What is pi cryptocurrency? The Pi Network is a blockchain-based cryptocurrency, and it’s mined using the Pi App. As Pi is a cryptocurrency, it is based on blockchain technology. The Pi Network uses a consensus mechanism known as the Stellar Consensus Protocol, which was originally developed for the Stellar (XLM) blockchain.
Pi coins, which do not exist on any specific blockchain and do not have any value yet, can be mined by users by logging in to the Pi app with a single click.
The mystery and potential benefits of cryptocurrency have attracted the attention of many real users, which has led many people to be curious and interested in what Pi cryptocurrency and the Pi Network are.
What is Pi Network?
Launched in 2019, the Pi Network was initially designed as a community-driven project with the goal of making a fund and venture capital accessible to a wide range of users. The network is supported by a referral framework, in which users are required to invite new users in order to complete their own mining session. The Pi Network was established as a cryptocurrency that operates on a peer-to-peer network, and is supported by a consensus mechanism known as the Stellar Consensus Protocol.
What makes Pi unique?
The Pi Network is a combination of a digital currency, an app, and a multi-level marketing (MLM) scheme.
One unique aspect of Pi is that it can be mined on your phone. Unlike other cryptocurrencies that use proof-of-work, such as Bitcoin (BTC), which require significant computational power, Pi allows for mining using less powerful devices.
The Pi Network app is used for mining Pi coins, and the mining process only requires that you tap a button once every 24 hours on your phone. This technique is not considered “mining” in a traditional sense because no computational power is required. You are not verifying transactions on the blockchain, but rather contributing to the network’s security by proving that you are a real person and not a robot. In essence, you are awarded PI coins for simply using the app and confirming your presence daily.
To sign up in the app, you need an invitation code from an existing member. The Pi Network uses a referral system where you earn more coins based on the number of people who join the network using your invitation code.
The Pi app stores your Pi cryptocurrency. You cannot withdraw it, sell it or exchange it for other crypto currencies. According to the Pi network website, you will be able to do all of these things once the mainnet launches, but there is no expected date for when that will happen.
Where does Pi come from?
The Pi Network was founded by two Stanford University researchers, Nicolas Kokkalis and Chengdiao Fan, in 2018 with the goal of creating a digital currency for everyday people. They launched the Pi Network on March 14, 2019, with a white paper and the Pi Network app.
Kokkalis and Fan are still involved in the project and are working on it as part of the core team. Kokkalis is in charge of technology, and Fan is in head of products.
How does the Pi Network work?
Pi cryptocurrency is different from many other cryptocurrencies in that it uses a consensus protocol called Stellar Consensus Protocol, which enables users to benefit from their participation in the network. This allows users to earn Pi tokens through simply using the Pi Network app on their mobile phones, without the need for expensive mining equipment.
Pi Network is built on a revolutionary technique called Federated Byzantine Agreement (FBA), which allows a set of computers to reach consensus on a network without the need for central authority.
The goal of SCP is to make current consensus protocols like PoW and PoS more secure, more scalable, and faster.
In Network, users can play four roles:
Pioneer: As of January 5th, 2023, there were over 35 million Pioneer users of Pi Network, who are individuals who contribute to the network by tapping the lightning button to mine Pi cryptocurrency.
Contributor: A Contributor is a user who helps verify and validate the network by providing a list of trustworthy participants in exchange for a reward.
Ambassadors: Participants who bring new users to the network using their referral code receive a reward.
Nodes: Participants are using Pi Node software on their personal computers to earn rewards
Users can have multiple roles. For example, if you are actively using Pi, creating a security circle, and promoting new users, you can be a Pioneer, Contributor, and Ambassador at the same time.
According to Pi’s white paper, it is built on the Stellar (CRYPTO:XLM) blockchain using the Stellar Consensus Protocol. The choice of Stellar Consensus Protocol was made to enable user-friendly, mobile mining.
Risks
As per Pi’s whitepaper, there is no financial risk associated with using the app as it is free to use. The only thing that users need to pay for is the energy used to keep the mining process running, when they decide to keep their miner active.
The question is pi crypto worth anything? Some users view it as a potential scam. If Pi is not worth anything, then it is not worth more than any number. If that is the case, then users can easily earn Pi coins with minimal time and effort.
Pi network coin value?
The pi cryptocurrency value is currently unknown as it is not listed on any cryptocurrency exchange and has not been launched yet. As of January 5th, 2023, the Pi network is not functional and there is no historical data available for its performance. The token is not being traded on any platform so it has no value.
