What is Picoin, and how to mine Pi using a mobile app?

What is Picoin, and how to mine Pi using a mobile app?

Pejman Zwin 125

Content

Introduction

Introduction

Security is one big challenge for all blockchains.

Creating a well-secured system and being a fully open and distributed network to which everyone can have access is challenging.

So hard.

Introduction

Satoshi Nakamoto, bitcoin’s anonymous creator, introduced an innovative consensus mechanism called Proof of Work (POW) in response to this problem.

This consensus mechanism allowed users to participate in an open distributed network plus full security provided by miners worldwide, making bitcoin a trustless and reliable blockchain.

But there are still some big issues within bitcoin’s proof of work as it demands intense computing power and utilizes a lot of energy as a result.

It is reported that some organizations and entities are mining bitcoin by burning coal and oil and turning it into electricity for more computing power.

Due to this issue, bitcoin’s proof of work consensus mechanism has raised many questions as if bitcoin can finally become a sustainable and decentralized supercomputer and a reliable financial system for everyone worldwide to empower every individual.

This problematic flaw even led to Elon musk banning bitcoin payments for Tesla purchases instead of his decision to enable bitcoin payments for Tesla products and merch earlier.

Lack of accessibility and volatility of cryptocurrencies has prevented a massive number of people from engaging in blockchain and crypto space.

Furthermore, mining cryptocurrencies is complex; thus, not all people know how mining and cryptocurrencies work.

Using a simple and easy-to-use mobile app to mine a cryptocurrency would bring crypto to the masses.

Picoin is a decentralized cryptocurrency that aims to make this dream come true.

What is Picoin, and how does it work?

Further reading
What is picoin, and how does it work?

What is picoin, and how does it work?

Picoin, as the number π (3.14), is a well-branded mineable cryptocurrency that has created so much buzz lately on the internet.

Of course, Picoin requires validation proof from miners worldwide like bitcoin.

But instead of using powerful computer hardware and a lot of energy, Picoin has developed an easy-to-use mobile app that people can use to join the Pi network and start mining Pi without sucking up their battery.

Picoin claims it has created a very easy-to-use cryptocurrency that will allow almost everyone to participate in the crypto space despite other cryptocurrencies that are hard to mine and have fluctuating prices.

Everyone can download the Picoin app and start mining Pi as a miner and validator with only their mobile phone.

Yes, as simple as that.

But there’s more to explain.

Picoin was officially launched in 2014 using the mathematical term π.

Because π is an infinite number (3.14159265359…) Picoin chose this name to refer to the infinity of its project.

Following its scientific and mathematical terminology, Picoin is created by several Stanford graduates, which gives the project more credibility.

There are 1,378,368.8048804 Picoin in the ecosystem, and none of it has ever moved off the chain.

It is good to mention that it takes 314 seconds for each block to be created in the blockchain.

Further reading
What technology does the Pi network employ?

What technology does the Pi network employ?

Despite the Proof of Work consensus mechanism used by bitcoin and other mineable cryptocurrencies, the pi network utilizes a different and less known consensus mechanism called Stellar Consensus Protocol (SCP).

What technology does the Pi network employ?

Using SCP, the Pi network establishes groups of three to five miners and creates a network of validators divided into groups to validate transactions on a distributed ledger.

People in every group don’t interact and are grouped randomly by the system.

The critical thing about the Pi network and its SCP consensus is that Pi uses SCP to distribute Picoin rewards more generously despite bitcoin’s proof of work consensus.

As you might know, bitcoin’s Proof of Work consensus mechanism distributes rewards based on who puts more computing power into the network.

It creates a negative centralization system in which only miners and contributors will earn more rewards that others get less and less as more corporations establish massive mining pools with powerful computing technologies.

It steals other people’s thunder somehow.

But SCP algorithms used by the Pi network let everybody within the mining ecosystem receive their cut.

So it gives an excellent reason to start joining the generous Picoin community.

Further reading
What roles can I play in the Pi ecosystem?

What roles can I play in the Pi ecosystem?

There are four main roles within the Pi network.

Pioneers are the ones who install the mobile app, pass its KYC (Know Your Customer), and start mining.

To be a Pioneer, you should download the app, claim that you’re not a robot, and pass KYC to be verified for mining.

KYC is a term for Know Your Customer as the service asks for your name, email address, and even more to keep a record of its users for advertisements and regulations.

There are also Nodes and Ambassadors in the ecosystem.

Nodes are those that use computer software in addition to the mobile app.

Ambassadors are the ones to advertise and invite others to the network.

  • Pioneers: people who participate in the mining using the Pi network mobile app
  • Nodes: Pioneers who run SCP algorithms on their computers along with the mobile app
  • Ambassadors: people who introduce and invite new users and Pioneers to the Pi network
  • Contributors: Pioneers bring those they know or trust, such as family and friends. It creates a global circle of trust that helps the network.

Further reading
What is the Pi network's halving system?

What is the Pi network's halving system?

Picoin mining reward was the first 314,159 coins per block.

But the Pi network has a halving system like bitcoin to keep Picoin valuable over time as it brings token rewards into masses from its mining ecosystem.

Halving is a regular basis in which the reward for validating transactions cuts in half after reaching certain milestones.

The network reports that halving occurs after pioneers get ten times bigger, in which the reward cuts in half.

Reportedly, the mining reward was 1.6 Pi per hour when it first launched.

Then another halving happened at 100K users, and the mining reward was reduced to 0.8 Pi per hour.

