Pi is the most exciting crypto project that aims to build the most inclusive peer-to-peer marketplace all over the world. The Pi team is trying its best to create a democratized cryptocurrency with a smart contract platform that can be used by common people safely and securely. We can say in brief that this is a currency that is for the people and by the people. Pi inspired the vision of creating an inclusive peer-to-peer marketplace with the belief that it would become one of the most widely used cryptocurrencies in the world. Pi is an outstanding digital currency that is designed in a way so that common people can use it very easily. It is the first digital currency that can be mined on mobile phones.
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The Origin Of Pi
The Pi network was set up by two Stanford University researchers named Nicolas Kokkalis and Chengdiao Fan. They started to develop it in 2018. They want to make a digital currency for everyday people. This is the purpose of making Pi. A white paper and the Pi network app were launched by them on March 14, 2019. This day is called Pi Day. Both researchers, Kokkalis and Fan, are still in charge of the project. The head of the technology is Kokkalis, and the head of the product is Fan.
Pi Remains in Pre-Release Mode
When we were writing this article, we did not find any way to buy the Pi coin for your portfolio. As soon as the mainnet blockchain is released successfully, the users who are mining Pi cryptocurrency will be able to withdraw or exchange their coins. Pi is now in the testing phase. That is why the users will not be able to transfer Pi.
The website of the project says that this is done to prevent fake accounts from gathering coins. They will give honor to wallet balance as soon as Pi shifts from development to a fully live network.
That is why the Pi coin is still not available to trade on any cryptocurrency exchange or trading platform.
What makes Pi different from others?
Pi Network is the combination of a digital currency, an app, and a multi-level marketing (MLM) scheme. The best part about Pi is that it can be mined on your mobile devices. Most users use some special devices, as Bitcoin requires a huge amount of processing power. Users can easily mine Pi in the Pi network app. The mining process is very simple. You will have to just tap on a button on your mobile phone every 24 hours. It is not just like crypto mining, as there is no mining going on. You do not need to verify transactions. This is the basic rule for the current stage of Pi’s development. You will get Pi coin vouchers when you use the app once a day. That gives proof of your existence and states that you are not a robot.
Your Pi will be conserved in the app. You will not be able to withdraw it, sell it, or exchange it for other cryptocurrencies. The Pi network website claims that all that can be done in the third phase of its roadmap as soon as the main ET is launched. But they have not announced any expected launch date yet.
What is mining with Pi?
Mining within the Pi network has four levels. They are as follows:
A person who uses the app to interact or mine regularly is known as a pioneer. The pioneers can send and receive Pi.
A person who uses the app and adds others to the network is known as a contributor. The contributors play an important role in building the global trust graph.
A person who introduces and recruits new users to the network is known as an ambassador. The ambassadors are given a 25% referral bonus.
A person who uses the app as well as runs the Pi node on a desktop or laptop is known as a node. The nodes help to conserve the distributed ledger.
You will be able to see who else is mining around your security circle by using the MinePi app. This app also gives the users the option to ping the members who are inactive around their circle. The inactive members will get a notification as a reminder so that they can start to mine. In this way, everyone in the group can increase the rate at which they will all be able to earn Pi.
According to cryptos like Bitcoin, the conventional meaning of the term mining depends on the proof-of-work algorithm. But the term is used in Pi in a broader sense. When a pioneer wants to confirm a transaction, he just has to open the app, and this will connect one or more nodes that will help him check whether the transaction is recorded on the ledger and receive the latest block number as well as the hash value for the particular block.
How Will You Mine Pi On Your Mobile Phone?
Pi is the first digital currency that can be mined on your mobile phone and is accessible to the general public. That is why this has become the most unique selling point of Pi as a new cryptocurrency. If you want to mine Pi, you will find it straightforward. You will just need a free mobile app that will confirm that you are not a robot by clicking a button to restart mining every day. You have to mine again every 24 hours. If you do not restart the mining period regularly, you will not be able to earn Pi. The app as well as the act of mining both works passively. The app is very simple, and it will not take a lot of time to operate. You will get a notification as a reminder so that you can restart the mining process again as soon as your 24-hour mining period comes to an end.
The Process of Enabling Pi on Mobile Phones
If you want to break the conventional restrictions on the crypto space, the Pi core team is trying to find a way that will allow common people to mine or earn free cryptocurrency rewards so that the transactions can be validated on a distributed record of transactions. Whereas Bitcoin’s proof-of-work consensus algorithm consumes a large amount of energy and is not at all user-friendly, Pi, on the other hand, is designed in a unique way to employ a very user-friendly consensus algorithm. It allows mining on personal computers as well as mobile phones.
