Today, we’re going to be covering one of my most requested coins, and it’s a coin that doesn’t have a real value right now. But there’s the reason now to believe that it could be launched on exchanges already in moon mode. And here’s the best thing. You can pick it up right now for a free 99. Yup, you can stack it up for absolutely free and then make some serious gains down the road.
Let’s get it. Welcome to BitBoy Crypto! The hardest working channel in all of cryptocurrency. If you’re new, hit that Subscribe button and join both my Telegram groups to learn more about crypto or connect with me and the BitSquad.
Alright, BitSquad. Today, we are going to be discussing a mobile mining cryptocurrency. I know, I know. I can hear your whines right now. You guys know I see the whines. I hear ’em. But, BitBoy, there’s been several projects that have attempted the mobile mining thing, and they’ve all failed to reach adoption or gain any value. Yes, Moon Boy Jimmy, I understand that.
However, this one is different and has a real chance of actually fulfilling its goals. So pick up your bucket of tears from whining so much, sit back, and get a piece of Pi.
Let’s dive in. PI coin is still currently under the beta mode, but they are looking to add users as nodes to the network through word of mouth. Unlike Bitcoin, users can earn Pi coins by an hourly rate through a mobile app download. Yes, mine on your phone. I’ll get into some concerns with this method a little bit later, but they’re not that great.
And if you do want to check out Pi just so you guys know, you can head on over to pi.bitboy.live to download the app and then use the code “BitBoyCrypto”– one word– to get started. For now though, let’s discuss the benefits of mobile mining, starting off with its ease of use.
Anyone can mine Pi who owns a smartphone, and you don’t need to set up any complicated miner hardware or software in order to mine it. You just turn your phone on, download the Pi mining app, sign up, log in, and voila! You are mining Pi. So, why should you jump in on Pi besides being easy to mine? And what’s going to give this puppy its value? Well, exactly like Bitcoin, Pi held no token sale or ICO.
The only way to obtain Pi is through mining. But there’s a catch. You see, the earlier you were to Pi and mining, the more hash rate you got. Not only that little caveat but once Pi reaches 10 million to 100 million users, the mining app will stop or halve.
Then the trading for good, services and trading on exchanges will begin. It’s too late to be the earliest on this one, but it’s not too late to jump in. There are currently 7.5 million users on Pi. That’s more than Electroneum’s 3.5 million, another original mobile mining, now mobile rewards platform, according to data I found on ETN in March.
Now, don’t hate me, ETN Army. It’s just facts. Speaking of facts, that means Pi is one of the top 4 cryptocurrencies when it comes to the user base. Yes, user bases are that small besides Bitcoin, which has 42 million wallets. Now, that doesn’t necessarily mean there are 42 million users.
To put that into perspective, Ethereum has an equal amount of 42 million non-zero addresses and just reached an all-time high in users in June. But there’s really no way to judge how many users of Bitcoin or Ethereum there are unlike Pi. Just because there’s a wallet doesn’t mean they’re a user per se, and some people can be users without wallets.
Kind of complicated. Unless users set up multiple accounts, which then they will be in for a disappointment because Pi requires KYC to withdraw. So be careful. Only set up one account. So enough about how to mine Pi and why should you mine it. Let’s jump into the stuff you guys moan and groan about—the technology. Because if you’re gonna put your time or money into something, you at least need to know somewhat how it works and what you are getting into.
The Pi Network is a cryptocurrency that uses proof-of-work without the need to burn massive amounts of electricity. I see you, Greta. You can mine on your phone without using up battery power. It’s decentralized in a mobile base and eco-friendly situation. According to the white paper, Pi’s mission is to build a cryptocurrency and smart contracts platform secured and operated by everyday people, while their vision is to build the world’s most inclusive peer-to-peer marketplace, fueled by Pi, the world’s most widely used cryptocurrency.
Pi Network has three phases. Phase 1: Design, Distribution, Trust Graph Bootstrap. During this phase, the team will distribute tokens on a centralized Pi Server. The team will be testing and improving aspects of the PI Network and app.
The Pi coin will not be listed on any exchanges during this period. Phase 2: Testnet During this phase, the team will begin deploying Pi Network nodes as well as allow users to run their own nodes on the Testnet. This will be used to test the Nodes against phase 1 emulator.
