Cryptocurrency mining is the process of verifying and adding transactions onto the blockchain or public ledger. It is a critical process that enables crypto users to buy and exchange their digital assets.
This complex computational process is also the main way new coins are introduced in the crypto space. One such coin crypto coin is Pi from the Pi Network Project and for those interested in mining the project let us explore how it is done.
What is Pi Network?
The Pi Network is a cryptocurrency project launched in 2019 aimed at making the mining process accessible to everyday crypto users as long as they have a stable internet connection and a desktop or mobile device.
It was established by Dr. Chengdiao Fan and Dr. Nicolas Kokkalis from Stanford who began its development in 2018. The whitepaper and the network’s app (Pi App) were released in 2019. Both PHDs serve in the network’s core team
The Pi Network has gained substantial attention for its distinctive mobile mining approach. Users can mine using solely their smartphones, with minimal impact on their device’s performance. The network’s native coin has a 100 billion maximum supply with 80% set for the network and 20% reserved for the project’s team members. The coins will gradually be released as more participants join the network.
How mining Pi works
The Pi mining process is not a complicated one. The process uses a consensus algorithm known as the Stellar Consensus Protocol (SCP), which does not require a trusted central authority. Rather, the consensus is reached when trusted nodes called validators vote.
Validators must agree on the rules (quorum slice) which decide who can participate in the voting process. Once it is agreed, the tallying is done and the consensus decision is made. These “security circles” are a group of 4 to 5 individuals and they help to prevent fraud.
Anyone can be a validator, making the process more decentralized than other protocols. The mining process does not drain your device’s battery or data as it does not rely on the computational power of your device.
Roles in the Pi mining process
There are four roles users can play on the network and users on the network can have multiple roles.
- The pioneer. This is an entry-level role for basic mining.
- Contributor. One can unlock this role by mining for three consecutive days. Contributors can also add three to five users to a security circle and earn Pi for each member in the circle.
- Ambassador. The work of an ambassador is to refer others to the network and help them join as pioneers. The ambassadors are tasked with growing the network and distributing the coin.
- Node. These users run the process on laptops and desktops instead of mobile phones and are responsible for validating transactions on a distributed ledger. They also resolve any challenges by having a consensus with other nodes.
How to mine Pi
Participating in the mining Pi is a simple process. To participate in the network’s mining process:
- Download the Pi Network free app on the Google Play Store and the App Store.
- Register an account using your email address or phone number.
- Enter the invitation code received from the one who referred you. If you do not have one, you can get it from different users online.
- Download Pi Network on your smartphone.
- Once you are logged in, click on the lightning button to start mining. Users must open the app every 24 hours to mine or refer a friend to start mining or join a security circle if they want their mining rate to increase.
The app allows you to access and grow your Pi assets. It also works as a wallet for keeping digital assets. A user’s mining rate on the app is boosted when they refer others and they use your referral code.
While the network doesn’t boast any widely known partnerships, it has organized a Pi hackathon aimed at catalyzing the creation of diverse apps on the platform. Examples include PiCare and the Pi Workforce Pool, showcasing the burgeoning development within the ecosystem.
Is Pi Network legit?
The Pi Network aims to make cryptocurrency mining easy for everyone. Users do not need any specialized knowledge or expensive devices to start mining, making it attractive to beginners.
Pi Coin Price Projection
On the commemoration of Pi Day, observed on 14 March 2023, the Pi Network protocol celebrated its fourth year in existence. As the Pi Network project advances toward its culmination, anticipation about its future trajectory has intensified.
It is imperative to acknowledge the inherent volatility of the cryptocurrency market, posing a formidable challenge in accurately forecasting the coin’s price over short intervals, let alone formulating long-term predictions like envisaging the Pi crypto price in 2025. Consequently, analysts acknowledge the potential for erroneous predictions.
As of 23 April 2023, the price of the Pi coin remains undisclosed due to its ongoing pre-release status. However, this situation is anticipated to undergo a transformation in the near future.
The Pi Network envisages further integration of blockchain technology, with a strategic focus on nurturing its developer ecosystem—a pivotal metric for sustained success. The initiation of its hackathon serves as a testament to its enduring objectives.
Leveraging the Stellar Consensus Protocol (SCP), Pi ensures a simplified avenue for decentralized applications (dApps) to flourish and integrate with its smart contract platform.
A flourishing developer ecosystem promises a myriad of use cases for the Pi coin. Anticipated network upgrades, coupled with exploration into NFTs, DeFi, and Metaverse ecosystems, stand to significantly enhance the digital asset’s value. This could propel the Pi coin well beyond the $10 range by the year 2025.
Speculating on the Pi crypto price in 2030 becomes inherently more speculative. The value of the Pi coin in 2030 is likely to be influenced by factors such as its trading availability and post-launch performance. Social media discussions indicate a wide spectrum of estimates for the Pi coin’s value in 2030, ranging from $1 to several hundred dollars.
Conclusion
The Pi Network is one of a kind offering and has the potential to revolutionize the cryptocurrency space. This is seen by the millions of users it currently has on the network. Not only that, beginners who are intimidated by the mining process can ease their way into it using the Pi Network app.
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