Delve into the Crypto World

Pi Network — Mine Crypto On Your Smartphone

Mine Pi Cryptocurrency on your smartphone without draining the battery or utilizing data. Yes, it’s mainly developed for everyday people and their smartphone.

WHAT is Pi?

Pi is a new digital cryptocurrency that you can mine using your mobile phone. It was launched on so-called Pi day — March 14, 2019, i.e. 3.14.2019 and is developed by a team of Stanford graduates to provide general people greater access to cryptocurrency which is a work in progress right now and the Pi doesn’t have a value yet. So is it worth giving a chance? Let’s dive deep.

Mining any cryptocurrency is hard and this is the time when you can get started with mining Pi on your phone, which is currently worthless as similar to Bitcoin back in 2008 but we know, what happened in next few years.

You can start earning Pi cryptocurrency on your phone (Android/iOS) and join the beta by following this link and use the invitation code “imsparsh”. You can join the network only using any invitation code as the circles need to be secured by trusted members of the network.

Let me tell you one important thing, Pi is the only cryptocurrency that can be mined on a smartphone without draining your battery or using up enormous data. Yes, you read it right.

HOW does it Work?

Pi is based on the Stellar Consensus Protocol (SCP) which was created by David Mazières, a professor of Computer Science at Stanford who is also a Chief Scientist at the Stellar Development Foundation. It uses a novel algorithm called Federated Byzantine Agreement (FBA) that ensures the updates to a distributed ledger are accurate and trustworthy which lets the everyday people’s devices to contribute to protocol level and get rewarded.

Security Circle in Pi network is a group of 3–5 trusted people which secures the currency by building the global trust graph that prevents fraudulent transactions in the network to settle. This ensures who can be trusted for the execution of transactions which can be settled on Pi’s ledger.

Initially, you mine at a rate of 0.25 Pi/hour. Later, you can build your own security circle and earn at a higher rate after mining for 3 days which enables you to add more nodes to the network and make it more secure by adding the trusted members and you get 25% of each member you add. When the amount of people in the network grows bigger, the tokens generated per hour will reduce. Currently, over millions of members in the network are available as of March 2020, and the mining rate may reduce to 0.1 Pi/hour or even more low when the network reaches more members in some time.

WHAT its Worth?

Currently, Pi is not worth anything in Dollars or Euros but is building its community to add users to the network which can be started when the network becomes stable enough to perform and verify transactions and that’s when the network will be distributed worldwide and all the transactions will be made public and will be settled on a global ledger.

Pi’s value will be upheld up by the time that is going on, goods and services offered by other members of the network, the more and more Pi tokens getting mined on millions of smartphones. You can start withdrawing Pi once the network goes live on Mainnet, which may take some time as currently, the network is operating as a faucet to simulate the behaviour of the decentralized network as it will function once it is live. However, all of the coins minted by the users will migrate to the Mainnet once it launches, i.e. the Mainnet will pre-mint in its genesis block all account holder balances generated all through Phase 1, and continue operating.

Currently, the network is in Phase 2 which was launched on Pi day March 14 2020. In Phase 3, they’ll be open to being listed on exchange platforms, though they’re unlikely to hunt after it. The team purposely didn’t want to be listed on any exchange initially, as they wanted Pi to be something more equitably distributed, instead of already wealthy traders getting dibs. Thus this small mining app (which in fact is not mining in the real sense but the users, however, play a task in securing the network), keeps flying somewhat under the radar.

WHY Invitation?

As this cryptocurrency is not listed on any exchange platforms yet and is in the development phase, you cannot buy it or exchange it from somewhere, but you need to be invited from one of the members of the network to be enabled to join the network that makes the global trust graph more secure. The only way to join the network is to use this link and get connected to the network by installing the app on your phone and use the invitation code “imsparsh”. You can sign up using your contact or Facebook account only.

Also, don’t try to act smart by joining from multiple devices or accounts as when the network will enter its third phase — Mainnet, all the accounts will be validated, the one as belonging to distinct real individuals will only be honoured. The consensus algorithm helps security circles to detect duplicate or fake accounts. However, it will be detected when the user will be verified once the network is live by their identity which can only be one per real person, no matter how many accounts you use in your circle.

Finally, I know it is not worth anything right now, but it can be worth giving a shot as it doesn’t use up any battery or data on phone but only requires you to activate mining once every 24 hours. And as it follows a logarithmically decreasing function — early members earn more.

You can read more about it here.

You can also read the white paper for the same here.