Phase 3: Mainnet It’s time for Primetime! The emulator will be shut down and the network will be allowed to operate on its own. Similar to other cryptocurrency projects, Pi Network will be open to developers to join the community and improve the network alongside the original team. During this phase, the Pi Network coin will be listed on exchanges.
As previously mentioned, Pi Network’s team chose to build a consensus algorithm on top of SCP, which is implemented within the Stellar network. This has to be highlighted twice because very few projects have been built on Stellar thus far. There are four roles Pi users can play as Pi miners. Pioneer A user of the Pi mobile app who is simply confirming that they are not a “robot” on a daily basis. This user validates their presence every time they sign in to the app.
They can also open the app to request transactions. I hope they don’t die of dysentery. Contributor A user of the Pi mobile app who is contributing by providing a list of pioneers he or she knows and trusts. In aggregate, Pi contributors will build a global trust graph. 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. Okay, so now that you understand the tech, let’s get into the supply and tokenomics. Pi’s token supply is one of the most confusing metrics I’ve ever read.
I’ll just pray that one of you math geniuses out there can figure out what the heck this formula means. I mean, did they really have to use such a difficult formula for a cryptocurrency called Pi? It’s a simple number. 3.141592653589793238462643382795028841971 I’ll just stop there, you get the freakin’ point. I had to do it in like 97 takes to get all those numbers right. I might not be a math whiz, but I know that much. Okay? I know it should be simpler than that.
You might think Pi got its name from the difficult math formula, but you would be wrong. Pi actually launched on beta on Pi Day. 3/14/ 2019 There’s one reason that you might not want to download Pi. You don’t want another app on your phone with unknown security risks. According to the Pi white paper, the app doesn’t drain the battery or affect performance since the development team uses the Stellar Consensus Protocol (SCP) mainly as a way to check that you and your phone exist as a trusted node.
It doesn’t use the same process for updating records like Bitcoin, which requires more energy and money. While you may feel that the team could exploit your mobile phone data, and that’s a legitimate concern, the team answered this. They vowed to not have intrusive ads and various videos that had been uploaded to their app over the past couple of months. Pi is a true opportunity developed by a trustworthy team.
Consist by Stanford grads, Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, Vincent McPhillip and Aurelien Schlitz, Pi is an experiment exactly like Bitcoin was. I hope I got some of those names right. Maybe at least some of the syllables. But here’s a further breakdown of the team. Dr. Nicolas Kokkalis Head of Technology He’s a Stanford PhD and instructor of Stanford’s first decentralized applications class; combining distributed systems and human-computer interaction to bring cryptocurrency to everyday people.
Dr. Chengdiao Fan, She is the Head of Product, a Stanford PhD in Computational Anthropology, harnessing social computing to unlock human potential on a global scale. Vincent McPhillip Head of Community He’s a Yale and Stanford-trained social movement builder on a mission to democratize how society defines, creates and distributes wealth.
Sometimes, I just like to cover projects that I find interesting. Imagine that concept. How novel. But, hey! You can support the channel if you want by downloading Pi at pi.bitboy.live and using my code “BitBoyCrypto”– one word. Early on, Pi was accused of being a scam by a lot of idiots on the internet, similarly to how legit projects all over the space like Litecoin, Tron, EOS and a number of others are called scams. These aren’t scams.
They’re active projects with active developers working on them. In the case of Litecoin, it’s even entirely open-sourced. Pi plans to go a similar route as mentioned earlier in this post. Once everything is ready, Pi will take on the nature of becoming open source itself, with community development just like Bitcoin, Bitcoin Cash and Litecoin.
That’s true decentralization of cryptocurrency. Until then, this could be a massive opportunity as Pi is now in phase 3. Meaning exchanges could be right around the corner, and I’ll let you in on a secret. They’re actively working on exchange listings according to a leak.
Hey, you didn’t hear it from me. I got little birdies. The trees whisper, okay? But now it’s your turn. What do you think about Pi Network? Will it play out like Bitcoin? Or will it plunge to zero? Let me know by making a comment down below.
Thank you so much for watching. Have a blessed day. BitBoy out.
Read More: Bitcoin, Litecoin Halving Explained