What Is Pi and Pi Network and How to Get Started Mining Pi?
By Space Coast Daily // September 13, 2021
According to official information, the Pi cryptocurrency was created with a noble purpose – to make sure that “no one is left out of the crypto revolution.” At the same time, it is directly stated that mining a new cryptocurrency is difficult, and investing in it is risky.
The essence of the project is associated with the possibility of mining on a mobile phone without discharging the battery, and anyone can do it with ease.
There is ongoing speculation about how much the Pi cryptocurrency might be worth in the future. In this review https://www.coinspeaker.com/pi-network-20m-users-pi-app-engine/, we will take a closer look at the project and talk about its features.
Pi Network App
Pi Network is a cryptocurrency and smart contract mining application that will not need huge energy costs. The team has developed a simple application that is designed to mine a new token, as well as store it.
The project will develop in three stages.
- Phase 1 – Creation and distribution of tokens;
- Phase 2 – Testing network;
- Phase 3 – Main network.
After the completion of phase 3, the emulator will be closed from phase 1, and the system will continue to operate independently. Future updates to the protocol will need to be agreed upon between the Pi owners and the development team, and proposed by a dedicated committee.
The successful implementation of such updates will depend on the nodes that need to adjust the mining software accordingly. Such a system is adopted in other blockchains as well.
The cryptocurrency will be completely decentralized and will not be regulated by any specific authority. Fake users and duplicate accounts will be removed from the network in a click. At this stage, Pi will be able to enter crypto exchanges.
How to Start Mining Pi Tokens?
Pi Network is a simple and easy-to-use application. In order to start mining the Pi cryptocurrency at this stage, you do not need to spend a fortune on the electricity and equipment necessary for mining.
All you need to do is go through steps such as:
- Installing the application;
- Open the application once a day;
It should be noted that the main advantages of this app are that:
- It runs in the background;
- The phone does not hang because the application is closed and just mines;
- Lack of analogs.
How to Buy or Sell Pi Tokens?
The most optimistic prediction for the Pi cryptocurrency is usually given by those who have already downloaded the application. Some experts suggest that a new coin at this stage can cost from $10 to $100. However, there is absolutely no evidence to support this, and the team launching the project does not publish any information.
It is worth noting that tokens will be generated in advance up to 100 million, and then there will simply be an internal turnover of the generated assets.
To conclude this article, it should be noted that the Pi Network is currently an experiment in mobile mining. If the team continues to develop the project, the application can become a real phenomenon in the world of cryptocurrencies.