So, what is the Pi network? What is Pi cryptocurrency? How does Pi mining work? When did Pi network start? How Does Pi cryptocurrency work?
Wait…wait!!! I will answer all of your questions. Let’s start with the basics. The Pi cryptocurrency or PI is a new kind of cryptocurrency that provides almost the same experience as Bitcoin, but you will not find the pitfalls that you had to face with Bitcoin. However, Pi was launched in 2019, and it had no value until 9 February 2023.
There are also other important things that you must know. First of all, the cryptocurrency is not yet deployed on any live blockchain. Secondly, you can not trade Pi coins as there is no exchange where you can trade these coins. Also, there is no native wallet. Then how does the mining work?
People need to sign in on the Pi app from their mobile phones, and then they are only one step behind in mining Pi coins. Let’s learn about the Pi network and other details.
What Is The Pi Network?
The Pi network was developed by some Stanford University academics, such as Chengdiao Fan and Nicolas Kokkalis, in 2018. Later in 2019, they released the Pit network app and the whitepaper. The purpose of the pi network is to mine Pi cryptocurrency, and users can mine Pi coins with one click every 24 hours.
You can join the Pi app through an invitation code. The platform offers a referral system through which you can earn some extra money. You can also send your referral code to as many people as you want, and based on the people signing up, you can make some extra money. Pi network is unique from other cryptocurrencies with a proprietary mechanism that is called Stellar Consensus Protocol. This enables users to get different benefits for participating in the network.
If you see the users on the Pi network, you will get to know that there are mainly four times of users.
1. Pioneer
There are people who start mining by only tapping the lightning button. As of January 2023, there have been 35 million pioneers.
2. Contributor
There are people who are more into making money through incentives. So they provide other credible users to the network.
3. Ambassadors
Ambassadors bring new people to the network with the referral code.
4. Nodes
There are users who participate in the Pi network through their home computers with the Pi node software.
At the time of launching the Pi network, the ming rate was almost 1.6 Pi every hour. Later, when 100,000 users were added, the rate was reduced a little. It became 0.8 PI per hour. After one million users, the rate was around 0.4 PI per hour. And right now, the rate of mining is 0.2 PI per hour. This was the time when there were 10 million. The speed will be the same until there are one billion members.
What Is Pi Cryptocurrency?
There are people who ask if is pi coin real or not. So, for your information, Pi cryptocurrency is real. But you must see all the important information before starting mining with this platform. The coin had no value until February 9, 2023. And other than that, there is no historical data. So, it is difficult to learn more about the Pi network’s performance.
The creators of the network have not published any data about the coins. So, we haven’t got any information about the total supply of the cryptocurrency and circulation as well.
On December 29, 2022, Huobi listed this coin, and at that time, the coin got an increment of 461.35. Before this, the value of the coin was $44.03, and after this, the value became $232.97. The data was taken from CoinGecko. There are other data that say crypto traders have been trading Pi Network tokens on BitMart and XT.COM.
But there was a tweet saying that there was no authorized exchange listing. However, the network went milestones in the past year. In September 2022, the company announced to launch of Pi Connect, which was a Pi network’s native app to get updated with all the information about the Pi network, price, conversion rate, and any other detail.
Pi Bridge
Last year, the platform launched its Pi Bridg. It is basically a bridge between this network and other blockchains. And it started with the Binance Smart Chain or BSC. According to the creators, the Pi bridge’s aim is to omit the gap between Pi and other blockchains. Pi bridge also enables users to move data between Pi network holders, and they can do that freely.
Pi Network Forecast
As of now, the information that we have got is not enough to give a proper prediction. Other than this, there are no predictions available in any network. And most importantly, the coin has not launched yet. Also, there is a lack of information about price, history, making, purpose, and market. So it is quite impossible to forecast the Pi network.
Pi Network Future
See, the future of any cryptocurrency is uncertain. Secondly, the crypto market is volatile, and no one knows what is going to happen.
The aim of the Pi network is to create a platform where anyone can mine cryptocurrency easily, can access blockchain technology, and there will not be a single controversy. The main reason to start the incentive structure is to spread the network to everyone.
There are miners who are associated with this platform, but the coins have literally zero value. And experienced investors do not want to get into these types of currencies where they do not find enough credibility.
Our Verdict
If I need to be clear and honest with you, then I will say that the idea behind the Pi network has potential. It is unique, and there will be upcoming features that are going to penetrate the market. But should you invest right now? I seriously don’t see anything to invest in this concept until there the coin is listed on several exchanges so that I can compare the prices and gain some real profit.
If you have any further questions, feel free to ask in the comment section below.
Thank You.
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