A Short Note On Pi Network
Pi is the first digital currency that common people can use. You can mine directly from your mobile phone by using the first digital currency, known as the Pi network. That is why Pi has become an exciting network project. This network is completely accessible. You do not need to be a crypto specialist to use Pi Cryptocurrency. You have to just check the free mobile app regularly to continue mining. The network is crypto-secured, and common people can operate it easily. That is the adoption of Cryptocurrency is increasing all over the world gradually.
The Work Process Of Pi Network
The Pi network works with the help of a consensus algorithm that is based on the Federated Byzantine Agreement and the Stellar Consensus Protocol. There is not only a single leader on the network. The nodes communicate with each other to decide what might be the next block by sending messages. In this way, the final decision is made. Like Bitcoin’s proof-of-work consensus algorithm, Pi does not require so much energy. A broader algorithm in the stellar consensus protocol is used by the Pi network, which creates harmony across a distributed system of nodes. For recording new transactions in new blocks, the same base algorithm is utilized. They are also able to run difficult computations.
There is a restriction on the number of transactions that can occur in each block in the Pi network. That is why there are no transaction fees if there is not a backlog of transactions. For a large number of transactions, the nodes will give importance to the highest-fee transactions and select the best transactions to be listed in blocks for creating an open market. The fees will be credited to a provisional wallet. The transaction fees will be split by the nodes every day, considering the activity level of each node.
A Short Note On The Pi Tokens
The Pi network has a native cryptocurrency that is called Pi. As soon as Pi reaches phase 3 on the main net, it will become a completely decentralized digital currency. In this phase, Pi will be connected to exchanges. You will be able to exchange Pi with other currencies. Pi is now in the phase 2 testnet. That is why it gives a unique opportunity to the users to mine Pi by using their mobile phones completely free of charge. This will help to create a balance of Pi cryptocurrency before assigning any value to the currency.
How Will You Get More Pi Tokens?
The Pi network uses the SCP algorithm regularly to calculate the distribution of Pi across the network for all miners known as pioneers, contributors, ambassadors, and nodes. If you want to increase your Pi tokens, you must increase your mining rate or become a Pi node. If you want to increase your mining rate, you have to increase the size of your earning team. To do this, you have to invite more people to the Pi network. Your referrals will help you earn more Pi by becoming a part of your earning team. They can also be added to your security circle. Your earnings tax will become higher if your mining rate increases.
The Worth Of Pi tokens
In present times, Pi is in phase 2 of the test net. Therefore, Pi still does not hold value. That is why you will not find Pi listed on any exchanges. You will not be able to buy Pi by exchanging other currencies. But as soon as the Pi network moves into the third phase, you will surely find Pi listed on exchanges and you will be able to exchange Pi for other currencies.
The Future Of The Pi Coin
There is still a debate over whether the Pi network is a well-intentioned drive or a scam.
In case it is a scam it is not a conventional one in the fashion of a Ponzi scheme as the users do not have to invest their money they are only investing their time on their mobile phone.
It has been reported that the organization is inspiring the community by selling advertising to reach these 33 million users. It has come from the Pi network from the last update of 14th March 2022.
But as per the adopters of Pi Cryptocurrency, the price of Pi will rise very soon after the network goes live. The mining rate of the Pi coins has been reduced by halving. Still, the users can increase the mining rate by connecting with other miners. The new users will only be able to join the Pi network if they have a referral code from another active user.
As per the project developers, the security on the Pi network is improved by these personal networks and encourages the users to bring in their friends and family members to the Pi network by telling them that it is going to be a multi-level marketing or pyramid scheme. The users will be able to earn coins only from their direct networks, not from their connections’ networks as happens with the MLM scheme.
The price of Pi has not been yet established but some cryptocurrency observers have already started to predict the Pi Cryptocurrency value.
The Prediction Of Pi Coin Price 2022-2025
The Pi coin value is at $0.007077 as per the reports of Cryptocurrency data provider CoinMarketCap. But after 11tg August the coin is listed on the website as untracked without any attachment of price. The following disclaimers have been given by the website when they were trying to view the Pi network coin value:
“Pi network has faced its fair share of controversy recently. Please do your search before investing.”
In the previous year, DigitalCoinPrice gave a prediction for 2022 for the Pi network value that states that the coin will trade at an average of $0.0127 throughout the year. The Pi coin value for 2025 will be $0.0212. In 2028 the Pi coin value will be $0.0319. The Pi coin value in 2030 will depend on when the cryptocurrency goes live for trading and how it performs after the launch.
Pros & Cons Of Pi Coin
- It is the first digital currency that can be operated by everyday people.
- It can be used by using mobile devices.
- It is still not available for exchanges.
- The 3rd phase has not been launched yet.
