The cryptocurrency industry is no stranger to schemes, scams, and fraud. Because of this, users continue to dedicate themselves to the mission of developing a digital currency that is 100% trustworthy. With each new digital blockchain venture, users must decide if freedom from third parties outweighs the underlying risks. They must ask themselves if each coin, network, and infrastructure is legitimate and if the creators’ mission aims to do the greatest good for the greatest number of users.
If you are well-versed in the traditional Bitcoin cryptocurrency space, you will understand that many participants were excluded because of a large barrier to entry. Namely, it was too expensive. The sheer cost of mining Bitcoins coupled with periodic halving events created a situation where people simply could not afford to join the movement or felt they had arrived too late. Too much money was in the hands of too few and precious natural resources were being eroded. The dynamic left a bad taste in the mouths of users searching for a utilitarian approach to cryptocurrency.
Enter mobile mining apps. These apps feature Decentralized Autonomous Organizations (DAO) where all processes are governed and regulated by stakeholders, not a central board of directors or owners. Users all over the world could join using the processing power of their smartphones to mine new cryptocurrencies. Barriers were removed and a new wave of cryptocurrency participation was launched.
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What is the Pi Network?
A past challenge of distributed ledger transactions was security. With an open ledger comes fraudulent transactions. Thus, the concept of Bitcoin mining was developed to validate transactions. Mining Bitcoin required sophisticated computers and large amounts of energy consumption. Pi was created as “the first digital currency you can mine on your phone.”
The Pi network aimed to bring people into cryptocurrency investing instead of keeping them out. With Pi, users received Pi coins as a reward for mining as well as for recruiting new users to the platform. Its technology removes third parties and puts transactions in the hands of users. By doing so, everyday people are responsible for peer-to-peer regulation and distribution.
What Makes Pi Network Different from Other Cryptocurrencies?
Before Pi, cryptocurrency participation was reserved for those individuals able to mine Bitcoin. While that sounded easy enough, the average investor soon realized how expensive the computer equipment was, how much energy Bitcoin mining consumed, and that they were competing against massive server farms all over the globe. Despite Bitcoin’s revolutionary new take on digital currency, these barriers were preventing mainstream user involvement.
The Pi Network allows average people to mine cryptocurrency by putting its technology in the palms of their hands. Bitcoin had proven that burning money and precious environmental resources to confirm transactions was not sustainable for a mainstream audience. Pi disrupted that model, improved upon it, and introduced new algorithms enabling mobile mining on smartphones.
Is Pi Coin a Trustworthy Platform?
Some would argue that Pi Coin is not 100% open-source, lacks transparency, and therefore could be improved. The Pi cryptocurrency is not yet listed on an exchange and cannot be used to purchase goods and services. Users of the PI app are plagued by annoying ads and a less-than-stellar interface. There are also complaints about Pi’s slow Know Your Customer (KYC) process making users suspicious of potential fraud activity once they submit their sensitive personal data.
Are There Pi Network Alternatives?
An exciting new app being released in April of 2023 is called ice. While it is like Pi, many mobile mining enthusiasts are looking forward to the ice network’s ability to improve upon the Pi infrastructure and move beyond its results. ice is for anyone tired of being held hostage by the traditional financial system. ice wants users to create financial freedom and be the master of their own fates. The ice network encourages members to engage with each other and shape the future of the platform in ways not seen before in cryptocurrency.
What is the ice network?
ice was created to deliver a true sense of community for users and restore trust again to digital assets. A completely decentralized, open-source network, ice is committed to democratization for all users. Those unable to afford the resources necessary to mine Bitcoin, or have entered the Bitcoin mining process too late can now mine coins from their phones. The ice network is a free app for Android and iOS mobile phones available to download on April 4th, 2023. It will be available in the App Store, Play Store, and Huawei AppGallery. All you need is an invitation from a current trusted ice network member to gain download access.
Once you enter the ice network, you will see how easy it is to mine ice coin (even your grandpa can do it)! Continue inviting your friends to create micro-communities where trust is built, bonuses are earned, and higher earnings are shared. The ice network is based on transparency and trust placing the power to decide in the hands of its users.
How is ice Coin Similar to Pi Coin?
Both ice and Pi coins are mobile mining cryptocurrencies meaning coins can be harvested via mobile phones. They bring the power of cryptocurrency mining and investing to everyday people with low barriers to entry. Both apps are also free to download and do not require any payment information to be submitted by users. Each app is accessed through an “invitation only” business model where current members invite new members onto the platforms.
What are ice Coin’s Advantages?
ice network aims to improve upon Pi’s flaws in some major ways. First and foremost, ice users will never be bombarded by paid advertising. The ice network was developed by a team of over 20 senior engineers, economists, and sociologists with a mission to develop the purest DAO model possible. Unlike the Pi model, the ice network prioritizes full decentralization and will be implementing strict KYC processes to verify accounts before transitioning into the Mainnet.
