Mining Crypto Currency From your mobile 2022: Pi Network

Pai network claims to be the first cryptocurrency project to allow users to mine using their smartphones. Their aim is to create a secure, immutable non-counterfeit ball source of digital money.

Pi is not a brand new cryptocurrency. It's been out for a little while, a few months. I've seen some early reviews in the late quarter four of 2019. But there are a lot of updates and new things that happened with pi.

What is Pi Network?

We want to cover it because it's getting a lot of user adoption attraction.

The project was founded by three individuals, two of which hold a Ph.D. from Stanford. The first is Nicholas and then followed by Chen, and the third is Vincent. More of them interact with the community on various social media channels. You can find the Pi Network team on Instagram, Facebook, and Twitter.

How can you Start Min Pi Cryptocurrency on your Mobile Phone?

Mining Pi Cryptocurrency is very simple. Android and IOS versions both can mine Pi Coin. Follow these steps to create the Pi Crypto Network and start mining pi coins on your Mobile. 

Use the invitation code of your friend

1. First, download the Pi Network Application from the App store. Download only from Android and IOS Appstore. Do not download from a third-party website. 
2. After installation, open apps and set up your account. Fill in your first name, and last name (according to your passport or driving license), and choose a unique user name. 
3. After you click on Submit, put this invitation code = s required field. 
4. Then click on submit. Then click on get started. 
5. Now click on the "tab to earn." thunder logo.
6. Now click Next >Next>Next>Next>Start tour
7. Every 24 hours, you have to click on the "thunder logo" to activate your mine.
8. To get fast earning, invite your friend with your invitation code(your username).

Note: Pi network will delete the fake accounts, so Use your real name according to your passport or driving license. It will help you to verify your KYC.

Worth of Pi, what is it all about?

They would describe themselves as a sort of technology and a Blockchain idea that wants to bring power to the people. They're all about producing and maintaining a cryptocurrency that anybody can get involved in and get used right away within seconds.

Why this is an innovative cryptocurrency and where the market is going

Pi Network's mission is building a cryptocurrency and a smart contracts platform that's secured and operated by everyday people like you and me. Which I think is a really cool thing.

What Was Spencer Say about Pi Network and Blockchain

Blockchain Technology Pi Network

I go right to the white paper for Pi cryptocurrency. The white paper gives us a lot of details and contextual background that we can really use to get some insightful knowledge about what it's all about Empire's new difference. They have an available white paper. And so I open that up, and I took a look. Now, there are some interesting things in their white paper that, to be honest with you, throw a few red flags, and we'll talk about those things. 

One interesting example is they really dive into blockchain technology at an introductory level at the very beginning. And then, all through the white paper, they proceed to really talk about what I think they would call a sister technology blockchain technology called Steller. And so I think that's interesting. I think you could kind of take that one or two ways.

PI really understands well the entire economy that surrounds cryptocurrency and blockchain as a whole. So, see, I've been in this world since at least 2012 and have really been following and very, very involved.

Mining Cryptocurrency

And I've seen a lot of what I would call seismic shifts that have happened in the industry. I'll give you an example of what I mean by that. So in the early days of mining Bitcoin, it could be done easily with, you know, a CPU and then it eventually changed into doing GPU-based mining to get ahead. And now fast forward to today. 

What do we end? We're not in just the world of ASICs, and I'm not going to dive into what an exec is. Think of it may be at a high level, just specialized hardware that's dedicated towards a particular algorithm, which happens to be, in this case, Bitcoin mining.

So we look at where we're at today, and the average user can't mine profitably. It's unfortunate. And personally, I don't think that was ever to Satoshi's mind when he was creating Bitcoin in its infancy. I think he always wanted the average person to get involved and to be able to mine Bitcoin today. You can't even join a pool and operate profitably, not unless you have a whole lot of gear. In fact, most of the mining done today is huge; Aztek farms are run by organizations with immense amounts of capital and are eating up power requirements the size of Switzerland.

Pi Network really Understand today's Problem 

Now, I will tell you, and PI gets GetSet. Pi understands it is. They go into the white paper. They say we have a problem today in that the average common person really can't get involved in cryptocurrency outside of just buying it. And that is a problem for those that want to get involved and have a purpose in a place rather than just being an investor that buys. So I commend PI for that. I think they do have their finger on the pulse of one of the problems that we have today at a high level involved in cryptocurrency. And also, I want to be fair here.

PI is not the only cryptocurrency in that scene. This is a problem, and I tried to tackle it. This is actually really common. I would say this is one of the three most common problems that anybody involved in cryptocurrency is seen as a challenge. So here's an example of another cryptocurrency that's got a way longer shelf life than PI, but it's seen the same problem in trying to solve it in its own way. And that's Litecoin, right? So like going to a script-based miner that is sick resistant. And the reason they went with that algorithm was simply that they wanted to enable everyone to get back into the possibility and capability of mining. And there are a lot of other scripts-based cryptocurrencies that are out there. They're doing similar things and many other blockchain approaches that aren't what we call proof of work.

So there's a lot of stuff that's out there. We've seen this before. It's not a novel concept. What is novel is that PI is trying to solve that problem in their approach to that problem is a consensus-based approach that's very similar to Stella or Stella lumens. If you've looked at the actual implementation of that cryptocurrency itself and see it's this idea of a consensus by a group or a majority and driving to a decision that doesn't require a consensus based on proof of work where a whole bunch of people is crunching really complex math, resulting in lots and lots of computer compute resources like Bitcoin to rush to the first answer to say, I have proven the answer to solving this block, and therefore I am mandating consensus.

It doesn't work that way. It's rather a consensus by a vote or a consensus by peers. And that is a good approach. And the pie people will tell you. The core team will tell you they're not the first to come up with that. The majority of the white paper actually refers to the steller itself as a way to pivot or pioneer. That is a possibility. And while we are going to get into more details of how that consensus and voting system works, let's talk about Pisek cryptocurrency itself. So here's another difference. Bitcoin has a limited supply.

It's twenty-one million. And once that last Bitcoin has been mined, there will never, ever be another Bitcoin ever produced ever again. Now, PI has this idea of a limited amount, but their approach in their take is different. So any time someone joins into PI, there's a pre-mind assignment that's particular and based on that user itself. So rather again, bitcoin has twenty-one million, and it's done. It's based upon some number that's been pre-mined that specific and set aside for each PI system user. So what we don't know is what that finite amount of predefined pi per user is. See, the white paper doesn't say I wish it did into the frustration of mine. Maybe that number has already been decided, and it's just yet to be documented, or maybe the number is not known at all and will be determined at a later date. Who knows.