Connect with us

Crypto

Crypto Currency Tips | How To Mine The PI Network Crypto Currency On Your Mobile For Free

The Pi Network is a cryptocurrency that aims to create a social cryptocurrency secured and backed by everyday people which can be mined for free on mobile phones.

Pi intends to be is a truly decentralized currency outside the control of any government, bank or corporation (e.g. Facebook, Amazon, Google/Alphabet, etc.).

Pi is yet valueless, and cannot be ‘bought’ or traded as a commodity like other cryptocurrencies. The value of Pi will be assessed as soon as the coin will be listed on exchanges.

The only way currently to get Pi is to mine it is on your phone, for free, from a free app that runs in the background after a single click (even when the app is closed).

The app uses almost no battery and you can register without providing personal data.

It’s literally ZERO risk, at this point.

1. Factsheet

HQ Location:

Stanford, California

Launch date: 

2019

Status:

Active

Website:

Background

The Pi Network was created by 3 Stanford University graduates :

Dr. Nicolas Kokkalis, the head of technology, had previously co-founded Gameyola, a monetization and distribution platform for casual Flash games on social networks, and is the instructor of Stanford Univeristy’s first decentralized applications class; combining distributed systems and human computer interaction to bring cryptocurrency to everyday people.

Dr. Chengdiao Fan, Head of Product – Stanford PhD in Computational Anthropology harnessing social computing to unlock human potential on a global scale.

Vincent McPhillip, the head of community, had also previously co-founded The Stanford Blockchain Collective, a cross-disciplinary student club across the engineering, business, and law schools.

Business model

Currently, our everyday financial transactions rely upon trusted third parties to maintain a record of transactions.

Third parties guarantee safe and reliable financial transactions.

Often the third party is a bank or service such as PayPal, which costs consumers money and often places limitations on transactions.

For example, when you do a bank transaction, the banking system keeps a record & guarantees that the transaction is safe & reliable.

Likewise, when you transfer $10 to your friend John using PayPal, PayPal maintains a central record of $10 dollars debited from your account and $10 credited to John’s.

But cryptocurrencies and blockchains have the potential to decentralize financial and legal services in the same way that the internet decentralized information and media.

Cash Tips & Tricks - PI Network - Centralized versus decentralized network

Unfortunately, in their current state, most cryptocurrencies remain out of reach of the everyday people who could most benefit from the technology.

Pi aims to allow everyday people from all walks of life to contribute to the security of the cryptocurrency and the success of its community.

Instead of relying on the energy-intensive algorithm used by Bitcoin to verify users, Pi secures its ledger when members vouch for each other as trustworthy.

By using social “security circles” instead of an intense algorithm, Pi can be used through a free application on a typical smartphone.

These interlocking “security circles” create a global trust graph showing who can be trusted to record transactions.

Pi is mined through proof of consensus, which is basically where your phone communicates with a bunch of nodes and nodes collectively decide on what the solution to the next block is.

The Pi Network has Three Phases of implementation:

Cash Tips & Tricks - PI Network - 3 phases of development

The project is currently in Phase 2, as outlined on the project’s website.

Next milestone: Mainnet or 100M Pionneers.

Top competitors

Besides the PI Network, here is a selection of 19 cryptocurrencies that are booming. From the king of the cryptocurrencies, Bitcoin, to the small local crypto projects.

Crypto Currencies

1. Aave (AAVE)

11. Filecoin (FIL)

2. Basic Attention Token (BAT)

12. Libra (LIBRA)

3. Binance Coin (BNB)

13. Litecoin (LTC)

4. Bitcoin (BTC)

14. Monero (XMR)

5. Bitcoin SV (BSV)

15. Ripple (XRP)

6. Cardano (ADA)

16. Tether (USDT)

7. Chainlink (LINK)

17. Tezos (XTZ)

8. Crypto.com Coin (CRO)

18. Tron (TRX)

9. EOS (EOS)

19. Yearn.finance (YFI)

10. Ethereum (ETH)

2. How to make cash

How does PI Network make cash

There is no product but the company does offer a service.

The project is backed by Stanford University’s Faculty Heads.

How do YOU make cash

As PI holder, when the PI Network coin will be listed on exchanges (Phase 3), you will have 2 ways to turn your cryptocurrency into “real money“:

1. Directly purchasing digital items on the net and services with your crypto Pi currency, or

2. Exchanging your crypto for fiat currency (e.g. USD, EUR) on cryptocurrency exchanges with the help of trading platforms like coinbase.

Many platforms exchange cryptocurrencies into real money.

So if the project turns out to be successful and reach the 3rd stage, you will be able to withdraw your Pi currency in real money (e.g. USD, EUR).

3. Admission process

The real question is how do you earn (mine) Pi for free?

Step 1: Get invited to join Pi.

Step 2: Download the official “Pi Network” App on the Play Store for Android or the iOS store for Apple.

Step 3: Go through the setup prompts.

Step 4: Verify your phone number so you don’t lose the Pi Coins you accumulate.

Step 5: Mine Pi all day by pressing the button once every 24 hrs.

That’s it!

Do I need to spend any money to earn Pi?

No. For a limited time, you can mine Pi from your phone for free.

There is no risk, no cost, no obligations, no credit card…Nothing.

Does mining Pi rob my privacy, CPU, data usage and/or battery life?

Mining Pi uses almost zero CPU Power, Data or Battery life.

Pi does not violate your privacy in any way. In fact, that is one of the reasons why the “Pi Network” is so successful & growing so quickly.

4. Expected income

Pi has no value currently, just as Bitcoin in 2008, but could have value in the future.

In my view, the risk-reward ratio justifies to jump in while it is still open.

The base mining rate halved when Pi Network crossed 10 million engaged Pionneers in December 8th, 2020.

The halving protects Pi’s scarcity (one of the major mechanism that currencies use to control and increase their value).

The mining rate may halve or fall to zero at Mainnet (Phase 3, in about a year) and either halve or fall to zero when Pi reaches 100M engaged Pioneers.

Mine at a higher rate while you can!

PI Network Current base mining rate

PI (IOU) is trading on CoinStats.app at $0.33 USD.

Read “Pi Network’s” White Paper to learn about its value.

5. Feedback

Pi Network might outclass bitcoin in several ways, however, there’s a long way for Pi Network to go before becoming as favorite among investors as bitcoin currently is.

At this stage, my view is much the same as many other other users, i.e. there is really nothing to lose by joining the network, except perhaps your phone’s battery being drained by the app.

Pros:

– The app is free.

– It runs in the background even when it is closed.

– I was pleasantly surprised to see that the app really doesn’t drain your device’s battery.

Cons:

– You need to “click” the app once every 24 hours, to ensure that you are human and active.

– You need a reference to start mining.

Overall I don’t think that anyone stands to lose anything from downloading the app and start mining.

6. Site preview

Cash Tips & Tricks – Pi Network webpage

Mat

Mat is the founder of cashtipsandtricks and has been working in the financial sector in Luxembourg for the past 10 years and brings his insights as an investor and entrepreneur.

Cash Tips and Tricks 2020 - 2021