A cryptocurrency is a new form of digital currency that can be used as a medium of Exchange, payment, store of value etc. Cryptocurrency is not a paper currency but a digital currency.
Pi Network is the first Cryptocurrency that anyone can mine on phone without draining the phone battery, next some other phone mining show up. But for today, the next promising phone based Cryptocurrency mining App we are going to talk about is called “Star Network“.
What is Star Network Mining?
Star is a digital currency that you can earn from Star Network.
Star Network is a social DeFi (decentralized finance) network) which enables users to connect and earn, store and transfer your Star balance to your peers. Star Network will also continue its development to be an one–stop DeFi platform with currency exchange, borrowing & lending, wallet & payment functions.
NOTE: the referral code is like this below
not like this AschoolzX
Note: there’s WhatsApp Group & telegram link at the end of the “how to create Star Network Account tutorial. Only join it when you use my referral code aschoolz to join Star Network. But make sure you read all this page finish, because there’s a lot of bonus for you in this page. Just continue reading till the end.
How to Create Star Network Account?
To create a new Star Network Mining Account, all you have to do is to follow the steps below
The link will direct you to a store where you will download & install Star Network App
2. Install the Star Network Mining App and then open the App on your phone.
You will now see a page that looks like this one below
3. Click on Sign Up
You will now see a page that looks like this one below where they will ask you for a referral code to join Star Network
4. Enter aschoolz into the box as your referral code
NOTE: the referral code is like this below
not like this Aschoolz X
5. In the next page, you will have to provide your email and password details.
NOTE: the password has to be 8 – 20 character and at least with 1 digits and at least with 1 Uppercase. E.g Elonmusk~1
6. Verifying your Star Network Account
Now after you’ve enter your email (Gmail) address, a confirmation code will be sent to your email (Gmail) account.
7. Goto your email and click on the link sent to you from Star Network.
After you click on the link, your next page will looks like this one below, congratulating you for verifying your Star Network Account.
8. Register your name and picture
NOTE: this part is very important, just make sure you register with your real name as it is on any of your valid government issued ID Card, passport or driver’s licence etc.
That’s all, you’ve successfully Open Star Network Account.
How to mine Star Network Coin, Cryptocurrency/token?
The mining process is similar to other networks, you simply click a button every 24hrs earning free cryptocurrency. Your smartphone is not drained, heated to dangerous levels or drained. All mining is done off your smartphone, but you must make sure you are logged in at all times. Yes, you can close the app but do not sign out because you will not earn any stars over this period.
There is another option to increase your 24hr earning potential called a Power-up, when clicked you can earn a 1-100% increase. I have had some high power-ups but never 100% as of yet. This is activated every 12hrs, so you can potentially earn double the amount of stars in any 24hr mining period.
Here are frequently asked questions about Star Network.
How do I know that Star Network is not a scam?
Star Network is a revolutionary project in decentralized finance led by a team of genuine DeFi enthusiasts. Although its success is not hundred percent guaranteed, it is our entire community’s aspiration to make it happen. However, Star Network will never require users to make any payment to us for participating in our project. We also discourage users from trading Stars with fiat money before Star is officially listed on major exchanges. – Star Network Mining App
How do I earn Star and earn Star faster?
Our app enables you to earn Star by making contributions to the Star Network community. To start earning Star, login the app and click the rocket button to activate a 24-hour earning gsession. In addition, you can earn extra by inviting new users to join Star Network with your referral code.
There are 4 tips that can help you to earn Star faster and thus enjoy it better.
Stay committed, come back every 24 hours. As each earning session will only last for 24 hours and will stop until you have manually initiated another session, the simplest way to earn Star faster is not to leave any gap between any earning session.
Just develop a practice of spending 5 seconds at the same time every day to initiate a new session and maximize the value of time.
Earn your surprise gift. Every 12 hours, you will be able to “Draw Power-up” on your app’s home screen. You will be rewarded with a bonus rate from 1 – 100% of your eligible earning rate. Good luck!
