Crypto enthusiasts, or the general public, what’s the first thing that comes to mind when you hear the word Cryptocurrency?
Crypto investment is risky!
Mining crypto is even harder!
These assumptions have let many people lose opportunities to involve in cryptocurrencies. And one of the worst reasoning is the unawareness about it, no exposure to proper and quality resources.
When I got the news that Bitcoin has come back with a loud boom, I somehow wondered why I did not invest in it years ago. Why? Because like everyone else, I, too, thought that it would not reap any considerable benefits. But look at the value of Bitcoin now.
Therefore, there’s now a new crypto solution available for you to start mining it on your mobile devices. Yes, you read it right. You can now begin earning Cryptocurrency on an energy-light mobile app for free.
You can get this said mobile app on Google Play and App Store. Just search for the “Pi” app. Or, you can also learn more about this new revolutionized solution through minepi.com.
Pi makes cryptocurrency mining very easy. You can earn or mine Pi by making the currency secure as the Pi’s network grows. Pi is still in its beta testing mode but is finally in its last developing phase. The Pi network also offers its users the ability to buy or sell services and material goods using the Pi within the app.
Let’s know more about Pi.
Many cryptocurrencies are lurking around for ages. They did not get enough value yet. But what is Pi?
Purpose and development
Pi is a crypto mining project taken on by a few (5) Stanford graduates. The primary aim behind creating and developing this solution is to make Cryptocurrency available and accessible to every user. It has a very trustworthy community and concept and is worth a try. Maybe you would become a successful crypto miner using it.
The high accessibility and mining enabled Pi app is achieved by employing the Stellar Consensus Protocol (SCP). This protocol ensures user-friendly mining on mobile phones and personal computers. The SCP’s stellar network is filled chiefly with institutions and companies in the nodes. But Pi allows the users’ device to contribute and comply with the protocol.
Not long ago, the Pi network released their Pi browser. And it includes a community page, a mining page, and a wallet. Although the wallet is still in the testing phase, you can expect it to be fully functional before 2021 ends.
It was launched on 14th March 2019 with its Pi mining application. By phase 2 of its launch in 2020, the Pi creators have to cut the mining speed in half due to increased users by millions. And the statics till March 2021 has indicated of having around 14 million users.
The halving of mining speed is not instantaneous. It is a process that every crypto mining project initiates in different phases. The mining speed starts from 1.6Pi per hour till it gains 100,000 users. Then, before reaching 10 million users, the mining speed is halved many times from 0.8Pi per hour to 0.4Pi per hour to 0.2Pi per hour. The process will continue till it reaches 1 billion users and mining speed is zero.
The Pi mobile app works fine on any of your mobile phones and other devices. It neither drain the phone’s battery nor consumes extra data.
The Pi network is very user-friendly and planet-friendly. You can mine Pi without worrying about excess electrical usage.
Pi is decentralized, just like any other cryptocurrency. It is immutable, non-counterfeit able, interoperable, and secure digital money.
Pi mobile app users
You have to install the Pi mobile app on your smartphone to start mining Pi. The mobile app is directly connected with many nodes to check records on the ledger of any previous transactions. Cross-checking information becomes more accessible due to multiple modes connection. The app can also identify the current hash value and block number while checking.
Since Pi is relatively created for everyday users, they avoid a large concentration of Pi shares and rewards to early miners. Yes, there are Pi awards. The early miners on the Pi network tend to receive higher rewards but will decrease with the growth of the Pi network.
As the Pi is still in testing mode, the Pi creators emphasize enhancing the user experience. So, whatever coins the users earn/mine during the beta mode will go to the live net once it launches. And you cannot buy the Pi coins with any cryptocurrency exchange since Pi is yet to be on the exchange list. You can withdraw and exchange coins only with the initiation of the Pi project’s 3rd phase.
To join the Pi network, you need to have a referral code. You can increase your mining rate only by connecting with active miners.