What do you guys know/think about Pi Network? Crypto Mining App
The First Digital Currency You Can Mine On Your Phone
This is the first slogan you can read on their site: https://minepi.com/. I'm really curious to know if more experienced crypto users have used this platform and which are their thoughts. I started some months ago by an invitation of my brother @jorgespino, who is just getting started in crypto. He was invited by one of the mechanics of the airplanes that he flies. It's my big brother, so I followed his invitation. I haven't invested any money yet (I think that it's still not possible), I have just invested a less than a minute each day to start my "mining" process.
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The project is still in Beta, they have just launched translations to many languages which were done by community members. I see that there are a lot of active users on the chats, many have lots of questions and also many are just curious, just like me.
Screenshots taken from my phone.
All the mining is done through their cellphone app and it is through a 24 hr cycle. After that time has passed you have to log in and start the process again. Currently, I have about 1,300 PiCoins, they don't have value yet but maybe in the future they will. They say prepared an ecosystem for dapps to be developed, at the moment they just have two. One is the Chat and the other is a survey to check if people have COVID synthoms.
You can create "Mining Groups" where you can invite people you trust to mine with you and that gives you better security, these are called "Security Circles". You can also create "Earning Teams" which are conformed by the person that invited you and the people that you invite. I have only invited two and they are currently inactive. In the future there will also be a way to run a Node using your computer.
My Earning Team
My Security Circle
Ways to Earn PiCoins
I still have to do more research about this project, but so far it looks good. One thing that could be an issue for some people, but I personally think it's ok, is that they require a strict KYC in order for users to withdraw the PiCoins in the future. I know this could be something very negative for a lot of users but I think that it is necessary in these types of projects because I've seen people be very abusive in other projects, they can create multiple accounts and even bots to gain as many coins as possible and in the end that would affect the value of the project and the coin. I think it is a necessary evil in this case. Not sure if you remember what happened with the Keybase XLM airdrop? Well, people abused and they cancelled it.
Another thing that some users have found negative is that you have to use the invitation code from another user and also you have to invite more users to mine more coins. I have only invited two users and I think I'm mining on a good rate, so I don't think it's 100% necessary to spam referral links to everyone you know. It's more important to have a good security circle.
If you want to join I will leave you my invitation link in case you want to register with it:
I am sending you 1π! Pi is a new digital currency developed by Stanford PhDs, with over 9 million members worldwide. To claim your Pi, follow this link https://minepi.com/eddiespino and use my username (eddiespino) as your invitation code.
The app can be downloaded from Android here and from Apple here.
I invite you to do your own research for this project or any crypto project. If you have thoughts or questions about Pi Network please leave a comment below. Thank you for reading!
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