The Pi Network, developed by a team of Stanford graduates, allows users to mine coins through its mobile phone application, validating transactions in a distributed registry. The first is the PI Network. This organisation set out to find a way for ordinary people to mine Bitcoins. Their solution allows you to earn money by mining cryptocurrencies from your phone.
Simply download the application and, once a day, open it to automatically mine Bitcoins. pi network claims to be the first and only digital currency that can be mined on your phone. All cryptocurrencies arise and exist through the process of block resolution. During mining, a large number of calculations are performed to combine individual transaction blocks into a single chain.
As a reward, the miner receives new cryptocurrencies. Developed by a team of Stanford University PhDs and graduates, Pi can be easily mined on smartphones without the need for expensive devices or battery consumption. The Pi core team will host several nodes on the test network, but will encourage more pioneers to start their own nodes on the test network. When asked why Pi is not listed on an exchange like Coinbase, I was told that their fees are too high and that Pi likes that.
But have you ever reviewed your article and the recent state of what you once called a scam? In addition to the 25 million passive supporters, PI now has a huge community of programmers, building a bunch of platform apps to form the PI ecosystem that will become live in about 4 months from now. I have been mining Pi for almost a year now and will continue to do so as it requires very little time and effort and you never know. Nodes are the fourth role in the Pi ecosystem, running on laptops and desktops rather than mobile phones. When the community deems the software ready for production, and it has been thoroughly tested on the test network, the official Pi network mainnet will be launched.
Pi cannot yet be traded, but more information on how the currency is planned to be used and traded can be found in the Pi network white paper, which is available in the app. How can you mine a cryptocurrency without draining your battery or data? Instead of burning energy as proof-of-work cryptocurrencies like Bitcoin do, Pi secures its ledger when members respond to each other as trustworthy. Through complex software, the Pi network instead uses a series of votes and data exchanges to verify transactions. It is a platform where Pi users either do work and get paid in Pi or hire someone to do work and get paid in Pi.
While I find his article quite expository and, to a large extent, raises a strong argument against Pi and its founders, I think he should not use his article just to dash the hopes of the common man like me. The cryptocurrency quickly gained the interest of users who want to be part of a new social network and try to mine crypto.