Pi Network claims to be the first and only digital currency that you can mine on your phone.
Cryptocurrency mining is a hugely energy intensive process and requires a lot of computer power in order to solve complex mathematics puzzles.
Through a complex computer programme, Pi Network instead uses a series of votes and exchanges of data to verify transactions.
Pi Network claims users can mine the currency through the mobile app “without draining their phone battery”.
This makes the process available to anybody, in theory, Myron Jobson, personal finance campaigner of Interactive Investor.
Pi Coin is the cryptocurrency that runs on the Pi network, but it remains in pre-release mode.
Pi Network is currently in the second phase of the project, but it’s not yet known when Phase 3 will launch.
Pi Network “can’t technically be described as a pyramid scheme” as no money has changed hands yet. “It is far too early to tell if the coins being earned will be worth anything.