Progressing with cryptocurrency Pi on your smartphone | Understand the mechanism and how to participate simply

What is Pi: A New Form of Mining Project

What is Pi? It is a cryptocurrency designed to be accessible through just a smartphone. Launched in 2019 by a team from Stanford University, this project operates under the philosophy of “making participation in cryptocurrency more approachable.”

Traditional mining required expensive specialized equipment and enormous amounts of electricity, but this project minimizes those burdens to the extreme, creating a system where anyone can easily get involved. The number of users worldwide continues to grow, and the barrier to participation is very low for smartphone users.

Why It Runs Light: Technical Explanation

Pi runs comfortably on smartphones because it does not adopt the conventional “mass calculation method.” Instead, it combines two innovative mechanisms.

Stellar Consensus Protocol (SCP) protects the network not through complex computational competition but by mutual verification among trusted participants. This significantly reduces the load on devices.

The other is Security Circle, a system where you register trusted individuals you actually know as part of a trusted network. This enhances overall network security and also increases your mining speed.

By combining these two mechanisms, smartphones can participate without experiencing serious load. Rapid battery drain or overheating issues are generally avoided.

How to Participate: 5 Steps to Get Started

Step 1: Install the Official App

Download the official “Pi Network” app from the App Store or Google Play. Be sure to verify the source, as unofficial apps with similar names may exist.

Step 2: Set Up Your Account

Register with your phone number or social media account, then set your name and password. The initial setup takes just a few minutes.

Step 3: Enter Invitation Code

This project uses an invitation system, requiring an invitation code from an existing user. This mechanism prevents fraudulent accounts, and entering the code allows your initial mining process to proceed smoothly.

Step 4: Start Mining

After registration, tap the center of the app to begin a 24-hour session. The process continues even if you close the app, and you’ll receive a notification when the session ends.

Step 5: Build Your Security Circle

After three days, you can set up your Security Circle. You can register up to five trusted individuals you actually know, which contributes to network security and also increases your mining speed.

Key Points for Future Potential: 3 Important Perspectives

Supply Structure and Scarcity

Pi has a fixed total issuance of 100 billion coins, with about 60% allocated as mining rewards. This cap prevents excessive issuance later, protecting the value from dilution. Once mining is fully completed, new supply will significantly decrease, stabilizing market circulation.

Progress of Ecosystem Practicality

Pi Network is advancing with a marketplace and application development, moving from simply “holding” to “actually using” the currency. Expanding these services will be a crucial factor going forward.

Possibility of Expansion on Exchanges

Currently, trading is limited, but as the user base and ecosystem grow, more exchanges may list Pi. Increased liquidity will be an important indicator of the project’s maturity.

Common Questions and Answers

How is it different from traditional cryptocurrency mining?

Bitcoin and others consume enormous amounts of electricity and involve complex computational competitions. Pi, on the other hand, adopts a trust-based network maintenance method that fundamentally differs in approach.

Is it safe?

The official app operates within permissions similar to regular smartphone apps, with no excessive permission requests. Because the computational load is light, it does not cause significant delays or battery drain. However, beware of unofficial services or paid scams that misuse the Pi name. The official project is completely free.

Where can I check the price information?

Since it is still in development, there is no fixed price currently. When trading on official exchanges expands, price information will be provided there.

Summary: The Value of Participation and Future Outlook

Pi mining eliminates the need for specialized equipment and high costs typical of traditional cryptocurrencies. It offers a new participation model that can be done with just simple daily taps, making it very accessible for beginners.

The project continues to prioritize “ease of participation,” steadily developing user services and applications. These efforts could significantly expand Pi’s practical use cases in the future.

If you’re interested, starting now is definitely worthwhile.