I just started mining Pi

in LeoFinance3 years ago (edited)

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.

Screenshot 20201108 at 19.00.17.png

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

Screenshot 20201108 at 19.18.22.png

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!)

Posted Using LeoFinance Beta

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Been on pi for a while too, but I stopped for some months. I kept on forgetting to open it daily. 😅 I'm trying to open it regularly these days. Let's see how this pans out in the future.

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I can see it going that way for me - too much hassle to even open it up once a day!

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Mining? Even on a mobile device? Hope it wouldn't crash or like hive an effect on my device?

All you need do is access it once a day and the rest takes place remotely I think - the rewards are based on the strength of your connections in the network.

I can imagine there are people who would criticise the model, even question whether it's really mining.

To me it's just free crypto from a device i hardly use anymore!

Posted Using LeoFinance Beta

All right of course, thanks for the clarification, I knew mining has a lot of issues.

I've been using it for a while now with some stops and starts but as far as it doesn't do anything bad (which I hope it doesn't), I'm taking the Pi.

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Fair play!

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i started mining pi last year and stopped when i lost my phone. Haent heard anything positive about the project still now. How far have they gone with the launch of their token?

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Not far by the sounds of it, it still reads like it's in its infancy, still they don't ask for anything! (Other than your data!)

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I installed it on my phone once, but uninstalled it a few minutes after. I don't know what was exactly the reason, probably the personal info they need to know. From what I know they don't have it listed on any exchange yet.

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Yes it's not one for those who wish to be tight with their personal details, and no it's still just a toy token!

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Did it for a while in the early days, but stopped as it had no value (and still hasn't).

Yup, they are quite clear about that. But they do have a computational anthropologist working for them. So that's cool.

I might stick up a widget on my main blog and see how many sign ups I get, and compare that to the ratio of parental complaints.

Posted Using LeoFinance Beta

@revisesociology, Hope that this Mining Tool will turn into Profitable Product, nowadays we don't hear much about Traditional Mining Ways. Stay blessed.

I'm also mining Pi since a couple of months ago. It does not hurt my phone for the moment.
Will see in what finally evolves

That's what they say - it doesn't interfere, I'd still rather keep my phone as free as possible!

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Thanks for sharing

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