Introduction

   This article explains how to invest in a long-term project, allowing you to acquire a cryptocurrency in exchange for a small, consistent commitment. The purpose is to clarify a practical set of actions to automate and increase your mining, then it discuss advantages and disadvantages of the overall investment.

How to start mining

   As defined earlier in the Pi Network blog Pi is a crypto asset generated from the energy of your phone. Therefore, getting started simply involves downloading the app from the official page: minepi.com, and identifying yourself to use it, either using a Facebook account or your phone number. Once you have created your username and password, the app will ask you an invitation code, which can be provided by anyone who is already part of the network. This code works as a referral, and while I decided to provide mine (LucianoAngelini), my goal is not to benefit monetarily, but rather provide a practical example. Since the app appears in the Google play and Apple store, you can also find invitation codes in the comment section. That's all you need! Every 24 hours you must enable the mining process again, which requires internet, partly to avoid bots. Despite this, the app does not drain mobile data or battery and it continues to work if closed (as a result of the Stellar Consensus Protocol and the Federated Byzantine Agreement algorithm).

Howto increase mining rate

   The role of mining makes you a "pioneer", pioneers are basically miners who receive Pi at a rate of 0.1 per hour. There are other roles that earn even better rates, every role contributes to an overall rate where the pioneer role works as a basis. For example, you can be a contributor to the security graph by creating a security circle that facilitates pi network's job of securing transactions. In practice all you have to do is invite and add members (the member that invited you is suitable too) after 3 days of mining. Another way you can increase your rate is by distributing Pi widely by sharing your invitation code to new pioneers. An advantageof this role is that when a referred account is mining simultaneously with the ambassador, both have higher. However, if one ceases to mine, that "bonus" is lost until both linked accounts resume mining.

Running a node to improve the Pi ecosystem

   Nodes are an essential part of the blockchain, the public network in which all transactions and data in crypto are secured. You can apply to become a Pi network's node or supernode by downloading a varietyof programs. The regular node allows users to submit transactions and verify the validity of the blockchain. The supernode goes even further, taking part of the consensus and helping other nodes and supernodes to update. What's the consensus? It is a mechanism to reach agreement on data value or network state among agents or processes. This means that you take part in the process of validating and regulating contributions and transactions. The consensus keeps records and works as a decentralized authority while providing a sort of bureaucracy that executes the processes. Since Pi is generating a monetary base it will eventually need a launch in the testnet (a sort of trial before official launch), if this "bureaucracy" performs well pi is launched to the mainnet (the nexus between the real markets and the blockchain). The team behind Pi is working on the right incentive for rendering this service, so there is a probability to benefit mutually from this work.

Advantages

• User and planet-friendly
• Risk free investment (no money needed, remember that investing in crypto is risky)
• Mobile first (doesn't involve technical knowledge of hardware to set up mining, mining other crypto is expensive and hard)
• Simple, fair, meritocratic model that doesn't require permissions and has a fixed supply to sustain value over time.
• Decentralized ("Secure, Immutable, non-counterfeitable and interoperable digital money"), huge room for growth.
• In its early stages

Disadvantages

• Unknown, long-term revenue
• Involves consistent attention (but it notifies the user when it's time to mine)
• The subjacent asset (Pi) has a value of zero dollars for now.

Conclusion

All in all, pi is an amazing project with a bright future. Taking part of it at this early stage is not only smart but also effortless.

What other projects do you wish that I cover? Are you interested in other currencies or aspects of the crypto ecosystem and Pi? Please, let me know in the comment section.