After surpassing 1 million, reward coins were cut down to 0.4 Pi, and after reaching 10 million users, the rewards halved to 0.2 Pi.

Thanks to the network’s halving, the Pi reward for processing transactions will reach 0.05 an hour by hitting 1 billion users.

Further reading
What is Picoin’s roadmap, and what has happened so far?

What is Picoin’s roadmap, and what has happened so far?

Picoin’s roadmap includes three main phases.

The first phase started as the network officially launched on 14 March 2019, the Pi day introducing a free mobile app for mining Pi.

What is Picoin’s roadmap, and what has happened so far?

Due to being launched on π day, plus using this mathematical terminology as its name, it absorbed a lot of attention worldwide, especially among math teachers and math enthusiasts.

Finally, in June 2019, the network surpassed 100,000 users, and the first halving happened as 1.6 π per hour cut into 0.8 π.

The network launched phase 2 a year later and announced that the network had hit 3.5 million users.

Many main developments happened during the second phase; the Pi network released its software development kit (SDK) and Pi wallet and Pi browser.

The second phase was also the dawn of the Nodes as the network introduced a testnet for Pi Node on computer software with which users could collaborate.

Finally, on Dec 9th, 2020, the Pi network announced that the network had hit 10m+ Pioneers! and promised the launch of the mainnet for the following year.

As promised, the Pi network launched the mainnet on 29 December 2021 along with the Know Your Customer (KYC) service, developer resources, and more apps.

It is also good to mention that before the last phase, the Pi network held a hackathon for developers to contribute to the network with a reward of $100,000 and 100,000 π.

  • Phase 1: Pi network launch on 14 March 2019. The network hit 100K users and finally 1 million Pioneers before the second phase.
  • Phase 2: The testnet launch for Pi Nodes and the first release of the Pi platform on computer software. Ten million users and the launch of Pi wallet, Pi browser, development kit, and June – September hackathon #buildPi2gether. Twenty-five million engaged users in late September 2021.
  • Phase 3: Launch the Pi mainnet and KYC service and more apps.

 

Further reading
When will Picoin enter the market?

When will Picoin enter the market?

Following the launch of the mainnet, the Pi network has announced that this is the time when crypto exchanges should begin to list Picoin as it has surpassed 25 million users with reliable technology and distributed network.

But unfortunately, there’s no sign of any crypto exchange to list Picoin, and it is still in pre-release mode.

The project itself has announced that it is not running Initial Coin Offering (ICO), and any entity to sell and offer Picoin is considered a scam, and it’s fake.

You can only earn Pi within the network as a role player, like being a Pioneer or Node.

There’s still no other way to get Picoins, and there’s still no sign for getting listed anywhere yet.

So look out for scams.

Further reading
How to mine Picoin?

How to mine Picoin?

Mining Picoin during the first and second phases of development was only via downloading the app.

You should download the app from Google Playstore or Apple’s App Store and claim to be human, not robot.

After passing the KYC (Know Your Customer) stage and signing up with your email, you can start joining the Pi network’s nodes.

How to mine Picoin?

The point is that you can choose what nodes to connect, and you can also connect to multiple nodes as you wish.

With the launch of the mainnet, now the Pi Nodes go mainstream, and everyone can start running the SCP algorithm on their computer as a Node.

It means that you can directly connect your Pi mobile app to your Computer node and start collaborating with the Pi network.

It seems flexible and secure as you can link to any node as you wish, even your circle of trust like your friends’ or family’s nodes.

It’s optional.

To put it in a nutshell, you can start mining Pi using its mobile app or run SCP software on your PC and earn daily rewards for contributing to the network.

Further reading
How to buy/sell Picoin?

How to buy/sell Picoin?

As I said, Picoin has a current supply of 1,378,368.8048804, but they’re not in circulation.

So it is actually impossible to buy or sell Picoin, and the supply has not yet moved off the Pi ecosystem.

The Pi network creators announced that all Picoins should still stay in the ecosystem, and any ICO or IDO (Initial Decentralized Exchange Offering) or public sale is considered fake.

It’s not from the official Pi network.

The only way to get Picoin is through the Pi mobile app or connecting to SCP software as a Node.

And you can not sell the Picoins you have earned through mining.

You’re only able to mine Pi and wait for it to be listed on crypto exchanges.

Further reading
How much is Picoin worth?

How much is Picoin worth?

Picoin does not hold any price record, and its value is not clear yet because it hasn’t been listed on any exchange to this date.

All the Picoin supply (1,378,368.8048804) is inside the Pi network and hasn’t moved off the ecosystem.

So you can mine Picoin for 0.4 π every hour and collect your bag of Pi inside the ecosystem and Pi app, but there’s still no price record for it, and nobody knows how much it’s worth.

Some people estimate Picoin to be above $10 each, though.

But it’s not validated yet.

What will Picoin be worth in the future?

What will Picoin be worth in the future?

The Pi community has been growing fast since the first launch in 2019, and it has hit over 25 million users and contributors to this date.

Comparing Picoin to other cryptocurrencies, It’s relatively easy to mine and earn it.

It‘s 100% free, and you can download the app and start getting Pi daily.

The easiness accessibility makes Picoin a popular cryptocurrency, and the number of users is increasing every day.

Some believe that it may rock like bitcoin in 2017 and 2020.

Nobody still knows what Picoin will be worth in the future, and it depends on crypto exchanges to officially list it.

People who have joined the Pi network and started mining some Pi may benefit more than those who don’t have Pi in their Pi wallet.

Because it’s free thus makes it more believable that it’s not a scam.

It may be a considerable success shortly.