Mine Cryptocurrency On Your Mobile Phone

 Mine Crypto On Your Mobile Phone :

Back then in 2009, would you have mined Bitcoin if you had the opportunity to? Maybe a lot of cryptocurrency fans today would say: Yes, of course! The overwhelming majority in fact remained sceptic. Many of those might say today: "If I knew, Bitcoin would be worth more than 10,000 US Dollars one day, I would have changed my mind." For those people who do not want to make the same mistake again: Take a look at Pi Network!

Pi Network -the second Bitcoin?

There are hundrets of cryptocurrencies and platforms, a lot of them with interesting prospects. If someone is right now is advertising with promising gains, with revolutionary possibilities etc. you do not know, if it is just marketing or really true. However, one candidate with the label "potential second Bitcoin" is in my opinion the Pi Network. Although this project is still in the process of development, you should not miss it's opportunities. Pi calls itself the first cryptocurrency which can be mined on your mobile phone. You can join the Pi Network, contributing to it and be part of it. When you sign up you become a pioneer. With this role you can mine Pi, you can invite your friends or family members to Pi Network and you can run a node and contribute to make the network functioning. If you need an idea what Pi is about, feel free to read the white paper:

Solution: Pi - Enabling mining on mobile phones

After identifying these key barriers to adoption, the Pi Core Team set out to find a way that would allow everyday people to mine (or earn cryptocurrency rewards for validating transactions on a distributed record of transactions). As a refresher, one of the major challenges that arises with maintaining a distributed record of transactions is ensuring that updates to this open record are not fraudulent. While Bitcoin’s process for updating its record is proven (burning energy / money to prove trustworthiness), it is not very user (or planet!) friendly. For Pi, we introduced the additional design requirement of employing a consensus algorithm that would also be extremely user friendly and ideally enable mining on personal computers and mobile phones.

Does it make sense to be part of the Pi Network project?

Why would someone sign in and collect Pi when it hasn't got any value in a fiat currency, yet? Well, it is not stupid in my opinion. Here are some reasons why Pi Network can become an asset you should not miss:

• You can mine Pi on your mobile phone
• When you mine Pi on your mobile phone, it does not eat up your cell phone's power
• It is an environmental friendly way to mine crypto
• It is easy
• Download, signing up and mining Pi is for free.
• There is no risk, it is not fraud or scam (later on there will be KYI procedure for Pi Pioneers)
• You can contribute building the network
• You can run your own node
• Broad and promising use cases
• The Pi CoreTeam consists of PhD students from Standford University

There are three phases until development is complete. Now, according to the Pi CoreTeam, the project has attracted more than seven million people. The goal is to grow further. 

Roadmap / Deployment plan

Phase 1 - Design, Distribution, Trust Graph Bootstrap.

The Pi server is operating as a faucet emulating the behavior of the decentralized system as it will function once its live. During this phase improvements in the user experience and behavior are possible and relatively easy to make compared to the stable phase of the main net. All minting of coins to users will be migrated to the live net once it launches. In other words, the livenet will pre-mint  in its genesis block all account holder balances generated during Phase 1, and continue operating just like the current system but fully decentralized. Pi is not listed on exchanges during this phase and it is impossible to “buy” Pi with any other currency.

Phase 2 - Testnet

Before we launch the main net, the Node software will be deployed on a test net. The test net will use the same exact trust graph as the main net but on a testing Pi coin. Pi core team will host several nodes on the test net, but will encourage more Pioneers to start their own nodes on the testnet. In fact, in order for any node to join the main net, they are advised to begin on the testnet. The test net will be run in parallel to the Pi emulator in phase one, and periodically, e.g. daily, the results from both systems will be compared to catch the gaps and misses of the test net, which will allow Pi developers to propose and implement fixes.  After a thorough concurrent run of both systems, testnet will reach a state where its results consistently match the emulator’s. At that time when the community feels its ready, Pi will migrate to the next phase.

Phase 3 - Mainnet

 

When the community feels the software is ready for production, and it has been thoroughly tested on the testnet, the official mainnet of the Pi network will be launched. An important detail is that, in the transition into the mainnet, only accounts validated to belong to distinct real individuals will be honored. After this point, the faucet and Pi network emulator of Phase 1 will be shut down and the system will continue on its own forever. Future updates to the protocol will be contributed by the Pi developer community and Pi’s core team, and will be proposed by the committee. Their implementation and deployment will depend on nodes updating the mining software just like any other blockchains. No central authority will be controlling the currency and it will be fully decentralized. Balances of fake users or duplicate users will be discarded. This is the phase when Pi can be connected to exchanges and be exchanged for other currencies.

If you want to be part of this exciting project use this referral link:

minepi.com/papurai120 and sign in with this invitation code: papurai120