Am I correct in thinking that the amount your phone will "mine" is based on the amount of coins you hold in your wallet?
No. The coins that you have doesn't matter. It is not like POS(proof of stake)
The app will run a benchmark, and depending on the results, you will get coins..
Like mining. The more power you have more coins you get.
Remember that the app will not stress the phone.
That is weird. Are you sure?
Why base the mining rate on benchmark if there is no actual mining? Why even style it as "miner"?