The world is more digitally integrated today than any other time in history. As this happens, digital currency is emerging as one of the most important developments of the digital era. In fact, some feel that digital coins are as important as the creation of the internet. To ensure mass adoption of crypto, a Stanford MBA and two Stanford PhDs decided to create the Pi coin. This coin is designed to be easy to use by everyday people. The coin is still in the beta testing phase but it looks quite promising.
About the Pi Coin
The Pi coin is designed around mobile phones and smart contracts. To achieve its goal, the Pi network has been designed in a manner that allows users to use their mobile devices to mine the network. They do not have to purchase expensive mining rigs to validate a transaction for the Pi network. At the same time, they will be able to earn Pi coins.
Reasons You Should Consider Crypto Mining
Crypto represents the next step in money. It has two major benefits when compared to fiat currency.
The first one is that fiat can easily be obstructed or confiscated by corporations and governments. However, that is not possible with crypto coins. They are governed by transparent code that is easy to audit. They also give you more control over your money, without the government or corporate interference.
Crypto coins use a distributed ledger to record all transactions. The validators who help to secure this data record are paid a small fee. Crypto allows a larger community to capture and share this value.
Why You Should Mine Pi
Mining crypto is profitable but most coins today require making a huge investment of thousands of dollars. For most people, that is too steep an investment. With Pi, you are able to earn crypto without risking too much of your money. All you have to do is tap your phone and start mining.
The Utility Value of Pi
Pi is creating a peer-2-peer marketplace for the masses. The attention, time, services, and goods that are bought from others in the Pi Network create value for the coin. Creators of Pi are currently laying the infrastructure for the coin and marketplace by creating the Pi Trust Graph. More details about the Trust Graph are in the whitepaper. At this stage, the Pi token has the same value as BTC when it launched in 2008.
How to Mine Pi on Phones without Draining the Battery
Instead of consuming energy, the Pi ledger is secured when members of the network vouch for the authenticity of each other. This created a network of security circles, which determine who can execute a transaction. Thus, the approach will let you mine crypto via your phone by taking advantage of social connections that you already have. There is no battery drain or any financial implications. The result is a small carbon footprint. To get more details, read the whitepaper’s technical section.