I just started mining Pi
I downloaded the Pi app to my iPad a few days ago and started mining Pi.
Pi is a new (ish - from 2019) cryptocurrency developed by a core team of three Stanford PhDs, which you can mine for free on your phone and which uses next to no energy.
Referral link heads up
If you want to get mining Pi, I'd appreciate if you could use this link https://minepi.com/Revise and use my username (Revise) as your invitation code. Then I start to earn a little more!
To start earning Pi all you need to do is download the app, to your iPhone (iPad) or android phone, verify (yes, sorry!) your identity by linking with Facebook/ email and then you start mining by simply clicking a lightening button.
(NB the verification is so there's only one mining device per person).
After three days you can earn at a higher rate by inviting more people into your security circle - these are people you invite in, so presumably you know and trust them personally at some level.
Although it does sound completely pyramid-like, inviting people in is essential to the way Pi mining works as 'personal security circles' are what secures the network.
Pi's core mission and Vision
Judging by the team members, they seem to have a genuine interest in getting Pi distributed as widely as possible to as many people as possible, so a very strong decentralised ethos - they consist of one pure tech guy, a computational anthropologist (I shit you not, that's her job!) and a blockchain and social movement guy, who speaks Portuguese so he gets my vote.
You can tell I'm one for the techincals, eh!
An adaptation of the Stellar Consensus Protocol
Consensus in the Pi network is based on overlapping security circles - the more people you have personally 'onboarded' to the network and hence the larger your security circle, the more Pi you can mine every time you click on the mine button (which you only do once a day).
Pi thus leverages people's social connections in order to grow the network.
The theory is that later this can form the basis for a crypto-linked attention economy - it kind of sounds like what BAT and Hive are trying to do, but in a different way.
Token Supply
New Pi is minted every time someone joins the network, but at a decreasing rate which halves for every 10 times new users up to the first hundred million people who join, it then switches to a transaction fee based earnings model.
The new Pi minted is of course going to be mined by existing users and everyone in their security circle, and because more Pi is released earlier, earlier adopters and those with larger networks earn more.
Utility
The long term vision is to leverage people's social capital - the idea is to eventually build a market place that will allow people to buy stuff, and swap for other cryptos on the Pi platform.
Downsides?
Personally I don't mind an app running on my iPad, which I hardly ever use, but I wouldn't have wanted this on my phone.
Maybe Pi now has a little info about me they've gleaned from Facebook that they didn't have before, but they're welcome to it, I hardly ever use regular social media these days.
The upside is I get a little free crypto every day, which may go nowhere, but you never know, crazy things can happen in this space!
Find out more
Referral link
Oh, and here's that referral link again: https://minepi.com/Revise and use my username (Revise) as your invitation code.
P.S. If you're already on Pi, maybe we can add each other to our 'security circles' DM me in Discord if you want to. It doesn't bother me, I don't need to be anonymous! (It doesn't work with my main line of work!)
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