First of all let’s understand what is cryptocurrency and mining.
What is Cryptocurrency?
Cryptocurrency is a digital currency which is decentralized meaning there is no central bank, no central database, and no single, central authority manages the currency network. Making it impossible to double spend or counterfeit. Cryptocurrency is secured by Cryptography. It is the practice and study of techniques for secure communication in the presence of third parties called adversaries.
What is Mining?
Cryptocurrency Mining is the process of performing a task and getting rewarded with a new currency called Cryptocurrency. Usually mining takes place on high-end computers as they have better GPU and CPU for performing tasks. There are systems whose purpose is only to mine cryptocurrencies. Those system costs a lot as they are very much powerful and it’s sole purpose is to mine so all system’s resources are dedicated in mining.
So How Can You Mine On Smartphones
So, to mine you need a high-end computer but PI network has introduced first cryptocurrency which can be mined on mobile phones.
Mobile Phones have limited power and compared to high-end computers, they are very weak. So how can you mine on your phone 🤔? So the idea is the resources are shared in the network and then mining is done, in result the output currency is also shared. PI network app is lightweight and will not consume a lot of amount of battery or even resources.
Pi uses Consensus Algorithm which is built atop Stellar Consensus Protocol (SCP). The Stellar Consensus Protocol provides the network with four different adaptations which represent the different mining levels on the Pi Cryptocurrency network. They are:
- 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 (e.g. make a payment in Pi to another Pioneer)
- 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 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.
To download the app click here.
First step after downloading and installing the app is to create an account with basic information. After providing the basic information, it will ask for invitation code you can use mine: RishabhRationalist or use this link minepi.com/RishabhRationalist. Remember, one will have to join network in order to be in network.
Now, you just need to tap a button which proves you are not a robot and voila, the mining has begun. You can see how much crypto you own at top of the app which will keep increasing. You can also chat with the community or ask for support etc. There will be no prompt for bank information, or credit card information etc. The only thing they ask is basic information which every website asks for account creation.
It’s simple and efficient, the only thing you need to do is after a mining session is done which is of 24hrs, you just need to tap the button which will prove that you are not robot. So, everyday you just need to spend few seconds to tap on a button and you will gain fresh crypto without any hassle or issues.
Pi Network is legit and is not a scam. You can use it without any worries. So yeah download the app and Happy Mining.
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