Pi Network (PI) caught the attention of cryptocurrency investors before the coin was available for trading. But what is Pi Network, and how does it work? Are you wondering what the value of the Pi-Coin is as a potential investment? This article provides an overview of what the Pi Network is trying to achieve and how the price prediction for Pi Coins is taking shape.
Table of contents
What’s Pi Network?
Pi Network is a digital currency project that aims to make the mining of cryptocurrencies accessible, as the centralization of first-generation currencies like Bitcoin has made them inaccessible to ordinary users. It enables users to extract coins with their mobile phone application and validate transactions on a distributed ledger.
Unlike nodes on networks like Bitcoin that use the Proof Protocol (PoW), Pi nodes use an algorithm based on the Stellar Consensus Protocol (SCP), validate transactions in a distributed ledger, and achieve consensus on the order of the new transactions recorded by the ledger.
Under SCP, PI nodes form security circles known to every network user and build a global trusted network that prevents fraudulent transactions as transactions can only be validated against the common ledger if they have been approved by trusted nodes.
In June 2019, the network had more than 100,000 active users. A year later, when phase 2 was released, it was more than 3.5 million users. Pi Network recently crossed over 3.5 million dedicated pioneers. The app began running ads in May 2020 to provide a source of funding for the project.
By September 24, 2021, the user base had grown to 25 million, compared to 14 million in March 2021. Pi-Coin or PI is the cryptocurrency. That runs on the Pi network, and like other cryptocurrencies like Bitcoin, it’s designed to be “halved” on a regular basis to protect its scarcity.
It usually occurs when a certain milestone is reached. The PI mining rate halved from 1.6 per hour for 100,000 users, halved again to 0.4 per hour when it reached 1 million, and halved again to 0.2 when it reached 10 million. They will continue to be halved and will reach zero with one billion users.
During the current second phase of the project, users can volunteer to test the Pi Node desktop software on their computers. Pi Wallet and Pi Browser were released for testing on April 1, 2021, and on June 28, a developer portal, a software development kit (SDK), and other resources were introduced.
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When will phase 3 be released?
According to the project developers, the start of the third phase has not yet been determined and depends on the progress made in the second phase. According to the Pi roadmap, they plan to roll out a Know Your Customer (KYC) solution, expand developer resources, more apps, community content, and the main net launch.
Meanwhile, the whitepaper, the main net blockchain, will be introduced in this phase. However, there is no release date for phase 3 and no indications of progress.
The whitepaper states that this will be the case “when the community believes that the software is ready for production and has been thoroughly tested on the test network.”
From June 28th to September 30th, Pi hosted its first # BuildPi2gether hackathon to encourage developers to contribute ecosystem applications to enhance the functionality of Pi and commercial applications to serve a commercial or consumer product. Pi awarded a total of $ 100,000 and PI 100,000 to the best projects in each category.
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How does the Pi network work?
The Pi network maintains an application that is easy to use. Users can also contribute to the community and earn Pi-Coins using the application. To mine a coin, users need to log into the application every 24 hours and select the flash option. Improve your hourly rate for mining by inviting your connections to join the network.
In addition, users have to mine for three days in a row. Also, joining the community increases their income. New users who join through a network member form a protective circle for one another. It’s also worth noting that the first members extract faster than the later members.
How do you mine the pi coin?
- First, you’ll need an invite link
- Click the link and click “Download” when it opens.
- Then set your password
- Then, fill out the form to set up your account. You will then be redirected to the home page of the app.
- Click on ‘Start’. You will see the lightning bolt icon, tap on it and start the mining
- Now click on the ‘Start tour’ option ‘to familiarize yourself with the application interface
- Then check your phone number (you can do this later).
- Click the menu button and select Profile.
- Then press “Confirm” next to the phone number
- Send the text message, and you are good to go.
- come back after 24 hours to tap and extract again.
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Is the Pi Cryptocurrency Legit?
Pi Network’s official website states that its goal is to make sure no one is left out of the cryptocurrency revolution. It allows anyone to mine crypto on their phone without draining the battery.
As a result, there is now frenetic speculation about what value the Pi-Coin could have in the future. But pi-coin projections are complicated without the right data.
There are different roles within the project ecosystem. Everyday users who have downloaded the mobile app are known as pioneers and have to confirm that they are not a robot by logging into the app on a daily basis.
