in , ,

Are we really mining on Core DAO and Pi Network platforms? Why it is impossible to mine crypto on smartphones

It is impossible to mine any cryptocurrency using a mobile device. Basically, when crypto projects like CORE, RENEC, or PI use the term “Mining,” it does not mean that the project is literally able to be mined.

This is why @Coredao Org claimed in a WhitePaper on the Satoshi app that it was a “Innovative Airdrop Method”: it involved rewarding users with CORE for carrying out simple tasks like tapping “Receive CORE” on the Satoshi app.

The CORE that you see on your Satoshi account are virtual assets (flash/air) that haven’t been added to the Core Blockchain (On-chain). As a result, they’ve made it possible for users to start linking their individual CORE addresses (generated on MetaMask) on the Satoshi app.

Let’s now briefly discuss how mining (PoW), staking/delegating (PoS, DPoS, MN), and claiming (PoA, PoH, PoC, PoP) differ from one another:

  • Proof of Work, or PoW.
  • Proof of Stake (PoS)
  • Delegated Proof of Stake, or DPoS.
  • Master Node.
  • Proof of Account, or PoA.
  • Proof of Human, or PoH.
  • Proof of Claim, or PoC.
  • Proof of Participant, or PoP.

You can only mine Proof of Work (PoW) assets since you are directly supplying Hash Power to the Coin’s network in real-time (On-Chain). You don’t need to actively request for your mined/hash rewards while mining, unless you are mining through a private/combine pool, as long as you find/solve a block (a type of computational arithmetic).

They are not mineable assets in the cases of CORE, Pi Network, RENEC, and other comparable Crypto projects. During your participation period, they don’t have any link to the On-chain network. Users are collecting virtual (flash) versions of the assets that developers will subsequently manually transfer to them, but only once you have submitted and successfully completed a KYC verification process proving your identity as the account owner.

But with PoW, you don’t have to wait for the developer to start urging you to go establish a wallet because their withdrawal procedure is about to begin and you need to pass KYC before you can withdraw. To mine a PoW asset, you don’t require any kind of recognition or authentication. You don’t require KYC to withdraw your mining or hash winnings, even in private or combined pools. Your KYC/Verification is indicated by the hash you submitted.

The fact that projects like Satoshi CORE, Pi Network, RENEC, and others have the term “Mining” on their platforms does not imply that you are mining it.

When you request a withdrawal and they are prepared to provide you the on-chain asset, you are simply building up a shadow or virtual representation of what they will transfer you. This has nothing to do with what your phone has been claiming.

SOURCE: mentorslinks.com

Written by T.I Ukende

T.I Ukende is a professional writer and ICT consultant. He has written many evergreen articles for Benuecast blog, classicgist, ellabase and many others before birthing the newsway blog.
Newsway delivers well researched and undiluted information on business, employment opportunities, personal finance and government empowerments.

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

    KuCoin reportedly added Rocket Pool (RPL); open trading pair with USDT

    Kuwaiti Dinar has the highest exchange rate against Nigerian Naira; check rate today