What is Pi Coin? Pi Coin the next Bitcoin?
Pi Coin is a cryptocurrency that operates on the Pi network, and like other cryptos like Bitcoin, it was designed to be “halved” regularly to maintain a shortage of the coin. When a miner reaches a particular milestone, the quantity of coins he or she earns for processing new transactions is lowered by half.
Pi Coin is the first digital currency that you can mine on your phone.
When Bitcoin was initially introduced in 2009, you could mine 50 coins for free every 10 minutes only by using Bitcoin mining software on your home computer. It is seen as worthless by the majority of people. One Bitcoin is worth about $ 34,600 while I am making this video.
As the value of Bitcoin increased, entire businesses grew up to mine it. These firms created specialized chips (known as “ASICs”) and built massive farms of servers to mine Bitcoin using these ASIC processors. The Bitcoin Gold Rush was sparked by the development of these massive mining firms, making it extremely difficult for ordinary people to contribute to the network and be paid. Their efforts also began to consume increasingly huge quantities of processing power, giving rise to global environmental problems.
The convenience with which Bitcoin could be mined and the rapid growth of Bitcoin mining farms resulted in a massive concentration of production power and wealth in the Bitcoin network. To put things in perspective, 1 percent of the Bitcoin network currently owns 87 percent of all Bitcoins, even though many of these currencies were mined for free in the beginning. Another example is Bitmain, one of the largest Bitcoin mining businesses, which has earned billions of dollars in sales and profits.
The centralization of power in the Bitcoins network makes it almost impossible and hugely expensive for the average person to participate. If you want to buy Bitcoin, your best options are to:
- You Can Mine It Yourself. Simply connect the specialized hardware (here’s an Amazon rig if you’re interested!) and start mining it. Just keep in mind that you won’t be able to mine much because you’ll be competing against huge server farms from across the world that consumes as much energy as the country of Switzerland.
- Buy Bitcoin on an exchange. Today, you can buy Bitcoin at a $3,500 / coin unit price at the time of writing (note: you can buy a fractional amount of Bitcoin!). Well obviously, you’d be taking a significant risk by doing so, as Bitcoin’s price is extremely unpredictable.
After identifying these barriers, the PI Core team set out to find a way that would allow everyday people to mine.
We should know that Cryptocurrency is not just a business outlet, but also the beginning of a new era! Imagine, Create a low-cost, low-access cryptocurrency network where anybody can participate. Anyone can begin mining by downloading the pi coin official website’s application on their mobile phone. Pi coins are mined entirely by the user. Every 24 hours, you can click on mine; it costs nothing, same as original Bitcoin mining, but it’s more easy and convenient than before.
Pi intends to allow people’s devices, including mobile phones, laptops, and desktops, to contribute on the protocol level and be rewarded. However, Laptops and Desktop computers are in the test phase, which will be implemented soon.
As Pi miners, you can choose from four different jobs. Namely:
- Pioneer. A Pi mobile app user who is simply confirming that they are not a “robot” Regularly. This user validates their presence every time they sign in to the app. They can also use the app to make transactional requests (e.g. make payment in Pi to another Pioneer)
- Contributor. A user of the Pi mobile app who is contributing by providing a list of pioneers he or she knows and trusts. Pi contributors will together build a global trust graph and mine together which has a greater rate of mining than the pioneer
- Ambassador. A user of the Pi mobile app who is introducing other users into the Pi network.
- Node. A user who is a pioneer, a contributor using the Pi mobile app, and is also running the Pi node software on their desktop or laptop computer. The Pi node software is the software that runs the core SCP algorithm, taking into account the trust graph information provided by the Contributors.
For a simple comparison, Bitcoin distributes mining rewards on a block-by-block basis. The whole reward goes to the miner who was fortunate enough to complete a very complex random task. Only one miner receives this prize in Bitcoin (currently 12.5 Bitcoin, or $40K) every 10 minutes. As a result, it’s practically impossible that any individual miner would ever get rewards. As a result, bitcoin miners are pooling resources together, where everyone contributes processing power, boosting the chances of receiving rewards and eventually distributing those earnings equally. Mining pools are not just sites, but they also pay cutbacks to their operators, lowering the amount of money available to individual miners. However, in Pi, There are no mining pools in Pi since everyone who contributes receives a daily merit-based distribution of new Pi.
