Pi network
The First Digital Currency You Can Mine On Your Phone
it's free, doesn't cost you anything to try.
Will it be worth something in the future, has it any worth right now, the same was for bitcoin, people didn't know what to expect, and now you can see for yourself where bitcoin is right now.
What is the expected value going to be? It really can't be determined just like that, it depends on a lot of factors like demand and supply, news influence is one of the main factors, etc. First, it needs to hit the market and then we can talk about what the expected value is going to be.
Here is a little intro about it, I will try to explain what it is.
PI coin is a cryptocurrency you can mine on your phone and it is profitable because it doesn't use your battery or RAM. It was designed by a group of Stanford PhD graduates and it can definitely become something big because it realies on its community, that is, the users and their joint engagement. PI is mined through proof of consensus, which is basically where your phone communicates with a bunch of nodes and nodes collectively decide on what the solution to the next block is (whereas with BTC it's more where the solution is already set, and whoever gets the solution first gets the reward).
In the early days of Bitcoin, when only a few people were working to validate transactions and mining the first blocks, anyone could earn 50 BTC by simply running Bitcoin mining software on their personal computer. As the currency began to gain in popularity, clever miners realized that they could earn more if they had more than one computer working to mine.
As Bitcoin continued to increase in value, entire companies began to spring up to mine. These companies developed specialized chips ("ASICs") and constructed huge farms of servers using these ASIC chips to mine Bitcoin. The emergence of these enormous mining corporations, known drove the Bitcoin Gold Rush, making it very difficult for everyday people to contribute to the network and get rewarded. Their efforts also began consuming increasingly large amounts of computing energy, contributing to mounting environmental issues around the world.
The ease of mining Bitcoin and the subsequent rise of Bitcoin mining farms quickly produced a massive centralization of production power and wealth in Bitcoin's network. To provide some context, 87% of all Bitcoins are now owned by 1% of their network, many of these coins were mined virtually free in their early days.
Pi APP : Enabling mining on mobile phones
In contrast to Bitcoin which created a fixed supply of coins for the entire global population, Pi creates a fixed supply of Pi for each person that joins the network up to the first 100 Million participants. In other words, for each person that joins the Pi Network, a fixed amount of Pi is pre-minted. This supply is then released over the lifetime of that member based on their level of engagement and contribution to network security. The supply is released using an exponentially decreasing function similar to Bitcoin's over the member's lifetime.
Currency in economics is just the notes and coins in circulation. These are minted and printed by government. In every country the institutional arrangement will be bit different. In some places central banks do the printing/minting of the currency in some others its done by mints or treasury departments.
In the early days of central banking, money creation was a physical reality; new paper notes and new metallic coins would be crafted, imprinted with anti-fraud devices, and subsequently released to the public (almost always through some favored government agency or politically-connected business).
Central banks have since become much more technologically creative. The Fed figured out that money doesn't have to be physically present to work in an exchange. Businesses and consumers could use checks, debit and credit cards, balance transfers, and online transactions. Money creation doesn't have to be physical, either; the central bank can simply imagine up new dollar balances and credit them to other accounts.
A modern Federal Reserve drafts new readily liquefiable accounts, such as U.S. Treasuries, and adds them to existing bank reserves. Normally, banks sell other monetary and financial assets to receive these funds.
This has the same effects as printing up new bills and transporting them to the bank vaults but it's cheaper.
Back to Pi network
The app doesn't drain your battery or uses RAM because it doesn't rely on proof of work, instead on proof of consensus, how much reliable users you have in your secure circles, the more your mining rate is and more coins you get.
The real question is how do you mine? You have to open the app and click on one button every 24h so that you prove that you are credible contributor to the network and that's how you mine. It doesn't need to run in background, so you can close the app at any time and open it after 24h to click the button again and it will still mine, ie give you coins.
For signing in to the app you need an invite to be able to join the network and start mining because it relies on secure circles.
I have been mining Pi crypto since June 2020. Based on my experience I would say that the app is "legit." However, if your question is whether the Pi Network and the Pi currency will be the next Bitcoin the answer is: time will tell.
Contact me so You can use MY invite code so you can start mining.