Spread the words, build a better future together. For every new member who has joint Star Network using your invitation code, they automatically become your Booster (and you are the Rocket). When both of you have initiated your earning session, each Booster will boost your earning rate by 25%. Referral bonus rate is uncapped.
So let’s spread the words and invite people to join Star Network upon your referral.
Be an early bird, start earning before the rate halves. Rate halving is a common practice in the cryptocurrency field, in which the supply rate will be cut by 50% upon a certain timeline. Star Network will conduct rate halving 3 times in the entire project road map before ceasing new supply, so you will be better off to maximize your earning before each rate halving happens.
How much battery and data will the Star Network app consume?
Battery and data consumption is insignificant. Firstly, after you have logged in the app and activated a new earning session, it is not necessary to keep the app open. You can close the app if you wish (but not logging out) and the earning would still count. Just make sure that you will come back after 24 hours to initiate another session. No worries, if you have switched on the app’s notification, it will remind you. So literally the activity of earning Star does not affect your phone’s performance, drain your battery, or consume significant data.
Does using the Star Network app mean mining cryptocurrency on the phone?
No. Star Network app, and the entire Star Network project, do not utilize your mobile phone to “mine” cryptocurrency.
In the current stage, the purpose of your mobile app is to communicate with our server on the cloud to record the earning of your Star balance and any peer-to-peer transactions.
Does the Star Network app also serve as a wallet for Star?
Yes, your mobile app will serve as the wallet of Star. Prior to the KYC process, your identity with the app is linked to accounts (Apple, Google, Facebook, email) you used for registration.
In our upcoming developing phases, Star Network’s blockchain will also allow in-app/external wallets to hold Stars and submit transaction records to the chain.
Star Network‘s aim to make Stars user friendly to most people, so that we would build this integrated interface.
Can a user earn fraudulent earnings by logging in the same account with multiple devices? How does Star Network combat fake accounts and fraudulent earnings?
No, one user can only earn from one device. Star Network combats fake users and fraudulent earnings by enforcing KYC (Know Your Customer) compliance process and introducing the idea of Nominal Balance and Realized Balance.
Nominal Balance means your Star balance on paper, this is the sum of Star balance that you have earned from the contribution made by yourself and all users who have joined your team.
Realized Balance is the amount of Star Balance that you have earned from users who have passed Star Network’s KYC compliance process plus the part of your own earning after passing the KYC process. It refers to the actual balance that you can withdraw, transfer or use.
As Star Network enforces a strict KYC process which users will be invited to upload their identity documents, complete a series of questions and be verified by our staff (human, not robot), any fake accounts will not be able to pass our KYC and thus fraudulent earning in Nominal Balance can never be converted to Realized Balance and cannot be used. — Star Network Mining App
What is the value of Star?
As Star is forecasted to be listed on major exchanges by December 2022 where users can trade Star with fiat currencies like US Dollar, the market value of 1 Star can only be confirmed by that time. Just like any other financial assets, the value of Star is governed by supply & demand. Here are the several key measures that Star Network has adopted to support the value of Star:
Ceases new Star supply when Star Network has recorded 100 million users worldwide
Implements strict KYC process to verify identity of real users and combat fraudulent earning
Prioritizes liquidity to users in countries with greater GDP
Offers a wide range of practical applications of Star including P2P transfer, exchange with fiat currencies, trading for goods and services with affiliate merchants, earning interest and a lot more use as an financial asset
When can I withdraw Star?
In order to withdraw, transfer or use Star, you will firstly need to pass Star Network’s KYC verification process, which is forecasted to take place starting from October 2021. Once you have passed KYC, you will be able to conduct P2P transfer of Star with other users who have also passed KYC. By the time Star is listed on exchanges, which is forecasted to take place in December 2022, you will be able to trade Star with fiat currencies. Upon the on-going development of Star Network as a one-stop social DeFi platform, there will be more & more practical applications of Star.
