Mining of any cryptocurrency cannot be done using a mobile phone. Basically, crypto projects like CORE, RENEC or PI using the term “Mining” does not literally mean that it is mine-able.
This is the reason @Coredao_Org via the WhitePaper on Satoshi app, stated that it is an “Innovative Airdrop Method” : which entails that the users were getting CORE as reward for performing basic task like tapping on “Receive CORE” on the Satoshi app.
The CORE you see on your Satoshi account are virtual assets (flash/air) – they haven’t been added on Core Blockchain (On-chain), that’s why they’ve enabled users to start linking their respective CORE address (generated on MetaMask) on the Satoshi app.
Now, let’s hint on the Differences between Mining (PoW), Staking/Delegating (PoS, DPoS, MN), and Claiming (PoA, PoH, PoC, PoP):
- PoW: Proof of Work.
- PoS: Proof of Stake.
- DPoS: Delegated Proof of Stake.
- MN: Master Node
- PoA: Proof of Account.
- PoH: Proof of Human.
- PoC: Proof of Claim.
- PoP: Proof of Participant.
It is only Proof of Work (PoW) assets are mineable, because you are directly contributing Hash Power to the network of the Coin globally real-time (On-Chain). As you are mining, you are instantly getting your assets provided that you find/solve a block (a kind of computational arithmetic), you don’t need to manually request for your mined/hash rewards, except you are mining through a private/combine pool.
In the case of CORE, Pi Network, RENEC and similar Crypto projects, they are not mine-able assets. They have no connection with the On-chain network during your participation phase. What the users are accumulating are virtual (flash) of the asset that the developers will later send to them manually and that is after you must have submitted and passed a proof of identification (KYC) indicating that you are the one operating the account.
But in the case of PoW, you don’t need to wait for the developer to start telling you to go and create a wallet that their withdrawal process will soon start and that you need to pass KYC before you can withdraw. You don’t need any form of verification/recognition to mine a PoW assets. Even in private/combine Pool, you don’t need KYC to withdraw your mining/hash rewards. Your submitted Hash indicates your KYC/Verification.
Satoshi CORE, Pi Network, RENEC and similar projects having the terms “Mining” on their platform does not mean you are mining it. You are just accumulating a shadow/virtual representative of what they will send you when you request for a withdrawal when they are ready to give the On-Chain asset, which isn’t in any way connected to what your phone have been claiming.
Crypto enthusiasts globally are eligible to join our Telegram Group, Twitter Community and for updates and educational contents.
Comment on “The term “Mining” in CORE, PI, RENEC and similar Crypto projects”