In this articled review of pi cryptocurrency, we will be reviewing the pi cryptocurrency, the potentials, the technology, year of origination, country of origin, the inventors and the invention projects and advantages and disadvantages of investing in pi cryptocurrency.
Review of origin of pi cryptocurrency
The Pi Network was launched by a team of four: anthropologist Chengdiao Fan, computer scientists Nicolas Kokkalis and Aurélien Schiltz, and business major Vince McPhilip.
With the aim of bringing disintermediated finance to a wide audience, the project focuses on accessibility — providing a smartphone-oriented user interface and an innovative “security circles” ledger validation mechanism.
Rather than mining via a compute-intensive algorithm, Pi’s ledger is secured by a system wherein users vouch for each others’ trustworthiness.
To know more about pi cryptocurrency read up origination of pi cryptocurrency
Advantages of Pi cryptocurrency
The main motives of Pi developers were to develop a cryptocurrency that is convenience and simple cryptocurrency platform for mining and contracts. If you may recall, the mining of most cryptocurrency, usually require high energy consumption. In pursuing this common goal, they developed an application that don’t only mine the new cryptocurrency, but also store it. Below are some of the advantages of pi cryptocurrency
- Simplicity; Pi cryptocurrency still remain one of the most if not the only cryptocurrency to be mined easily with android and iPhones without much rigorous processes. To mine pi cryptocurrency all you need is your smart phone that runs on android, IOS or any other operating systems.
- Energy conservativeness; pi cryptocurrency is the only cryptocurrency that don’t consume high energy during mining. The mobile app runs normal just like any other mobile app and don’t consume high rate of electricity.
- Fair distribution. The number of coins mined does not depend on the capacity of the device just like other cryptocurrency miner such Bitcoin miners where S9 Miner is better than any other device for mining bitcoin.
- Extra earnings. There is always a reward for those who contributed to the development of pi. This could be found where your mining rate increases by you inviting more persons into the system and introducing more person into your security cycle.
Disadvantages or flaws of pi cryptocurrency
To everything that have advantage in life there is a disadvantage attached. Pi coin is not an exception to this. Below are some of the demerits of pi crypto coin
- Its still new and uncertainty of if it really going to survive in the market, together with test of time
- The distribution is high meaning if the finally have value, the supply is going to be greater than the demand which will invariably affect the market worth.
- It a long-term investment. The pi coin we all know is currently more or less valueless and before it will have value this will take time which no one can accurately predict. So, having a million worth pi coin in your wallet will be of no use if an immediate need for money occur.
- Data consumption. Mining pi requires data as its an online mining. So, mining a cryptocurrency that no one can accurately predict what the future will be can really be discouraging with relative to the data consumption.
How to mine pi
Why you should mine pi
One of the benefits of mining pi is that
- Its free; mining pi is absolutely free excluding cost of data and electricity to power your electric device such mobile phone, laptop or computer. Which may vary depending on your geographical location
- Easy to mine; pi is the easiest cryptocurrency to mine. Mining pi is a very straight forward process that involves installing the app, create account and start mining.
- Does not cost much in terms of data; some computer or laptop software’s or android applications are data cost intensive. Pi mining application do not belong to this category.
- Does not consume much electricity; you don’t really need to keep your device on always for the mining to be going on. Once the mining process has been activated, even if your device went off, the mining will still be going on till after 24hours.
- Does not require steady electricity; mining Pi does really require constant electricity as once the mining process is activated; it runs for the next 24hours before it stops and the process goes on and on for as long as you wish to continue mining pi.
We believe that this content was able to give you a review of pi cryptocurrency, click the bottom below to read up the technology behind pi cryptocurrency.