• A new cryptocurrency called Pi Coin can be mined with a smartphone
• Mining should have low power consumption and thus be environmentally friendly
• The Pi Coin is not yet tradable
Cryptocurrency mining has a bad reputation. In particular, the environmental impact due to the high energy consumption plays a major role. In addition, the various cryptocurrencies cannot be mined without the appropriate hardware. The developers behind a very young cryptocurrency now want to change this. We are talking about the so-called Pi Coin.
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Mine on your smartphone
The platform behind the Pi Coin is the Pi Network. This was developed by Stanford doctoral students Dr. Nicolas Kokkalis and Dr. Chengdiao Fan develops and enables to mine Pi-Coin via smartphone. According to the Pi-Network website, this should hardly drain the smartphone’s battery and thereby reduce pollution. According to CoinMarketCap, as with Ethereum or Bitcoin, a decentralized blockchain is used based on the peer-to-peer principle. According to reports from PC-Welt, only the Stellar Consensus Protocol (SCP) used enables mobile mining, a better climate balance and an easy entry option via app.
The Pi Coins are also generated with the help of this app. According to PC-Welt, however, in order to start digging, the user must enter both his real name and his telephone number. In addition, new users can only start mining via an invitation link. This must be sent by an already registered user. However, since an increase in the mining rate is promised for recruiting new users, it shouldn’t be too difficult to get an invitation link.
Can the Pi Coin be traded?
The Pi Coin is not currently being traded. According to CoinMarketCap, the cryptocurrency is currently in the transition phase from testnet to mainnet. Here the Pi Coin is then available for public sale. However, an estimate for the retail price already exists. According to forecast website Wallet Investor, the current price is expected to be $0.007077.
Is the Pi Coin Scam?
PC-Welt also looked into the question of how trustworthy the Pi Coin is. The recruitment of new users to increase the mining rate should be viewed critically and is reminiscent of a network marketing system. At the same time, the developers make no promises of success. The website of the crypto currency says that they will do their best. When using the Pi Network App, the user does not take any risks and can dig for the Pi Coin with low energy consumption without any obligations. However, providing the clear name and telephone number could prevent one or the other data protection lover from using the Pi Coin.
Tim Adler / Editor finanzen.net
Image sources: Phongphan / Shutterstock.com, Wit Olszewski / Shutterstock.com