Xiaomi launched its new app on April 19 that’s based on the blockchain. Named Xiaomi WiFi Chain in App Store, it offers the chance to earn ‘Mili’ for winning a prize. The brand has now become the third leading tech company to go for using Blockchain technology after Samsung and Huawei.
As per the official site of the tech company, the app can provide ‘the value of internet usage’ by using Blockchain technology. Users require connecting the app via Wi-Fi, and growth factors will be provided with every new device that is being connected.
Therefore, more devices getting connected means the increment of the growth factor. This factor leads to producing Mili that can be used for buying the prizes. The app is presently in testing mode. As for prizes, you can get the Crypto Rabbit and F Code.
The Growth Factor calculates the amount of Mili that users may gain on a daily basis. Mili acts as a virtual currency in the app.
Mili is not a token, but a minimal decentralized accounting unit. – Tang Mu, VP of Xiaomi ecological chain
Now, Mili has a few features that need to be kept in mind. Firstly, the daily output remains fixed. Secondly, it gets allocated based on the ratio of Growth Factor amount held by the user with respect to the growth factor of the entire network.
For instance, the daily output is 6, the user’s Growth Factor is 2, and the Growth Factor of the entire network is 3. That means the user will earn 4 (6*⅔) Mili’s.
Tang Mu points out that the app is not equal to Blockchain, rather only a small app based on the technology. The Android version of the app can be purchased currently. Its iOS counterpart is to be released soon after the testing is over.
Have you already gone for this app? Share your experience with us in the comments below and let others know all about it. Stay with us to know more about the app as it surfaces.