Phases
Another key advantage of ice network is its phases. Phase 1 will be characterized by giving users the opportunity to pre-stake their mined ice coins for future project development. In return, they will receive staking rewards. Then, Phase 2 (transition to Mainnet) will kick off as ice coin is listed on exchanges and user balances are available to trade for goods and services. In order to enter Phase 2, users must be verified through Know Your Customer (KYC) processes.
Slashing
The ice network is unlike other mobile mining apps and rewards only active users. It developed a concept called “slashing” where users are penalized for inactivity to ensure a cohesive community as it grows. This is a large advantage as compared to Pi where users are actively rewarded for recruitment quantity, not quality, thereby clogging the platform with bots and fake accounts.
Slashing grew out of ice’s mission to build a strong, active community. ice believes engagement is the cornerstone of a successful decentralized network. Users are encouraged to not only invite their friends and build micro-communities but also participate in discussions and raise overall platform engagement. By contrast, inactive ice users work against this mission and will see their ice coins slashed as a penalty.
Staking
The pre-stake period allows users to deposit, or stake, a portion of their mined ice coins for higher rewards. The staking period begins once Mainnet access is allowed and users have successfully completed Know Your Customer verification. Staked proceeds will be used to govern the project long-term. The ice community will determine how staked funds are spent as well as the future of the project.
Getting Started with ice Coin
Any time after April 1st, 2023, receive an invitation from a trusted ice network member and download the ice app from the App Store, Play Store, or Huawei AppGallery to your Android or iOS smartphone. You can sign-up for an ice network account using your email address, phone number, or Apple, Google, Facebook, or Twitter accounts. Claim your clever nickname, watch the helpful step-by-step tour, and start your first ice coin mining session!
Days Off
The ice app rewards users for their commitments to the community. For every six consecutive days of mining, you will receive one day off. Therefore, if you have been mining ice coins consecutively for 30 days you will receive five days off. On a day you cannot log into the app and tap the mining button, you will still appear to be online, and counted as if you were mining for that entire day.
ice is Better with Friends
The power of ice lies within its community. Community engagement is the key to a stable, mainstream digital coin. By mining with friends, users create micro-communities that build trust. The founders of ice believe it is crucial for users to engage with each other and the outside world so ice coin is viewed as useful and stable. This mindset will push the ice network and ice coin into the mainstream and gain wider acceptance unlike cryptocurrencies of the past.
Tags:
ice coinice networkknow your customer (KYC)mobile miningpi coinpi networkpi network alternatives
As an enthusiast with a deep understanding of the cryptocurrency industry, I find the evolution of digital currencies fascinating, especially in the context of addressing issues like scams and barriers to entry. My experience extends to various aspects of cryptocurrency, including mining, decentralized systems, and the challenges associated with traditional models.
Now, let's delve into the concepts mentioned in the article:
1. Pi Network:
- Pi Network addresses the traditional barriers to entry in the cryptocurrency space by allowing users to mine cryptocurrency using their smartphones.
- It introduces the concept of Decentralized Autonomous Organizations (DAO), where processes are governed by stakeholders rather than a central authority.
- Users are rewarded with Pi coins for mining and recruiting others, promoting a peer-to-peer approach to transactions.
2. Pi Coin's Uniqueness:
- Pi Network stands out by enabling average users to participate in cryptocurrency mining without the need for expensive equipment or significant energy consumption.
- It contrasts with the exclusivity of Bitcoin mining, which became unaffordable for many due to high costs and competition with large server farms.
3. Challenges with Pi Coin:
- Some criticisms of Pi Coin include the lack of complete transparency, the absence of listing on exchanges, and issues with the KYC process.
- Users have reported annoying ads and a less-than-ideal interface, contributing to concerns about the platform's legitimacy.
4. Introduction of ice Network:
- ice is presented as an alternative to Pi Network, aiming to address perceived flaws and improve upon the existing infrastructure.
- The ice network emphasizes community, transparency, and trust in digital assets.
5. ice Network Features:
- ice Coin, like Pi Coin, enables mobile mining, making cryptocurrency accessible to everyday users.
- The ice network distinguishes itself by prioritizing decentralization and implementing strict KYC processes, contrasting with Pi's approach.
- The platform is developed by a team of over 20 senior engineers, economists, and sociologists, highlighting a commitment to a pure DAO model.
6. Phases and Advantages of ice Coin:
- ice Network introduces phases, including pre-staking opportunities for users to earn rewards for future project development.
- The slashing concept penalizes inactive users, ensuring a more engaged and cohesive community.
- Staking in ice allows users to deposit a portion of their mined coins for higher rewards, with the community governing the project's long-term development.
7. Getting Started with ice Coin:
- To join ice Network, users need an invitation from a trusted member. The app is available for download on Android and iOS devices.
- The platform encourages users to build micro-communities, fostering trust and engagement.
8. Days Off and Community Engagement:
- The ice app rewards users for consecutive days of mining with days off, promoting consistent engagement.
- Community engagement is emphasized as crucial for the stability and mainstream acceptance of ice coin.
In conclusion, the article explores the challenges in the cryptocurrency industry, introduces Pi Network as a solution with its strengths and weaknesses, and introduces ice Network as a potential alternative with a focus on community, transparency, and active user participation.