When Litecoin was first introduced in 2011, it was possible to mine 100 LTC for free every day. The majority of people believe it is still worthless. As a result, one Litecoin previously had a value of $138. When Ethereum was originally published in 2014, it was possible to mine 30 ETH each day for free. The majority of people still think this. As a result, one Ethereum now has a value of $ 2,162.
In the year 2015, MMO communities competed for free Raiblocks (XRB) by entering captcha, for each captcha they gave huge XRB, it can be considered that XRB has no value at that time. But later when Railblocks changed its name to the NANO project in early 2018, the value of 1 NANO went up to 34USD. Badluck for MMOs because whatever they mined they sold it at a very cheap price.
Today, everyone is sitting on a veritable treasure trove/pile of untapped resources. Every day, we spend hours on our phones. Each of our views, posts, or clicks while being on our phones generates enormous income for big corporations. People have the right to capture the value generated by their resources, according to Pi.
We all know that working together allows us to achieve more than working alone. Big companies like Google, Amazon, and Facebook have tremendous influence over individual customers on the internet today. As a result, they can collect the majority of the value provided by multiple online users. Pi evens the playing field by allowing its members to combine their resources so to receive a share of the value they generate.
Pi has 3 phases of the deployment plan
Roadmap / Deployment plan
Phase 1 — Design, Distribution, Trust Graph Bootstrap.
Phase 1 is the design and distribution period. The goal of Phase 1 was to increase participation and spread the word about the Pi Network. A higher mining rate was offered to the first 100,000 users.
Phase 2 — Testnet
Now Pi coin is in their Phase 2. The Pi testnet started on June 27th, 2020. They have deployed the node software for computers using test coins. And they are encouraging Pioneers to start their own nodes on the test net. They are not giving out any rewards for testing.
They have created a brainstorming application for pioneers to come out with ideas for future applications.
Phase 3 — Mainnet
Phase 3 is when the official mainnet of the Pi network will be deployed. An important detail is that, in the transition into the mainnet, only accounts validated to belong to distinct real individuals will be honored. Phase 1’s faucet and Pi network emulation will be turned off at this time, and the system will run on its own indefinitely. Like any other blockchain, their implementation and deployment will be dependent on nodes updating their mining software. The currency will be completely decentralized, with no single authority in charge. This is the stage where Pi can be linked to exchanges and traded for other currencies. Phase 3 is estimated to start in the 4th quarter of 2021
Pi Network is a 100% FREE cryptocurrency project of the Stanford University team. There’s no mining like bitcoin. You only need a phone and click on the mine button every 24 hours. This currency will be distributed to pioneers according to their claim amount in the app.
You do not need to leave the app open to mine. Pi does not affect your phone’s performance, drain your battery, or use your network data. Once you hit the lightning button, you can even close the app and you will continue to mine Pi.
The Pi Network project is at the end of its testing phase and is preparing to go public by the end of this year. To start mining you need to have an invitational code. This is the Link to Pi app with the invitational code.
Invitational Link: https://minepi.com/JedidahGhost
Code: JedidahGhost
One important you need to know when mining PI is Pi secures its ledger by members vouching for one another as trustworthy rather than burning energy-like proof of work for other cryptocurrencies like Bitcoin do. This creates a web of interlocking “security circles” that determines who is allowed to do transactions. This unique technology allows you to mine cryptocurrency on your phone utilizing your current social connections, with no expense, no battery depletion, and a little environmental impact.
For now, the Security Circles allow you to increase the mining rate of Pi per hour. In the future, the security circle will help the nodes in creating trusted groups. We will be running the nodes. Because the Pi Network has no recognized organizations running its nodes.
The number of Pi users has surpassed 18 million and is continuously increasing. Pi is a project in which we are sure to win and succeed. The project is completely free, but it does require your contribution as I have mentioned earlier.
If you haven't started mining Pi yet, start it right away. Here is the link.
Invitational Link: https://minepi.com/JedidahGhost
Code: JedidahGhost
