1 PI = $0.455 USD - What is mobile-based "mining" that requires minimal energy?

puncakbukit (78)in #pi • 4 days ago

5% of the rewards of this post are for @steem.amal

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TL;DR: Pi is a new cryptocurrency that can be mined on our mobile phones. To join and start mining and earning Pi follow this link and use the invite code "puncakbukit".

Pi Network presents a unique cryptocurrency initiative focused on making digital currency accessible through mobile-based "mining" that requires minimal energy. The project's current market sentiment, as indicated by the Bearish Engulfing pattern, suggests a prevailing downward trend.

The accumulation of Pi coins is achieved through daily interaction with a mobile application, where users typically perform a simple tap once every 24 hours. Concurrently, the ADX-DI indicator is presently situated in negative territory, further reflecting bearish momentum.

At its core, Pi Network stands apart by endeavoring to democratize the process of cryptocurrency mining, primarily through its distinctive mobile-centric methodology.

About Pi Network (PI)

Pi Network is a novel cryptocurrency project aiming to democratize access to digital currency by enabling "mining" on mobile devices with minimal energy consumption. Unlike conventional Proof-of-Work (PoW) cryptocurrencies like Bitcoin, which necessitate specialized, energy-intensive hardware, Pi Network utilizes a distinct consensus mechanism derived from the Stellar Consensus Protocol (SCP).

Unique Features and Technical Aspects:

Mobile-First Mining: This is Pi Network's most prominent feature. Users can accumulate Pi coins by simply engaging with a mobile application daily, typically by tapping a button every 24 hours. This process does not involve computationally intensive tasks that drain battery or require specialized hardware. Instead, it serves as a mechanism for user engagement and proving presence within the network, contributing to its security model.
Stellar Consensus Protocol (SCP) Adaptation: Pi Network's consensus algorithm is built upon the SCP, designed by Stanford Professor David Mazières. SCP is a Federated Byzantine Agreement (FBA) mechanism that prioritizes efficiency and scalability over the energy consumption of PoW. In SCP, nodes reach consensus by agreeing with a quorum of other trusted nodes.
Security Circles: A key adaptation of SCP within Pi Network is the concept of "Security Circles." Each user (Pioneer) forms a Security Circle by adding 3-5 trusted individuals from their network. These interconnected Security Circles form a global trust graph, which the network leverages to validate transactions and secure the distributed ledger. This social trust-based security model reduces the risk of Sybil attacks and allows for a lightweight, energy-efficient validation process.
Layered Architecture and Node Roles: The network typically categorizes participants into roles: Pioneers (mobile miners), Contributors (who build Security Circles), Ambassadors (who invite new users), and Nodes (who run the Pi Node software on desktop computers to validate transactions and maintain the blockchain's integrity). The desktop nodes are responsible for the heavier computational tasks of validating transactions and maintaining consensus, while mobile users contribute to the network's security through their security circles and daily engagement.
Accessibility and Inclusivity: The design deliberately lowers the barrier to entry for cryptocurrency participation. By eliminating the need for expensive hardware or extensive technical knowledge, Pi Network aims to foster widespread adoption and create a truly decentralized, community-driven ecosystem.
Enclosed Mainnet and Transition to Open Mainnet: Historically, Pi Network operated within an "Enclosed Mainnet," meaning Pi coins could not be freely traded on external exchanges, and transactions were limited to approved applications within its ecosystem. The project has already transitioned towards an "Open Mainnet," which enabled broader utility and external exchange listings.

In essence, Pi Network distinguishes itself by attempting to democratize cryptocurrency mining through a mobile-centric approach and a unique SCP-based consensus mechanism that leverages social trust for network security and validation.

Warning Regarding Global Consensus Value (GCV) Scams:

It is imperative to address the prevalence of scams related to Pi Network, particularly those involving the concept of a "Global Consensus Value" (GCV). Due to Pi Network's current "Open Mainnet" status, Pi coins do have an established market value < $1 on public cryptocurrency exchanges. Any claims or solicitations that purport to trade, barter or facilitate transactions of Pi at a specific, often inflated, "Global Consensus Value" are fraudulent.

Users should exercise extreme caution and be highly skeptical of any platforms, individuals, or groups attempting to solicit Pi tokens for trade or barter, especially at a pre-determined or artificially high value. These schemes often aim to trick users into parting with their goods, merchandise or other assets under false pretenses. Genuine trading and valuation of Pi only occurs on legitimate cryptocurrency exchanges, where market forces determine its price. Always verify information through official Pi Network channels and be wary of unofficial marketplaces or speculative offers.

Disclaimer: This is not financial advice; always do your own research and consult a professional, as crypto investments are risky and may lead to loss.

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