1 PI = $0.2 USD - How users "mine" the native Pi coin using a smartphone?

puncakbukit (78)in #pi • 7 days ago

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TL;DR: Pi is a 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".

The Pi Network (PI) is positioned as a mobile-first, decentralized cryptocurrency project aiming for mass adoption. This system allows users to "mine" the native Pi coin using a smartphone app with minimal resource drain, fundamentally differentiating it from energy-intensive Proof-of-Work systems. Technical analysis of the token, while it has switched to an open mainnet phase, suggests caution, as the Ultimate Moving Average indicator is currently displaying a distinct bearish trend.

Pi Network's core infrastructure is built upon a modified version of the Stellar Consensus Protocol (SCP), a lightweight and efficient consensus mechanism. This choice is critical for enabling fast, scalable transaction validation without the high computational demands of earlier blockchains. Despite the project's developmental progress, the market sentiment, as reflected by the SuperTrend indicator, is currently issuing a clear sell signal, underscoring the speculative nature of its current tradable status.

A unique feature of Pi's consensus model is its reliance on social reputation for network security. This is implemented through Security Circles, which are groups of trusted users established by each participant. These circles collectively form a global trust graph, which is leveraged by validator nodes to form Quorum Slices and efficiently secure the distributed ledger, effectively using social trust to achieve Byzantine Fault Tolerance.

About Pi Network (PI)

The Pi Network (PI) is a mobile-first, decentralized cryptocurrency project that aims to overcome the high barriers to entry of conventional crypto mining by enabling users to "mine" the native Pi coin directly on their smartphones without significant battery drain.

Unique Technical Features:

Stellar Consensus Protocol (SCP) Adaptation: Unlike energy-intensive Proof-of-Work (PoW) systems (like Bitcoin), Pi Network utilizes a modified form of the Stellar Consensus Protocol (SCP). This consensus algorithm is designed for speed, scalability, and high transaction volume with minimal resource consumption.
Social Trust as Security (Security Circles): Pi introduces a social layer to its consensus mechanism via Security Circles. These are groups of 3-5 trusted users established by each "Pioneer" (mobile user). These circles aggregate into a global trust graph, which Pi Nodes use to form Quorum Slices—subsets of nodes whose agreement is necessary to validate transactions. This system replaces computational power with a social reputation system to achieve distributed consensus, making the network accessible and energy-efficient.
Gamified, Mobile-Centric Mining: Users initiate the mining process by simply checking into the mobile app daily. This engagement confirms they are not a "robot" and contributes to the network's decentralized security and growth. The mining rate dynamically decreases as the network's user base grows, creating an incentive for early adoption and long-term participation.

Critical Warning Regarding GCV Scams:

It is crucial to understand that Pi Network's mainnet is currently already in an open-network phase, meaning the Pi coin is officially listed or tradable on some centralized or decentralized public exchanges (DEXs). The "Global Consensus Value" (GCV) is an unsubstantiated, user-proposed valuation often promoted on unofficial forums. Be extremely vigilant: reports of GCV-related transactions, unauthorized listings, or offerings to buy/sell Pi tokens for a fixed high price are scams. Engaging in such transactions may result in the loss of funds or personal data, as these involve counterfeit Pi tokens or fraudulent schemes that exploit the network's genuine user base. Always rely on official communications from the Pi Core Team.

Disclaimer: I am not a licensed financial professional; all information I share about cryptocurrencies, investments, or trading is for educational purposes only and not financial advice—always do your own research and consult a qualified professional before investing.

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About Pi Network (PI)

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1 PI = $0.2 USD - How users "mine" the native Pi coin using a smartphone?