In recent days, you may have been invited by your friends to register and work on a project called (Pi mining) on your social networks and messengers. This project has attracted not only the cryptocurrency community but also ordinary people with attractive promises. The following article discusses the following:
What is Pi mining? Is this project a scam?
How reliable is the Pi mining project?
Will participation in the Pi mining project be profitable?
What is Pi mining? Is this project a scam?
To find out how the Pi mining project introduced itself, we refer to its official website. On the front page of the website, the network introduces itself as follows: The first cryptocurrency that you can mine with your phone.
Theoretically, any hardware with processing power could use to mine all digital currencies, even bitcoins.
If you specialize in software and hardware, you can even mine Ethereum and bitcoin cloud mining with your mobile phone. Of course, mobile mining is not profitable at all, but just know that on paper, all cryptocurrencies can be mined with a mobile phone. People with a background in cryptocurrency are probably familiar with Electroneum. Electroneum and several other projects have long proposed the idea of mobile mining.
How reliable is the Pi mining project?
Anyone who has read the great white paper projects of the blockchain, if they take a quick look at the white paper of the network, will notice that it is unprofessional and its advertising aspect. You do not need to have any technical knowledge to check the white paper Pi mining. Just flip through it and compare it to white paper projects like Cardano. A glance reveals the difference between a good project and a clumsy one.
Will participation in the project be profitable?
Cyberspace, especially associations of digital currency traders, became over a period filled with messages about the emergence of a fledgling and highly lucrative cryptocurrency. Users have long wanted cheap and hassle-free best crypto mining, as mining is generally a time-consuming and costly process. They need initial capital to buy very powerful computer systems with high hashing power and pay for electricity.
They have always sought to mine their popular digital devices, such as desktops, laptops, and especially smartphones because it is not possible for everyone to buy bitcoins from free bitcoin generators or other popular cryptocurrencies at their current prices. Pi mining promised that this dream has come true!
Is Pi mining possible with a smartphone?
As we said, Pi mining is not essentially a digital currency and the manufacturer makes false claims about its project. On the other hand, not every token distribution can consider mining. Even the mining mechanism is very different from what the Pi mining claims.
Most importantly, there is no identifier system in any mining, but to use and receive pi tokens through the software, you must enter an identifier code! This seems ridiculous in blockchain systems.
Any smart electronic device capable of processing commands can be used to mine cryptocurrencies, even bitcoins. Of course, the cryptocurrency profit calculator shows cell phone mining is ultimately unprofitable, although in practice this is not impossible.
Download Pi software
What is the ultimate goal of the project?
According to this site, the purpose of the Pi is to make the mining process easier. Pi mining considers mining to be a difficult task that wastes a lot of energy and aims to facilitate this process.
When using Pi mining, it should be noted that easy mining cannot be the goal. Even the whole mining process is not a goal, but a means to secure a network that has other goals. For example, Bitcoin aims to provide a way for peer-to-peer and decentralized payments where there is no need for double-spending.
Ethereum aims to provide smart contracts on a decentralized platform. Iota’s goal is to work in the field of the Internet of Things. To understand the purpose of Pi mining, we can study its white paper.
The goal of the Pi mining
What are the tips in WhitePaper Mining?
One of the general rules for identifying invalid projects in the field of digital currencies is that the project owners do not talk about technical details. A good project is one in which all the conceptual and technical details are well explained.
WhitePaper of Pi mining has tried to make the Pi look like a bitcoin, while the authors of the article do not have the slightest information about the technical details of bitcoin. They seem more interested in comparing themselves to Bitcoin than to the details of their project. The name of Bitcoin has been mentioned more than 70 times in this white paper.
A clear example of generalization in this article is the “Roadmap” section. The detailed description of the roadmap states that the project consists of three parts: final design, testing, and implementation. All projects generally go through these three stages. Detailed details make the roadmap of each project different from the other. For example, specify in detail at what date the project will progress.
Does the project have a source code?
All valid blockchain projects are fully open source or at least partially open source. But it is not clear on which code or blockchain the network leg is implemented. All the reputable projects have dedicated a section to the developers on their official website and provide the necessary instructions for their activities. But in this project, which aims at nothing but attracting the audience, no section has been allocated to the developers.
White Paper does not have any information about blockchain code or any link to access the code. We know that all reputable projects in the field of digital currency register their blockchain code or smart contract on the GitHub site. But Pi mining has not registered its blockchain code anywhere, although it is not clear if there is a code.
What is the structure of white paper in terms of article writing?
