Rise of Bitcoin
Rise of a New Crypto : Pi : Start Mining using your Smartphone
Most of us are aware of the beginning of Bitcoin. The domain name of the same was registered on 18th Aug 2008. Later that year, Satoshi Nakamoto, founder of bitcoin named it on 31st October. In 2011, Some organizations around the world started accepting bitcoin for donations.
a single bitcoin’s price had jumped from $0.0008 to $0.08 in 2010. The vey next year(2011), single bitcoin’s face value was increased from $1 to $32 within just 3 months. Today, the value of 1 bitcoin is
Rise of a New Crypto : Pi
Let’s come to today’s topic, Pi is a new cryptocurrency introduced by a team of Stanford graduates. This is a long-term project, which started in 2019 & has 17+ million pioneers up to now. It has launched a FREE Pi mining app in June 2019. This cryptocurrency depends on the collective contributions of its members & its success also depends on the same.
Mining pi is easy
The Pi team has come up with a solution to allow everyday people to mine this crypto using a smartphone. Cryptocurrencies like bitcoin require high computation power and consume a lot of energy. Also, not everyone could start mining with a smartphone they have. A recent statement made by Elon Musk had impacted the crypto market & he insisted on a greener cryptocurrency that would have a minimum environmental impact.
Current Value of pi
So, when it comes to pi currency, it’s lightweight. You could have it on your palm and start mining by installing the free app. The app will keep on mining in the background without consuming much power & you will have to tap the lightning icon once in 24hrs to keep on mining. This cryptocurrency does not have a liquid value for now. According to Changelly, the pi might get a value between 0.16$ to 1$ during 2021 assuming the best case.
In 2008, how many of us would have assumed that bitcoin will be today’s height? Likewise, we will never know what this new cryptocurrency is up to. I’m not promoting pi currency in this article, But I started doing it a couple of days ago as I missed the opportunity to invest in bitcoin in the early days and now can’t even imagine buying 0.1 bitcoin.
How the App works?
As mentioned before, you’ve just had to hit the lightning button to start mining once in 24 hours. If you allow the app to offer pop-ups, then it will remind you once it’s finished the 24 hours circle.
You could invite your family members, friends & trusted parties to join this community. In that way, you can increase the pi earnings. The app doesn’t have to be kept open as it continuously works in the background.
The pi app used 2% of my battery in 24 hours, which is great and did not affect the phone’s performance. But we can’t assume that this will be the same for all smartphones. Based on my experience this is not gonna eat a lot of power & compromise the performance.
How does it work?
Unlike bitcoin, this pi currency secures its ledger when members vouch for each other as trustworthy. Once you’re invited by another pi contributor, you become a member of his/her security circle. Similarly, your trusted invitees will be a member of your circle. So this works purely based on building a trusted group. As per the official site “Security circles should be comprised of people you trust not to execute fraudulent transactions”
Since this platform is built on trusted relationships, there won’t be any financial cost incurred in mining pi currency and it doesn’t rely on power consumption, which leaves a greener footprint on the environment. You can find more information about this currency on the official website. minepi