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When talking about cryptocurrency a digital money, or data designing to working as a medium of exchange.
Cryptocurrency are Fiat currencies as they are not back,does not require government to regulate them, is not back financially by any bank or institution. It doesn't exist physical like paper money or issued by bank.
August 18 2008 a bitcoin domain was registered by Satoshi Nakamoto
2009 bitcoin was launched,Many people predict the future of bitcoins it can be a successful project. But today it's widely known and it most popular digital coin which is even hard to mine.
Since the release of bitcoins many other cryptocurrency on blockchain that are not Bitcoin are all designed, them are refers to Alternative coin (Altcoin). The term Altcoin describe coin create after the Bitcoin. Examples: Litecoin as the first Altcoin that generate it own mining block faster than Bitcoin.
Another Ethereum; it also allow decentralized to run on it blockchain. It first release know as frontier and launch in 2015, since then it growing.
In 2016 it become the largest Altcoin ,but later stole a coin worth $50 million by anonymous hacker. This make people afraid of it security, and also cause a divider into two ETC and Ethereum. In 2020 it become the most used blockchain .
We also have some successful project of different Altcoin after Ethereum, such as stablecoin, tether etc.
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The Coming of Pi Coin
Pi network is a new crypto-currency that is Future is still unpredictable. It's a cryptocurrency that people can mine with smartphone even without computer. Pi network is develop by a team of Stanford graduate enable user to mine coin using it's mobile app.
Since 2018 the project has been in developing phase, and it is running in a texting mood. It has been announced lot of time about it launched yet is still in testing mode. Many people say it's likely to be a scam but I don't see it as a scam since it does not involve money, others said can it be a successful project like others altcoin?. Still in future until pi actually partakes in trading.
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It first phase was announced of 100,000 pioneers at this time it mine at the rate of 1.6 π in an hour, this really make it faster due to little pioneers.
When getting to the second phase it mining rate reduce halves at 0.2 π an hour at 10 million pioneers, and this will continue to halve till reached zero at billions of pioneers. By that time I think it should be partake in cryptocurrency trading if the project is successful.
Pi network widely popular within the 2 years of it anounced because of the features of using mobile phone to mine.
In 1 April 2021 the release of pi wallet and browser is introduce again.
Mode of Mining Pi
To my understanding I think pi network is using ......... protocol for operation.
The new user can only register to mine on pi with referral link, and I think it good idea cause the referral link is making it go widely.
After downloading the app, a pioneers can mine when open the app daily to mine, even if the app is closed it doesn't stop the mining for the day.
MY QUESTION: WHAT WILL HAPPEN TO ALL THE PIONEERS THAT PUT ALL MIND IN PI NETWORK IF THE PROJECT IS NOT SUCCESSFUL?
Conclusion
Since there is no prediction ahead that pi network will be a successful project and no auditor have ever predict the right future for it project, I always doubt myself about mining everyday.
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Thank you for Reading
I am adedayoolumide a Vblogger, programmer. I write out my heart with pen. I always admire the presence of Learn man to make a contribution to our ecosystem. Follow me for more or my blog post @adedayoolumide
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