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Pi Network, a new cryptocurrency on Google Play and App Store

 
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post #1 of 1 (permalink) Old 05-22-2020, 10:36 AM - Thread Starter
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Pi Network, a new cryptocurrency on Google Play and App Store

There's a new cryptocurrency available for Android developed by a bunch of smart PhD folks from Stanford University, it's called "Pi Network", here's the white paper:

https://minepi.com/white-paper

The basic idea behind this crypto is the KISS principle, Keep It Simple Stupid. Most blockchain cryptos require intense hardware mining to generate just one coin, and on top of that, some computer geek skills, which means most people either can't afford or don't know how to mine the coins, and this in turn leads to a concentration of wealth, with mining companies like Bitmain and others, buying loads of computers just to mine Bitcoin and other cryptos. This is obviously not sustainable, especially as less and less coins are distributed the more people mine Bitcoin and so on. I'm not sure how exactly the developers behind Pi have solved this mining issue, but the point with Pi is that anyone should be able to mine Pi with their smartphones (and computer if you prefer that), without the mining process eating up the battery or slowing down your phone.

Right now, Pi has 3.5 million users (or so they say, not sure how many are active at the moment). It's still in beta stage though, and as such, requires an invitation code to register an account. You can use my invitation code, EliasAlucard, and you're good to go. I'm not sure why Pi requires an activation code, maybe it's because it's better to build up a reliable user base that way, Gmail did the same when Gmail was in beta.

Anyway, Pi is apparently based on another cryptocurrency, Stellar. Right now though while Pi is in beta mode, the coins you get from mining aren't worth anything and you can't buy anything with them or trade them with other cryptos, but later when Pi is out of beta, you should be able to use Pi like any other crypto. It might take a year or two, perhaps longer than that before Pi is released on exchanges and so on, so there's plenty of time for mining. The mining rate is currently 0.20 Pi coins per hour, and might decrease later as more people start mining. Only thing you have to do when mining is to check once a day, because a mining phase is only 24 hours, so you have to open the app once a day to make sure it's mining. This is for security reasons too, to make sure that you're not a bot.

Anyway what do you guys think, is Pi the next big thing in cryptocurrency?

“Human beings are animals: very unusual animals, to be sure, but nevertheless animals. In origin, we are not fallen angels, but apes arisen.” — Michael H. Hart

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Last edited by EliasAlucard; 05-22-2020 at 02:06 PM.
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