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Pi Network Might be the Crypto to Succeed at Mobile Mining

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Written by   117
2 years ago

Pi Network Might be the Crypto to Succeed at Mobile Mining

At a time when a new crypto project seems to be born every day, mobile mining is still trying to get adoption and prove its critics wrong. Pi network could be the mobile mining cryptocurrency to achieve this.

To learn more about this project, the team behind it, and how its token works, make sure to watch the latest Bitboy YouTube Video!

A Fresh Approach to Mobile Mining

Pi Network is a crypto project still in beta testing that is looking to add users as nodes to the network through word of mouth and allow them to mine its coin in their mobile devices.

Mobile mining cryptocurrency is a concept that has been attempted by several projects in the past but has failed to reach adoption or gain any value due to the limitations it implies when it comes to aspects like low hash rate and high battery load.

Pi’s app doesn’t drain the battery or affect performance as it uses the Stellar Consensus Protocol (SCP) mainly as a way to check that the user and phone exist as a trusted node instead of updating records in the same way Bitcoin does.

Unlike Bitcoin and other cryptos, users can earn Pi coins by an hourly rate though a mobile app download, which provides the benefit of being simple to use and accessible to most people.

Anyone who owns a smartphone can mine Pi without the need to set up any complicated miner hardware/software to do so, users will only need to turn on their smartphone download the Pi mining app, sign up, login and they will be already mining Pi.

PI held no token sale/ICO just like Bitcoin, as the only way to obtain PI is by mining it, with users who were earlier to PI and mining getting a better hash rate.

Early Adopters will Take the Bigger Slices

It is planned that once PI reached between 10 million and 100 million users, the mining will stop or halve for all of them, with the trading for goods, services and, trading for other coins on exchanges beginning at that point.

With 7.5 million users on PI at this time, there is still time for new users to join and take advantage of the increased hash rate before it gets halved or zeroed, as the number of users is already bigger than Electroneum’s 3.5 million users.

This number means Pi is one of the top four cryptocurrencies when it comes to userbase, which is a huge achievement for a mobile mining platform and could make all the difference as each of those 7.5 million users requires KYC for the withdrawal of PI, which ensures each account belongs to a unique individual.

Pi Aims to be an Accessible and Popular Cryptocurrency

Pi’s mission is to build a cryptocurrency and smart contracts platform secured and operated by everyday people to build the world’s most inclusive peer-to-peer marketplace, fueled by the Pi Coin, aiming to become the most used cryptocurrency.

Pi miners can take part in 4 different roles within the network:

  • Pioneer: Users of the app who confirm they are not a “robot” daily, validating their presence every time they sign in to the app.

  • Contributor: Users of the app who contribute by providing a list of pioneers they know and trust, which in aggregate build a global trust graph.

  • Ambassador: Users of the app who introduce other users into the Pi network.

  • Node: Users who are also a pioneer, a contributor, and also run the Pi node software on their desktop or laptop computer.

These 4 roles give everyone the option to participate in the network by fulfilling different functions depending on their level of technological knowledge, which doesn’t need to be high in any case, and interest of involvement.

A Different Type of Proof of Work

The Pi Network uses a Proof of Work algorithm to reward miners with the added benefit of not needing them to burn massive amounts of electricity and hardware power, being decentralized, mobile-based, and eco-friendly.

The Pi Network team decided to build the network’s Consensus Algorithm on top of Stella Consensus protocol (SCP) which was implemented within the Stellar network, which makes is a rare move in the crypto space but comes with benefits for PI.

SCP aims to provide a way for networks to reach consensus without the need of relying on a closed system but utilizing different provable properties to optimize safety over liveness, pausing the progress of the network until consensus can be reached if a node misbehaves.

The use of this protocol provides the Pi network with decentralized control, low latency, flexible trust, and asymptotic security.

The Pi node software is the software that runs the core SCP algorithm, accounting for the trust graph information provided by Contributors.

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Comments

I have this too.

$ 0.00
2 years ago

I have this Pi network too in my phone!

$ 0.00
2 years ago

👍👍👍👍

$ 0.00
2 years ago

I have been mining pi network for a while now looking forward to be launched

$ 0.00
2 years ago

I have been using Pi network ... For a month now and more ... I hope for a good outcome!

$ 0.00
2 years ago

👍👍👍👍

$ 0.00
2 years ago