Another way to dip your toes in the water


Another project I wanted to mention is called Pi Network. It's a platform like Ethereum or Cardano where users can build applications and games and transact business without the high gas fees and other problems that have plagued current blockchains. Pi Network has been in the works for a couple of years now, and understandably, some of the early 'Pioneers' have started to become impatient with what they perceive to be a lack of direction. 

The thing that makes Pi Network unique is that it is not mined like Bitcoin or Ethereum. The distribution method is called mining, but what it equates to in reality is just opening an app and pressing a button once per day to prove you are human, as they are one of, if not the, first proof of identity blockchain, meaning you will also have to pass know-your-customer or 'KYC' verification to mine. The idea is to put mining power back into the hands of average folks like me, who can't afford to build a GPU monstrosity and don't have the money or the space for asics. 

Efficient 'mining' is done by logging in each day, and by also building a network of trusted folks in your Security Circle. For each Pioneer you recruit, you gain a small bonus to your own mining. You can also increase your mining rate once Mainnet launches by running a node for the network, and they've made it VERY easy to set up and get running. Once mainnet DOES go live, any 'coins' mined during testnet will be awarded to the miners, and once you have coins in your Pi Wallet you will be able to "lock up" your coins, basically like staking them, for a predetermined amount of time, to dramatically increase your mining bonus. This is intended to keep people from dumping their coins when it launches and tanking the price, but also to further reduce the resources required for this to be a whorthwhile project for the Average Joe or Jane.

Last summer, Pi Network held what they called "The Hackathon" where users were asked to build dapps and games and things on the testnet. It was a smashing success and I am personally very excited to see some of the games once Mainnet goes live. Currently, there is only a closed Mainnet and many have not been asked to do KYC verification yet. Although this has been a couple years in the works already, it's still early in the project. There will be widescale adoption as well, much of it by developing nations as they now have the ability to mine cryptocurrency from a cell phone. It's changes like these that will empower people around the world to be able to live a life of dignity and plentitude instead of a life of despair and scarcity.  

Pi Network is not going to get you rich quickly. It's not going to "moon". It's unlikely it will even be listed on any exchanges by summer the way I see it, but it also takes basically zero effort, zero time, and zero resources. The Core Team is a talented, intelligent group of people and I truly believe this project will be a major name in the cryptospace by the end of 2022. Not advice...almost got me :P 

As always, stay safe, be patient, and don't just HODL, stake it too! (or lock it up in the Pi network!)

(If you want to join the project, you can use my link. Make sure you sign people up using your referral too.  You will only benefit from your own referrals, not from any that come from your team members.)

Pi Network: minepi.com/jdspencer60

How do you rate this article?


4

1

Justin Spencer
Justin Spencer

Just a regular Joe, trying to get ahead. I love the crypto space and I'm handy with computers, I work in a hospital and I love cheeseburgers


Experiences of a Crypto Newb
Experiences of a Crypto Newb

This blog will simply be about my experiences as an inexperienced crypto trader and how to avoid the same rookie mistakes I made. I hope to help people ease into their experience instead of running head first into a brick wall like me.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.