Does it mean that I can earn Star for free?
Yes or no, depending on how you interpret “free”. Yes, because you only need to install Star Network app and you can start earning Star, you do not need to pay any money. No, because nothing valuable can be earned without making any effort. Despite that you do not need to pay any money, you will need to invest your time and effort and make contributions to the build up of the Star Network community. The minimum that we expect from any users are to login the app and activate a 24-hour session on a daily basis. If you would like to earn more Star, the system rewards you well when you have made a contribution in educating and referring your trusted circle of friends to join Star Network.
How does Star Network differentiate from other digital currency projects which also offer token to mobile phone users free of charge?
While there are several other digital currency projects in the market and a few of them are relatively standing out with millions of users worldwide, they share common shortcomings below and Star Network is designed to overcome these shortcoming and let dedicated users to enjoy the true benefits of social DeFi project fairly:
Other projects in the market cannot combat fraudulent earnings by users taking advantage of robots or computer programs. Users can manipulate the system by creating a long list of fake accounts by robots, referring these fake accounts to join his team and enjoying the enormous benefit in referral earning. Star Network solves the problem by introducing Nominal Balance and Realized Balance in which only users can only use the Star balance contributed by other real users who have passed KYC (Realized Balance). One can still fake the system by taking advantage of creating a long list of fake accounts, but those Nominal Balance can never be converted to Realized Balance and thus reward real users fairly.
KYC means liquidity of Stars. For the benefits of all holders of Stars, Star Network strives to preserve and foster a sustainable growth in Star’s value. Hence, while everyone would have the chance of getting their KYC slot, in the project’s early phases we would distribute KYC slots to different users by phases according to several considerations. Priorities are given to those who have higher Nominal Balance and Staked Balance (we will introduce a staking campaign after Star is listed on crypto exchange) to reward their contribution to the buildup of Star Network. Other than that, luck and random factors would take place too.
Given prioritizing KYC slots means prioritizing liquidity of Star, how does Star Network determine who shall get KYC slots first?
While every user will be eventually given an opportunity to pass KYC, Star Network gradually releases a certain amount of KYC slots so this means someone will be able to pass KYC first than others. All users can win a chance to get the KYC slots by drawing (which can be done in the home screen of Star Network mobile app) after the project has entered the phase of having 500,000 registered users.
What is the total supply of Star?
Star Network ceases supplying new Star when there are over 100 million registered users worldwide. Hence, the total number of Star supply depends on the earning activity of the entire community prior to cessation of new supply. This can be worked by the simple equation of
Total Star Circulation = Total Star Earned by Rockets + Developer Award for Core Team and Key Staffs
Developer award will be 25% of the sum of Star earned and will be credited to relevant beneficiaries Star wallet upon the cessation of new Star supply.
What is the consensus protocol of Star Network?
Star Network‘s consensus algorithm uses the voting result of all Nodes to determine the formation of the next block, while Bitcoin Network’s consensus algorithm requires each Node to compete against each other and let the winner decide.
All Nodes in Star Network can make their own transaction verification decision and propose how the next block is formed. They will then internally communicate via network messages and then vote for different proposals. After several rounds of voting, the majority of these Nodes will reach a general consensus and then the voted block will be the next block. Nodes who have contributed to the formation of the next block will be rewarded with Star tokens.
As it is far easier for Nodes to internally communicate and vote via network messages than compete against each other and be the fastest one in solving mathematical complexes, the energy required in earning Star is much less. Also the reward is distributed fairly among Nodes who have made contributions, instead of “winner takes it all” in Bitcoin’s Proof of Work consensus algorithm. Mainstream cryptos like Stellar (XLM) and Ripple (XRP) are also using a similar algorithm and consensus protocol. — Star Network Mining App
What is the background of Star Network’s core team?