The structure of an academic paper consists of several sections such as abstract, introduction, text, conclusion, and bibliography. This white paper has no resemblance to a mediocre article and is more like a blog post. For example, the article ends with a roadmap.
As we know, every valid article ends with a summary section and finally a citation. The white paper of Pi mining is like an unfinished article.
What is the supply of PI coins?
In a part of the White Paper of Pi mining, there is talk about the supply of this coin. In the following, we will examine this case.
The final supply of this token is obtained from a total of three numbers M, R, and D. R is the reward for referrals (invitations to others), which is itself a percentage of M. D is also the developers’ bonus, which is a percentage of the sum of M and R. So to calculate R and D we must first have M. Here is a formula for calculating M:
M = ∫f (p) dx
In this regard, P is the number of people involved in the mining process. f also represents a function whose variable is P.
The first drawback of the formula is that there is no information about the function f and we practically do not know what the integral is to be taken from. The second problem is that the function variable is different from the integral variable. Of course, this does not pose a problem in the integration process, but the integral response will be a bivariate function of x and p. We do not know the upper and lower boundaries of either! M, instead of being a number, is a bivariate function plus a fixed number that we know neither the boundaries of any of the variables nor the fixed number.
What do network fans say in defense of it?
- Proponents of the Pi mining project say the developers of the project are from Stanford University. The developers of the Pi said to be Nicolas Kokkalis, Chengdiao Fan, and Vincent McPhillip. Kokkalis is a Ph.D. student at Stanford University working in the field of blockchain and decentralization. By visiting his page on the Stanford University website and his page on Linkedin, we found that none of these pages mentioned the name of the network. No page for Fan and McPhillip found on the university website. These two have pages on Linkedin, but these pages show no sign of them being professional. The fan page on Linkedin has only 66 links and no posts, favorites, or even pictures that published.
- Another claim of the fans of the Pi mining project that the software introduced by this team is in Google Play and downloaded more than 3 million times, which shows the credibility of the project. First of all, we need to know that it has happened many times that Google mistakenly put malware in Google Play and then removed them. So this cannot be a sign of the validity of the software. Secondly, the large number of downloads of this software is due to receive a reward with an invitation link and referral ID. People, who do not have the slightest information about it, start downloading software that may bring them windfall money months later.
- Proponents of the Pi mining project say that they do not need to invest to participate in the mining of this currency, so even if the project goes nowhere, we will not lose.
Mining that is done through hardware but does not use any hashing power or data is not mining. This software only shows you a number that increases over time, a number that has no value.
The claim that no financial capital invested is true. But scams do not always happen financially. By participating in this project, you have given valuable time, personal information as well as hardware to those who don’t know of them and their goals. We do not know for what purposes they will use your phone and millions of other people.
What are the drawbacks to the project?
- So far no adviser introduced for this project. There is no explorer software to monitor transactions in the blockchain. Although it is not clear if there is a blockchain.
- This coin or token is not listed on any reputable site, including Coin Market Cap. Even if in the future this project enters sites like Coin Market Cap, there is no reason for it to be valid, because even coins entered in an unknown exchange will include in the Coin Market Cap list. Now CoinMarketCap website cited for Status of Pi that “Market data untracked and this project featured as an ‘Untracked Listing’.”
- Mining occurs in several cryptocurrencies that implemented on the blockchain platform and use a consensus mechanism. Pi mining has no blocks and no specific mining mechanism. Making a real cryptocurrency requires computing power and the Internet.
- You cannot earn money by touching lightning daily on the software of the foot. Pi does not have a clear identity as a cryptocurrency. The number shown as an asset in the software is an invaluable number that does not represent your assets.
- Pi is not listed in any reputable crypto exchange and cannot be bought or sold.
- It cannot trade in any domestic or foreign exchange and its value is zero.
Pi mobile mining
How to identify a real project?
It is not difficult to distinguish a fraudulent project from a real cryptocurrency cloud mining service. One of the points that help to distinguish real and valuable projects from invalid and scams is the details of the description provided by the developer. In projects such as Pi mining, the manufacturer does not talk about technical details. They only insist on its claims, without mentioning how their seemingly profitable claims made possible.
Reputable projects, within their official website, have a section dedicated to developers and provide the necessary instructions for their activities. The blockchain projects are completely or at least partially open source. So they can manipulate and customized after viewing the source code. It is not clear which code or blockchain implemented in the Pi mining. If there is a source code, we expect to see it on GitHub or another platform!