What is Pi Network?
Pi Network functions similarly to an app, a Multi-level Marketing (MLM) scheme, and a digital currency. Pi’s main selling point is that it can be mined with a phone. Most miners need specialized equipment since mining other cryptocurrencies, like Bitcoin (BTC 0.07%), requires a lot more computing power.
Pi coin is a blockchain-based, peer-to-peer (P2P) cryptocurrency that was created in 2019 by three Stanford PhDs and their former classmate. Its primary goal is to provide a decentralized, easily accessible, and safe currency for regular transactions.
It does not require specialist hardware or powerful computers to mine, in contrast to the majority of cryptocurrencies.
Alternatively, users can mine the Pi coin by only installing the app on their cellphones and engaging in network activity (such as sending friends invites, completing transactions, etc.).
Who made the Pi Network or Pi Coin?
Pi was started by two researchers from Stanford University, Nicolas Kokkalis and Chengdiao Fan. They started working on it in 2018 with the intention of creating digital money that the general public could use. On March 14, 2019, also known as Pi Day, they issued a white paper and the Pi Network app.
The project’s core staff, Kokkalis and Fan, continue to be in charge. Fan is in charge of products, while Kokkalis oversees technology.
How does Pi Coin Work?
Pi Network aims to create a new kind of digital currency that is secure, sustainable, and inclusive. To that end, the Pi Network utilizes several key features, including:
- Proof-of-Stake (PoS) consensus mechanism: This mechanism allows users to mine Pi with their smartphones and helps secure the network by verifying transactions.
- Decentralized governance: The Pi Network is governed by its users through a democratic process, giving them a voice in the development and direction of the network.
- Network incentives: The Pi Network incentivizes users to participate and grow the network by rewarding them with new Pi coins.
- Multi-layer security: The Pi Network uses encryption and other security measures to protect users’ transactions and information.
It is being developed on the Stellar Consensus Protocol, which is utilized on the Stellar (XLM 0.15%) blockchain, according to the Pi white paper. The Stellar Consensus Protocol was selected to provide mobile mining that is easy to use.
Pi has seen significant growth since its launch, with millions of users joining the network from all over the world. The project has received a lot of attention from investors and the media and has been featured in major publications like Forbes, TechCrunch, and more.
While Pi Network is still in its early stages, its creators have big plans for the future. Their goal is to create a sustainable, decentralized economy where people can use Pi as a currency for everyday transactions and as a store of value.
They believe that by making cryptocurrency more accessible and inclusive, they can help create a more equal and prosperous future for all.
Pi Networks connections
Pi does not have any noteworthy alliances. To begin the development of Pi apps and an ecosystem, it organized a Pi Hackathon.
The Pi Hackathon’s first winning commercial app was Pi Workforce Pool, a job marketplace including Pioneers. PiCare, an ecosystem app for reporting bugs in Pi apps, was the winning app.
What makes Pi coin unique?
Pi coin functions similarly to a mix of digital currencies. The only thing needed to mine Pi is to hit a button on your phone once every 24 hours through the Pi Network app. Since no mining is taking place, it isn’t strictly considered crypto mining.
All you have to do is use the app once a day to prove you are human and you will receive vouchers for PI coins. With the referral system that Pi Network employs, you can increase your coin earnings according to how many users register using your invitation code.
All your Pi is stored in the app. It cannot be taken out, sold, or traded for other cryptocurrencies. Although there is no stated debut date, the Pi Network website states that you will be able to accomplish all of that when the mainnet starts in the third phase of its roadmap.
How to mine Pi coin?
Pi is not available on any cryptocurrency exchanges and cannot be purchased or sold. It can only be obtained via the Pi Network app. How to do it is as follows:
- Get Pi Network for your mobile device from any referral link shared with you. You can click here too.
- Create an account by providing a phone number or email address, a password, and a username.
- Put in the code for the invitation. There are several of them online if you don’t already have one click here.
- To begin mining, tap the lightning button.
- To continue mining, check the app once every 24 hours and press the lightning button.
Will Pi ever have any value?
Time will tell, but if you intend to include cryptocurrency in your financial portfolio, seek other possibilities as the Pi coin is very unorthodox, contentious, and has limited application thus far.
You Can buy or trade other cryptocurrency from Binance.com, Coinbase.com, KuCoin.com or OKX.com
Conclusion
In conclusion, Pi coin is an exciting new cryptocurrency that seeks to improve the security, inclusivity, and accessibility of digital cash. It is a project worth following in the coming years due to its distinctive features and community-driven strategy, which set it apart from other cryptocurrencies.
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