- Pi Network Cryptocurrency, launched in 2019 offers decentralized networks wherein users can mine and earn coins on their mobile phones.
- The Pi Cryptocurrency is the first and only cryptocurrency offering the opportunity to mine on smartphones.
- Its creators opted for the Stellar Protocol as the crypto’s consensus mechanism.
- The notable features of this crypto that has led to its popularity and has created an impression amongst its users.
Pi Cryptocurrency, launched in 2019 offers decentralized networks wherein users can mine and earn coins on their mobile phones. Established by a few Stanford graduates, this crypto seeks to offer a platform where users have the privilege to control the network. Additionally, they are given the ownership of coins in an attempt to prevent the need to move to a centralized system.
It gained quick popularity amongst its users because of its eco-friendliness. This latest crypto is all set to evolve the crypto mining sphere through its integration with features of smartphone mining and earning.
More about Pi cryptocurrency
The Pi Cryptocurrency is the first and only cryptocurrency offering the opportunity to mine on smartphones. This new crypto-backed by blockchain technology offers security, immutability, and legitimacy. Also the immutability signifies that the information recorded on the network cannot undergo alteration, modification by unauthorized users on the network.
Bringing to attention its impressive feature is its ability to let users scale largely without huge power consumption. Therefore, its developers appear to be right in their statement that their crypto project aims to be far ahead of Bitcoin in several ways.
Mining PI Cryptocurrency
Pi Cryptocurrency is built keeping in mind the major drawbacks Bitcoin and other cryptocurrencies face so as to overcome them. Additionally, it is specifically built to be different from the other major crypto assets.
Attempting to achieve this, its creators opted for the Stellar Protocol as the crypto’s consensus mechanism. To get an insight into this consensus algorithm, it offers all decentralized networks on the Pi crypto a chance to reach consensus sooner. Besides, each node on this algorithm is assigned the responsibility to determine the validity of a transaction by a user.
How To Start Mining on the Pi network?
The various steps to follow to start mining on the Pi network are as below;
- Downloading The Pi App: Based on the operating system of the device, users can either download the app from the Google Playstore or the IOS App Store.
- Signing-up: After the successful installation of the Pi Cryptocurrency app, users need to sign up or register. For the registration process, identity information needs to be filled up.
- Start Mining Pi: As a registered user, one can start mining by entering the “Lightning” tab on the home screen. Each mining session is for 24 hours, after which users have to enter the “Lightning” tab again.
Benefits Of Pi Cryptocurrency
The notable features of this crypto that has led to its popularity and has created an impression amongst its users are as below:
- Decentralized App Store: This app store allows developers on the network to evolve and sell their apps without the need to bootstrap. These shares similarities with Google Playstore.
- Directness: Users can mine and use PI crypto without much difficulty unlike in other cryptos like BTC and Ethereum.
- Unbiased distribution: The number of coins to be mined is independent of the device capacity. Hence giving a fair chance for anyone to mine with ease.
- Rewards: Any contribution to the platform development by users is entitled to receive a reward. Therefore, no one’s contributions go unseen in real-time.
Final Words: PI network has just debuted in year 2019 and is very young and there is no more coverage found on pi network and no major media coverage which makes it hard to say if one should really look into Pi as investment option. The long term is hard to predict and not too optimistic.
Author: Umme Haani
Read more at: https://www.thecoinrepublic.com/2020/04/26/pi-network-cryptocurrency/
