What sets this keepsake apart though is the fact that just about anybody can mine it. All you need is a smartphone and the Pi Network app. Compared to the hoops most miners have to jump though in order to get started, this is way easier. The hitch is there ’ mho no use case for what ’ s being mined .
In some ways the Pi coin merely feels like some sort of sociable experiment. One with a heavy stress on the numbers behind 𝞹. It seems like the team behind Pi Coin merely wants to see how many people they can convince to mine it. Afterall, there ’ s no room to buy it. And there ’ s no way to withdraw Pi Coin and put it into a wallet.
The other curious choice the developers of this nominal made was to treat it like some screen of multi-level marketing scheme. Once you download the app, you need a referral code to activate your account. however, there are easy workarounds. We equitable searched Reddit and cursorily came across dozens of referral codes. The kicker here is with each referral used, the original pioneer gets to level up his mining world power. If you ’ ve ever looked into pyramid schemes, this should sound familiar .
What’s the Point of Pi Coin?
This is the million-dollar question. The two founders of Pi Coin both have PhD ’ randomness from Stanford. And Stanford does have a snatch of a reputation for cutting edge experiments. So we ’ ra not ruling out that this is nothing more than an experiment .
furthermore, Pi Coin ’ second head of technology is Stanford ’ s first decentralized applications professor. And his co-founder specializes in social calculation. therefore launching an app that focuses on the sociable engineer of a decentralized military service does sound like a worthwhile wallpaper for the two to collaborate on. But this is good a hunch. And we ’ rhenium sure that the 33 million people that have already signed up to mine Pi Coin don ’ thyroxine want to hear that. therefore feel free to dismiss that intuition .
Another possibility is Pi Coin miners are helping build a amply decentralized blockchain network. As it stands, the Pi Network is only in the second phase of its roadmap. And according to the whitepaper, the blockchain mainnet won ’ thyroxine launch until phase three. So there is a gamble the network Pi Coin will ability has equitable been in development for the past three years .
This second hypothesis does line up with the rash of announcements recently made by the Pi Coin team on social media. The final examination stages of phase two were planned to be encouraging more miners to start their own nodes. And that stage was recently announced in a Pi Day pinch :
🚨Announcement🚨The raw mine mechanism is here ! now Pioneers can receive mining rewards through network contributions such as Pi apps custom, node operation and lockup rewards. More details to follow ! # minepi app # piday2022 pic.twitter.com/d4TDZVCrxJ
— Pi Network ( @ PiCoreTeam ) March 14, 2022
Does this mean we ’ re any closer to seeing a proper use case for Pi coin ? Is the Pi Network blockchain very one step closer to being realized. And does this hateful Pi mint will start being worth something ? Well, all of that could be true. But it could just as easily be a way to rope in more miners to use the app .
A Third Theory
Let ’ s wear Pi mint is not a social experiment. And good for fun, let ’ s think there ’ s no actual plans to turn Pi coin into a cryptocurrency that supports a new blockchain. What else could be the target of all of this ? Money, of course.
While users mine Pi coin, the app is built to collect all sorts of data. It can collect contact and identity info like electronic mail addresses. It has entree to network information pertaining to transactions. The Pi Network app besides makes bill of custom information. And all of this can be worth big bucks to market firms .
How to Mine Pi Coin
If you ’ re not scared off yet, here ’ s the cheeseparing on mine Pi mint :
First away, this is a smartphone-centric procedure. So you start by heading to the app store your phone uses and downloading the Pi Network app. then you run through a basic signup action. You enter a name, e-mail address and user password. once you clear that degree, you need to enter a referral code. Again, you can find these all over the internet .
once you ’ re in, you ’ ll see a message that looks like this :
As you can see, we ’ rhenium presently mining about 0.03 Pi coins per hour. It ain ’ metric ton much, but it ’ south honest bring ( we think ). From there, you good need to interact with the app every 24 hours to keep mining endlessly. You can besides set up push notifications for when your 24 hours is up.
The Bottom Line on Pi Coin
There ’ s a set of doubt around the Pi coin project. What ’ second going on behind the scenes is distillery a big question cross off. But there ’ randomness besides little to no risk for giving it a nip. We ’ ra not excessively proud to admit we ’ ve lost a few bucks hera and there on some rug pulls. And if this is anything other than a new way to mine crypto, well there ain ’ t a wholly set of rug to pull .
That ’ s not to say we think Pi Coin is the way of the future though. But fair in event, the future halve of Pi Coin happens when it gets to 100 million engaged users. so those that get in now will have the luck to mine at a higher rate than some future users. The only unanswered question is whether any of us are mining something worthwhile .
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