After Samsung launched a new phone that featured an installed crypto wallet app and HTC countered with their own crypto mining app, something quite interesting has popped up on the Apple App store this week. An App that can mine for crypto while you sleep, apparently developed by personnel from Stanford.
The big picture
Cryptocurrency is clearly gearing up for mass adoption. After the Samsung S20 announcement (smartphone would hold your crypto wallet) in February of this year came the even better HTC news.
HTC claimed that their newest smartphone could be mining for crypto for free, simply using your battery power at a fraction of the price of the crypto it mines. Of course you would only be making cents on the dollar (or euro), but a promising development indeed.
Just last month, US congress wanted to include the term ‘Digital dollars’ into their Corona stimulus bill, which would have been huge indeed. The fact that it was omitted means that big banks still have deep pockets and strings to pull politicians.
This time round though, it would appear that developers at Stanford have taken mass adoption one step further. Their app, available on Apple’s App store and Android’s Google’s play is called Pi, referring to the mythical mathematical value.
Mine for crypto while you sleep.
If it works, it would allow your iPhone to mine for crypto while you sleep, simply by using your battery power. Once again, given that it’s the Beta phase and it only allows for their own crypto to be mined, a serious profit is likely a few months away, but hurray for the effort.
With developments like these, we can only hope that the central dream of Dapps (Decentralized Apps) that our machines works for us while we are not using them, comes one step closer.
Good to read in their WhitePaper that they are sticking to Satoshi’s original dream, stating:
Currently, our everyday financial transactions rely upon a trusted third party to maintain a record of transactions. For example, when you do a bank transaction, the banking system keeps a record & guarantees that the transaction is safe & reliable. Likewise, when Cindy transfers $5 to Steve using PayPal, PayPal maintains a central record of $5 dollars debited from Cindy’s account and $5 credited to Steve’s. Intermediaries like banks, PayPal, and other members of the current economic system play an important role in regulating the world’s financial transactions.
However, the role of these trusted intermediaries also has limitations: Unfair value capture. These intermediaries amass billions of dollars in wealth creation (PayPal market cap is ~$130B), but pass virtually nothing onto their customers – the everyday people on the ground, whose money drives a meaningful proportion of the global economy. More and more people are falling behind.
A noble cause… not sure if Peter Thiel will like to read it, but still.