*image from dogonews.com
Have you heard of 'Stellar'? This major cryptocurrencty, listed on all the major exchanges, is called 'XLM.'
You may have seen it offering $50 dollars in Coinbase Earn program or the airdrop that they are currently doing with Blockchain.com. You may have seen the new STELLAR exchange ad banner drop down from the top of your browser. Maybe you have never heard of it at all.
If you don't know much about it, you should keep reading. It could be a beneficial asset to your arsenal and currently there is a free way to get some for a limited time.
Much like the start of Bitcoin, the ability to earn a lot will reduce very quickly as it grows, so early access to this is paramount. If you are reading this article around the time it is written, then you are ahead of the curve!
Let me impart to you a little bit of knowledge to help you better understand what the Stellar and Pi projects are all about. This will get a little technical so if you get bored and just want to start mining , just use this link and Voila! You can be a Pi miner in seconds! Mine PI! Use relentless211 as your invitation code!
Okay, so, onto introducing you to what PI is and where it comes from-STELLAR. Stellar cryptocurrency is well known on all the major crypto exchanges as 'XLM' or 'STELLAR LUMENS.' STELLAR, at it's inception, intended to use as their currency to build a decentralized banking system that wouldhugely reduce the cost of transaction fees when sending money, to anyone, anywhere. They have, as of today, been largely achieving that goal.
I frequently use it to transfer money between my wallets. The fees of sending Bitcoin are SO HIGH especially when trying to move smaller amounts. I don't know about you, but I'm not rich yet and even if I was, I would prefer to pay less to send my money, not more.
The name STELLAR is short for Stellar Concensus Protocol or (SCP.) It is built on what is called a 'federated Byzantine-agreement' block-chain model. This is one of three, major models on which block-chain networks are built.
The three major types of block-chain models and examples of each are:
* Proof of work (Bitcoin runs on this model of block-chain network)
* Proof of stake (Ethereum runs on this model of block-chain network.)
* federated Byzantine-agreement (Stellar runs on this model of block-chain network.)
Each one of these block-chain models has it's assets and shortcomings. This is a result of the way each 'node' in the network is coded to interact with the other 'nodes' and also how and which nodes get paid. On the Bitcoin block-chain network (proof of work), only the miner lucky enough to mine the last transaction in a block gets paid.
As you may know, there are enormous plants built all over the world now to process these transactions consuming a huge amount of energy. This means that, today, it is virtually impossible for a single miner to ever get paid for their mining. With such a staggering number of active miners on the network, your chances being the last miner to process a transaction in a block are virtually non-existent.
The most likely way to make money mining Bitcoin is on by accessing certain mining communities. These communities all mine together hoping to land a block and then once one is landed they split the money based on each individuals hashpower. This can NOT be done on a cellphone. It takes up a huge amount of energy even for single miners and requires at least a desktop computer, if not an expensive mining rig.
Proof of stake, which is the model on which Ethereum is built, pays miners in what is refered to as 'gas.' While this is arguably more efficient when it comes to transaction cost, it still, also requires a computer or an expensive mining rig to mine effectively.
The federated Byzantine-agreement model, which STELLAR uses, has a different approach to processing transactions. The way that the 'nodes' (miners) communicate with one another is unique in it's methodology. Also different, is the way that the nodes decide on which block is mined next. It is much more efficient in power consumption for single miners and also makes it possible for each, individual miner to get paid for their mining efforts. PLUS, YOU CAN EVEN MINE ON A SMARTPHONE WITHOUT KILLING YOUR BATTERY!
NOW, finally, to explain what PI is and how it will work with the STELLAR network. Because of the type of blockchain model on which SCP (Stellar Consensus Protocol) runs, it is possible to use very little energy or processing power to mine currency. The idea is that each 'node' (miner) in the network has it's own community of other 'nodes' (miners) that it trusts. If you mine 'PI' on your phone, and you invite your friend and they begin to mine too, then your network will grow. The more nodes that you have in your 'trusted network', the more PI that each miner in your network will be able to mine. The earliest miners will have the fastest mining rate!
In the title of this article, I made a comparison to the early days of mining Bitcoin. If you are reading this, which I will be posting on the first of December 2019, then you are already ahead of the game! Currently, Pi does not hold value, simply because it can not yet be traded on the block-chain network, but that day is not far away and the window of opportunity is closing by the minute!
As of today, the PI network has 1.25 million active miners. It has gained 250,000 active miners in the last two weeks and that number should grow exponentially. The amount that each miner can mine will be halved over and over until it reaches 100 million active miners, at which point it will be significantly slowed or even stopped altogether. At 5 million active miners, STELLAR will form a board from the largest contributors and project leaders of PI. The market will become live and PI will be valuable.
Once upon a time, long ago in the crypto-world, one could get 50 bitcoins just for passing a simple 're-captcha' (bot screening test.) Those days are long since gone. but PI is new and driven with innovation by the STELLAR team. It is the very first block-chain currency ever made capable of mining on a smartphone!
Don't miss your opportunity. Join with me and we will mine PI together!! As we each grow our networks with early access, our communities will grow in strength and we will earn more PI!! One day, our communities will consider us some of the first pioneers of PI and the enormously growing STELLAR network!!
***WANT TO HAVE A SLICE WITH ME!! SIGN UP AND GET SOME PI . Make sure to use my username, relentless211 as your invitation code! Happy Belated Thanksgiving!
Learn More About Pi:
More Pi? When Will Pi Be Worth Real Money? How Much Will It Be Worth
Pi ANNOUNCEMENT: Pi Will Be Enabling Transfers To A Small Community!
-Article By Jonathan Caleb Williams