Ambassadors introduce others to the Pi network, and this unusual format has sparked some allegations that the project is employing tactics that are often implemented by tiered marketing programs.
Nodes refer to those who use the application and run node software on their computers. But that makes it difficult to make a Pi-Coin price prediction. The cryptocurrency isn’t yet live on an exchange. To make the problem worse, the main net didn’t even start.
Is the Pi coin safe?
As mentioned earlier, some analysts who make Pi-Coin predictions are not necessarily concerned about the value of the Pi network; You are more concerned if this project is a scam. Some of the most optimistic predictions of the price of the pi coin usually come from those who downloaded the app.
Some have suggested that a single Pi could be worth anywhere from $ 10 to $ 100 at this point; There is absolutely no evidence of this, however, and the team behind the Pi network has not released much information on the progress of the project.
The coin price forecast for 2021 is in great demand. The Pi network appears to be particularly popular in Southeast Asia. However, blockchain experts who spoke to the Vietnamese publication VnExpress have expressed doubts about the legitimacy of the crypto platform, mainly because the users do not have access.
Blockchain expert Dang Minh Tuan from the Post and Telecommunications Institute of Technology said that, unlike many other networks, Pi is not transparent.
Why don’t developers post their source code for community review? Ads were also recently added to the Pi Network app, suggesting that the software’s main motivation might be to monetize the millions of users who have downloaded it; another question concerns the data someone gives when they download the app must, including your full name, Phone number, and Facebook username.
Tuán warned that other forms of data could be stolen from a user’s device. There have also been alarms that this could be a pyramid scheme based on the fact that new users can only join if they have a referral code from an existing Pi user.
How much is Pi worth?
The Pi Network cryptocurrency is currently worthless as it is in phase 2 of development and has yet to be released on the blockchain, but a backend market already has users swapping the coin for up to $ 10 per coin.
He said that when the coin hit the exchanges in 2021, it could reach a value near Ethereum at $ 200 or possibly more! That would mean that if you had mined more than 1000 coins on the Pi Network app, you’d have a balance of $ 200,000.
To express how easy it is to earn Pi, you’ve only invited seven friends so far, and In just under a year, you will have a balance of almost 3000 coins, and not all of your friends have used the coins. If the Pi network were only priced at $ 25 per coin, that would leave you a profit of $ 75,000!
Pi Network Predictions
According to CoinDataFlow, the value of Pi on August 3, 2021, was between $ 1.32 and $ 1.35; Additionally, this information suggests that the value of Pi could rise to $ 1.48 by 2025.
However, if Pi grows 1% each year compared to the annual average Bitcoin value, then it is doable. It will also hit $ 224.89 if it grows at a rate of 100% compared to previous annual Bitcoin price hikes.
DigitalCoin has yet another set of price prediction data for Pi networks and predicts that Pi-Coins will rise from $ 0.0107 to $ 0.0127 between 2021 and 2023, and some projections suggest that they may reach $ 0.0212 by 2025. We can also expect an increase in value of $ 0.0319 through 2028. Surprisingly, on March 19th, DigitalCoin removed all price prediction data.
If Pi launched in December 2021, the bulls on the Pi network could see $1 worth of bitcoin trading. This information comes from Changelly; the platform calculates these numbers based on the number of exchanges and existing Pi users.
Conclusion
Furthermore, the Pi network is a smart contract network that aims to provide public access to the use of cryptocurrencies. Unlike bitcoin mining, the Pi network’s cryptocurrency project aims to keep cryptocurrency mining accessible to all users.
The problem of inaccessibility was introduced by the centralization of the first generation. Currencies like the digital currency Bitcoin. The Pi network enables its users to mine coins and conducts transactions from their mobile applications.
Transactions are validated against a distributed ledger during extraction with the Pi network application. Pi goes through a regular halving process for protection. The amount of coins a miner receives to process new transactions is halved after reaching a milestone, yet pi price hasn’t reached anything reasonable.
References
- currency.com/pi-coin-price-prediction-will-pi-network-be-worth-anything
- minepi.com/
- the-sun.com/money/3173345/what-is-pi-network-is-it-scam/
- medium.datadriveninvestor.com/what-is-the-future-of-the-pi-network-will-it-be-beneficial
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