Predicted value of Pi Coin in the future
It is currently not possible to make a forecast for pi network price prediction as it has not been officially launched yet. There is also a lack of historical data on the price of Pi Coin in the network, making it impossible to analyze how it would perform in the cryptocurrency market.
It is not possible to make a complete and accurate pi cryptocurrency value prediction. Factors such as the current and potential uses of the cryptocurrency, the number of people who currently own Pi coins, the team behind the project, the future potential of the Pi network, and other factors must be considered in order to make an accurate forecast about the value of Pi. In the case of Pi, there is currently no way to know all of these facts.
It is uncertain whether the Pi coin will ever be listed on any cryptocurrency exchanges. Without a listing, its value would likely remain at $0. Even if it were to be listed, there are no guarantees that it would increase in value as it would depend on a variety of factors such as market demand, adoption, and performance of the Pi network.
When a new cryptocurrency is listed on an exchange, its price often increases in the initial few weeks. This is because people are excited about the potential of a new “big thing” and the market is driven up by high demand. However, in the case of Pi Coin, it’s worth noting that it has not been officially launched yet, and no official market data for its value is available. Additionally, as Pi Coin is a social experiment, it’s uncertain how it will perform in the market. So, it is impossible to predict pi cryptocurrency worth.
According to a senior analyst at Hargreaves Lansdown, a company that specializes in investment and market analysis, Pi Coin has “no value” as it has not yet been traded commercially.
He also said: “Despite more promises, there is no certainty that this network will have a future, and it is too early to know if the coins obtained will have any value.”
What is the future for the Pi Network?
The future of the Pi coin and its coin’s value is uncertain. While the Pi Network aims to make cryptocurrency mining more accessible and utilizes blockchain technology, it currently faces challenges and skepticism. It is difficult to predict if the Pi coin will have any value in the future.
The incentives provided are heavily focused on recruitment, while those who mine are rewarded with a cryptocurrency that currently holds no real value.
Pi coins has gained widespread acceptance in various countries. The Pi Browser, Pi Network mobile app, is currently the second most downloaded app in Vietnam on the Apple App Store and the fifth most downloaded app on Google Play Store, surpassing popular gaming software.
According to Van Manh Tuan, an expert in blockchain technology and posts and telecommunications in Vietnam, although mining Pi is free, there is a potential risk that the Pi Network software could collect information from devices.
It is advised that investors exercise caution when it comes to investing in cryptocurrencies based on such speculative valuations.
How can I acquire Pi?
The only way to acquire Pi is through the Pi Network app. To do this, follow these steps:
- Download the Pi Network app from the App Store or Google Play.
- To create a Pi Network account, you need to submit your name, phone number, and email address
- Verify your account through the verification code sent to your phone.
- Use the lightning button to begin mining the cryptocurrency.
- To continue earning Pi, you must open the app every 24 hours and tap the lightning button to activate mining.
- Invite friends to join the network and earn more Pi.
If you want to start mining Pi, it is relatively easy to do. However, the Pi network is extremely centralized and controversial, and it has not yet gained widespread adoption. If you want to invest in cryptocurrency, consider other options. You can invest in cryptocurrency stock or trade in cryptocurrency exchanges such as Bitcoin and Ethereum.
Consclusion
It is important to be aware of the facts regarding Pi coin’s future value, but it’s crucial to conduct your own research before investing. The crypto market is highly risky and volatile, therefore one should always conduct their due diligence by staying informed of the latest news, analyzing the fundamental and technical aspects, and considering a variety of expert opinions. Keep in mind that historical performance is not a guarantee of future results. Additionally, it’s important to never invest more than what you can afford to lose.
FAQ’s
Is pi cryptocurrency worth?
It’s difficult to say if Pi cryptocurrency is worth it as it is not currently listed on any cryptocurrency exchange and its value is yet to be determined by the market. Additionally, the Pi Network is still in development and the mainnet launch date is yet to be announced, so it would be wise to proceed with caution and conduct thorough research before investing.
Is Pi a scam?
It’s difficult to say for sure whether Pi is a scam or not, as the mainnet has not been launched yet. However, it’s important to conduct your own research and be cautious when investing in any cryptocurrency.
Can I withdraw, sell, or exchange my Pi coins?
Currently, Pi coins cannot be withdrawn, sold, or exchanged as the mainnet has not been launched yet. The Pi Network team has not announced any official date for the mainnet launch.
Is there a limit on the number of Pi coins that can be mined?
Yes, there is a maximum limit of 21 billion Pi coins that can be mined.