi network team chose to choose the consensus algorithm.
There are four positions that can be played by Pi users.
Pioneer - a Pi mobile device user who clearly confirms that they are not a "robot" on a regular basis. Every time they sign on to the app, these users confirm their presence. To request transactions, they can open the app as well.
Contributor - a mobile app user who adds to the list of pioneers he or she recognizes and trusts by providing a list. A global tryst graph will be constructed by Pi contributors
Ambassador - a Pi mobile app user who adds new users to the Pi network
Node - a person who is a pioneer, who uses the Pi mobile app as a contributor, and who also runs the Pi node program on their desktop or laptop. The Pi node program is the software that runs the core SCP algorithm, taking into account the details given by the contributors' trust graph.
And how to earn there?