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Pi Network is gaining traction – is it worth mining?

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Pi Network

Last updated: 12-September-2020

This is a live page with regular updates to Pi Network Project. Bookmark this page to stay up to date with the Pi Network progress.

What to expect in this article?

  • What is Pi Network?
  • Who can participate and whether it is worth it to participate in the Pi Network?
  • Step by step process to mine on the Pi Network

Slowly but surely Pi Network is slowly gaining traction. At the time of this writing, it has over 15000 followers on Twitter, 60,000 likes on Facebook, 72,000 followers on Instagram. That is not bad for a ‘word of mouth’ publicity.

Not only that, the Pi Network IOUs are trading for around 40 cents. If this project continues to gain traction and it can garner over 40 cents when it starts trading – that is quite something for a project that is essentially free to join/mine. Again, that is a big IF.

The project has been running low key overall, however, they do keep going from planned phases. They recently launched phase 2.

What’s in each phase?

Phase 1: Design, Distribution, Trust Graph Bootstrap

Phase 2: Testnet, the Node software is installed over the testnet to run before the mainnet launch

Phase 3: Mainnet

Please read the whitepaper for details on each of these phases.

What is Pi Network?

Pi Network was created from the simple belief that the existing blockchain and cryptocurrency networks are out of reach for the common public. For instance, you can no longer mine Bitcoin using your home computer. You need very expensive equipment to stand a chance. These equipment are out of reach of most people and that tends to keep people out of the cryptocurrency ecosystem – and act as key impediment to mass adoption.

Pi can be mined on mobile phone and does not need the app to be switched on to mine. This drastically changes the way mining works and potentially encourages people who are kept outside the crypto ecosystem because of costs and complexity. Pi is both free (almost) and easy to participate in the ecosystem.

What makes Pi Network different?

“Pi’s consensus algorithm builds atop SCP.  SCP has been formally proven [Mazieres 2015] and is currently implemented within the Stellar Network. Unlike Stellar Network consisting mostly of companies and institutions (e.g., IBM) as nodes, Pi intends to allow devices of individuals to contribute on the protocol level and get rewarded, including mobile phones, laptops and computers.”

Who can participate in Pi Network?

Anyone with an Android or Apple smartphone and internet access can participate in the Pi Network. 

According to the whitepaper: “There are four roles Pi users can play, as Pi miners. Namely:

  • 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.

A user can play more than one of the above roles.”

Pi Network

Last updated: 12-September-2020

This is a live page with regular updates to Pi Network Project. Bookmark this page to stay up to date with the Pi Network progress.

What to expect in this article?

  • What is Pi Network?
  • Who can participate and whether it is worth it to participate in the Pi Network?
  • Step by step process to mine on the Pi Network

Slowly but surely Pi Network is slowly gaining traction. At the time of this writing, it has over 15000 followers on Twitter, 60,000 likes on Facebook, 72,000 followers on Instagram. That is not bad for a ‘word of mouth’ publicity.

Not only that, the Pi Network IOUs are trading for around 40 cents. If this project continues to gain traction and it can garner over 40 cents when it starts trading – that is quite something for a project that is essentially free to join/mine. Again, that is a big IF.

The project has been running low key overall, however, they do keep going from planned phases. They recently launched phase 2.

Table of Contents

What’s in each phase?

Phase 1: Design, Distribution, Trust Graph Bootstrap

Phase 2: Testnet, the Node software is installed over the testnet to run before the mainnet launch

Phase 3: Mainnet

Please read the whitepaper for details on each of these phases.

What is Pi Network?

Pi Network was created from the simple belief that the existing blockchain and cryptocurrency networks are out of reach for the common public. For instance, you can no longer mine Bitcoin using your home computer. You need very expensive equipment to stand a chance. These equipment are out of reach of most people and that tends to keep people out of the cryptocurrency ecosystem – and act as key impediment to mass adoption.

Pi can be mined on mobile phone and does not need the app to be switched on to mine. This drastically changes the way mining works and potentially encourages people who are kept outside the crypto ecosystem because of costs and complexity. Pi is both free (almost) and easy to participate in the ecosystem.

What makes Pi Network different?

“Pi’s consensus algorithm builds atop SCP.  SCP has been formally proven [Mazieres 2015] and is currently implemented within the Stellar Network. Unlike Stellar Network consisting mostly of companies and institutions (e.g., IBM) as nodes, Pi intends to allow devices of individuals to contribute on the protocol level and get rewarded, including mobile phones, laptops and computers.”

Who can participate in Pi Network?

Anyone with an Android or Apple smartphone and internet access can participate in the Pi Network. 

According to the whitepaper: “There are four roles Pi users can play, as Pi miners. Namely:

  • 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.

A user can play more than one of the above roles.”

We would not recommend FOMO entering into any project. In the case of Pi Network, since it does not literally cost anything to join – we have registered ourselves and have started activating mining sporadically.  

You do not have to keep the app on to mine, as such, it is relatively a zero cost venture for the participants.  

For that reason (and indirect FOMO on our end) – we are OK to install and run the Pi Network app.

If you are thinking about joining – then feel free to use this link (it will increase our mining capabilities): https://minepi.com/rkreddy

Pi Network is gaining traction – is it worth mining?

原创文章,作者:Pi Network,如若转载,请注明出处:https://www.314pi.info/realtimeinfo/devreport/1236.html

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