Star Network’s core team is formed by professionals in investment banking, technology, and payment network fields. The core team consists of ex-senior executives of investment banks including Goldman Sachs, Morgan Stanley, technology giants including Google, Facebook, Apple and payment networks including Visa, Paypal. As Star Network is missioned to be a global project, our core team members are based in leading financial hubs with mature financial and technological infrastructures including the United States, United Kingdom, Germany, France, Japan, South Korea and Singapore.
Combining the core team’s expertise in investment banking, fintech, social media and compliance, Star Network is dedicated to building the safest and friendliest all-in-one decentralized financial system. Core team members will disclose their identity in the project ‘s later stage when timing matures.
Is The Star Network a Scam?
No, there is no dangerous code or any scam tactics used in this app. It’s perfectly safe for anyone to start using and earning free cryptocurrencies. You do not have to pay for improved mining speeds, it is just totally free crypto with minimal ads.
Does the Star Network have Utility?
Yes, it has a few ways to survive unlike os many other tokens making huge gains in recent months. They are the first socially created network that is based on cryptocurrencies. Their instant messenger and peer-to-peer finance options and payment options are available.
Star Network is a social DeFi (decentralized finance) network visioned to be a cryptocurrency ecosystem for users to earn, store, trade and use your Star balance and eventually an one-stop decentralized financial platforms for all banking activities including saving & withdrawing cryptos and fiat money, borrowing & lending, trading, investment, payment settlement by debit cards or credit cards and even membership benefits with fiat merchants. That makes Star Network like your everyday bank, except that it is entirely decentralized so you are no longer manipulated by any middleman.
5.2 Global launch of Star Network app with Star earning and instant messenger functions (Aug 2021).
Star Network mobile app will be launched in August 2021 on both Apple App Store and Google Play Store. In this version, users are able to grow and store their Star balance, invite new users to join their teams and communicate with their teammates via Star Network instant messenger.
5.3 KYC and P2P transfer since 500k users (forecasted Oct 2021)
As the Star Network community grows to 500,000 global users, we will initiate the KYC drawing process. Upon that stage, everyone is free to draw KYC slots daily, and the chances of users successfully drawing KYC are based on their Star balance, the GDP of their home country, random factors and seasonal promotion campaigns. You may refer to section 4.5 for details regarding token economy & KYC.
After users successfully pass KYC, they will be able to transfer their Realized Balance to other users who have also passed KYC. — Star Network Mining App
5.4 Decrease and cessation of Star new supply (forecasted Oct 2021 to Oct 2022)
As the Star Network community grows further, Star Network will decrease rate of new Star supply by conducting rate halving when user base is grown to 500,000 (forecasted Oct 2021), 2,000,000 users (Forecasted Jan 2022), 10,000,000 users (Forecasted June 2022) and cease supply upon 100,000,000 users (Forecasted July 2023).
5.5 List on exchange (forecasted Dec 2022)
Depending on the maturity of Star Network community engagement, market volatility and other factors, Star Network is forecasted to list on major cryptocurrency exchanges by Dec 2022. By that time users are able to trade Star tokens with fiat money. Given the well establishment of Star Network ‘s system, the cease of new supply and the growing demand in Star token, Star Network is optimistic in the sustainable growth of Star value in long run.
5.6 Launching other Defi projects (Dec 2022 onward)
Star Network’s development will not stop at listing Star on exchange. Star Network will commence developing our own main net for Star. In addition, Star Network is dedicated to continue developing other new DeFi functions according to our project vision. That includes interest-bearing saving & withdrawal services, borrowing & lending, investment & trading, wallet payment solutions (debit cards and credit cards), membership benefits with fiat merchants.
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OMINI ABIODUN MICHAEL [a.k.a] BANKEY MILL (BM) is a blogger and the CEO of Aschoolz.com. We Share Education School News of Universities, Polytechnics, Colleges for both Nigeria Schools, Ghana Schools and American Etc like JAMB, Waec, Scholarship, Job opportunity, Learning, Story books and Blog etc