The Risks of Pi
The Pi network app is completely free to use. That is why there is no financial risk associated with Pi. You just have to invest your time when you check in the app for the continuation of mining. But now you have to think whether Pi will give value to your time. For several users, it is just like a no-lose situation. If Pi does not amount to anything they are not out any money. If it happens, they will be able to sell the Pi coins that they acquired within a little time by giving a little effort.
But you should not expect a lot of things from Pi as the project has been working in the market for many years without getting launched and the cryptocurrency of Pi has zero value. Now it is to see how long people will continue mining a cryptocurrency that can not be withdrawn or used by them.
You must know that the Pi network can collect and sell your data such as your private data, app usage data, and advertising-related data. You have to give your Know Your Customer (KYC) information such as copies of your government-issued identification to get access to the Pi network app. By providing the KYC details you will be able to sell, buy, or trade anything from the future apps that are going to be released on the Pi network. If you want to set a limit on who will be able to get access to your data you will not like to download the Pi network app.
How Will You Get Pi?
Pi is still not available on any crypto exchanges now. That is why you can not buy or sell Pi. You will be able to acquire it only through the Pi network app. If you want to get the Pi network app you have to follow the steps that are mentioned below:
- You have to download the Pi network on your mobile device.
- Then you have to set up an account by using a username, password, and either email address or phone number.
- Then you have to enter an invitation code. If you do not give any invitation code you may search on the internet. There are a lot of invitation codes available online.
- Then you have to tap on the lightning button to begin mining.
- You have to check the app every 24 hours and tap the lightning button to continue mining.
If you want to start saving up your Pi this is to inform you that it is a very simple process. But now the question is will this cryptocurrency ever have any value? You will get your answer from the upcoming time. But the Pi network is no doubt unusual. But it offers oy a little use so far. That is why if you are planning to make crypto part of your investment you must search for other options. You may go for cryptocurrency stocks or invest in Cryptocurrencies that can be bought and sold very easily just like Bitcoin and Ethereum.
What Happens at the Pi Halving?
There are more than 7 million engaged pioneers in the Pi network. As soon as the active mining community reaches 10 million there will be a halving. 0.4 Pi per hour is the base mining rate in recent times. But when the halving is done the base rate will be reduced to 0.2 pi per hour. It is expected that the next halving will be done at 100 million users.
The Governance Model Of Pi
There is a two-phase plan of the Pi network for governance.
Pi will be operated under a provisional governance model just like Bitcoin’s governance model. This phase will last until the number of members in the network surpasses 5 million users and it becomes a reliable heavily on Pi’s core team.
Now the Pi network has moved into the second phase as soon as it exceeds 5 million users. As soon as the official mainnet launches the Pi network will be completely decentralized and there will not be a central authority.
The Pi Roadmap
Phase 1: design, distribution, trust graph, bootstrap
Improvements are made in the user experience in this phase to make a growing and committed user base. All the accumulated coins will be transferred to the live net as soon as it launches. Pi is not listed on the exchanges in this phase. So it is just next to impossible to buy Pi with other currencies.
Phase 2: Testnet
In this phase, the Pi network will work by using the same trust graph as the main net but everything will be done on a testing Pi coin. Pioneers will be encouraged to start their nodes in this phase.
Phase 3: Mainnet
When the community feels that the software is ready for production and has been perfectly tested on the testnet the official mainnet will be launched. It will be controlled by no central authority. It will be completely decentralized.
One must remember that cryptocurrency markets are extremely unstable. So the accurate price of the coin can not be predicted. One has to research well before investing in it. The pi coin still does not have any existence on a particular blockchain. It does not have any particular value of its own that the users can mine by logging in to the Pi network app with the click of a button. But still, the Pi network is not available for exchanges. The users will not be able to exchange Pi with other currencies. They can not sell and buy Pi. But the upgrade is going on. It is expected that the 3rd phase will launch soon. Then you will be able to have all the facilities like exchanging, buying or selling. Till then you have to use this phase of Pi and wait for the next launch.
Is it good to invest in the Pi network?
Now investors can not trade Pi Coins. If you want the project to successfully launch a cryptocurrency that will be easily accessible and that can be used by everyday users you must be involved in mining the Pi Coin. On the other hand, you may also wait to buy it on an online exchange. Whether it is good to invest in the Pi network is only your decision. You have to research the matter yourself first before investing your money anywhere. You should not invest your money anywhere if you are unable to afford the loss.
How many Pi coins are there?
Now there are no Pi coins in circulation. The developers have not given yet the number of Pi coins that can be circulated as soon as the project goes live or what the maximum number of Pi coins will be.
Is Pi coin safe?
Cryptocurrencies are extremely unstable assets. There is no certainty about the Pi network as it has not been launched yet. As per the project developers, the network is completely safe and secure. But the critics say that it will be a pyramid scheme. You have to research well to understand the safety of the Pi coin.