Hello guys welcome to the website hope you all guys are doing good. So guys today we are going to talk about one of the most Hyped Cryptocurrency that is yet to be launched (Pi Coin). So today we will discuss about what is Pi Coin & what is Pi Network. So Let's Start.
What is Pi Network / Pi Coin?
Pi Network is a digital currency project that aims to keep cryptocurrency mining accessible as the centralization of first generation currencies like bitcoin has put them beyond the reach of everyday users. The Pi Network, developed by a team of Stanford graduates, enables users to mine coins using its mobile phone app, validating transactions on a distributed record. It is growing world wide very fast and for now we can get free coins just by mining from phone. Link to download at last of the post. So if you are interested to try PI coin you can try for free and also you can mine it from phone.
Unlike nodes on networks such as Bitcoin that use proof-of-work (PoW) protocols, Pi nodes use an algorithm based on the Stellar Consensus Protocol (SCP). Pi Nodes validate transactions on a distributed ledger and reach a consensus on the order of new transactions that the ledger records.
Under SCP, PI nodes form security circles, or groups, of three to five trusted people known to each of the networks’ users. Security circles build a global trust network that prevents fraudulent transactions, as transactions can only be validated on the shared ledger if the trusted nodes approve them.
With branding based on the number π, Phase 1 of the project launched in 2019 on Pi Day, 14 March, with a free Pi mining app. By June 2019, the network had more than 100,000 active users. A year later, when Phase 2 launched, there were more than 3.5 million users. The app started running ads in May 2020 to provide a source of financing for the project.
On 25 November, Pi Network announced the user base had climbed to 29 million, up from 14 million in March 2021. Pi coin, or PI, is the cryptocurrency that runs on the Pi network, and as with other cryptos such as bitcoin, it was designed to undergo regular “halving” to protect its scarcity. Halving is when the number of coins a miner receives for processing new transactions is reduced by half. It usually occurs when a certain milestone is reached.
PI’s mining rate halved from 1.6 Ï€ an hour when it reached 100,000 users, halved again to 0.4 Ï€ an hour when it reached 1 million and halved again to 0.2 Ï€ when it reached 10 million. It will continue to halve, reaching zero at 1 billion users.
PI in Pre-Release Mode
If you are wondering how to buy the Pi coin for your portfolio, you can’t. Users who have mined the Pi cryptocurrency will only be able to withdraw or exchange their coins during the project’s third phase when it moves to a decentralized blockchain. PI cannot be transferred during the testing phase in order to prevent fake accounts from accumulating coins, according to the project’s website. Wallet balances are expected to be working when PI shifts from the testnet to a mainnet, when the blockchain protocol comes out of development and is fully deployed.
As a result, Pi coin is not yet available to trade on any cryptocurrency exchange or trading platform. The price of PI has yet to be established.
As Phase 3 has now launched, holders will be able to take full control of their private and public wallet keys, and use the coin to buy products and services on Pi’s peer-to-peer marketplace. Without the keys, users cannot transfer or spend the currency they hold.
The PI mining app acts as a cryptocurrency wallet, linked to a user’s mobile phone number or Facebook account. As with other public blockchains, the Pi blockchain will allow external wallets to hold Pi coins and submit transactions directly to the blockchain. However, unlike other blockchains, its developers have not yet released its source code.
Early adopters are accumulating Pi crypto in anticipation that the price will rise sharply after Phase 3 goes live. Although the coin’s mining rate has been reduced by halving, users can increase their mining rate by connecting with other active miners. New users can only join the Pi Network if they have a referral code from another user.
The project’s developers claim that security on the Pi Network is enhanced by personal networks, encouraging users to bring in friends and family – which is prompting scepticism that it could be a multi-level marketing or pyramid scheme. However, it is worth noting that users can only earn coins from their own direct networks and not from their connections’ networks, as with an MLM scheme.
In November the organization starting releasing tech and product updates to give an overview of the work being done behind the scenes in the previous month. October's bulletin said the 'Core Team spent a significant amount of time rolling out new and updated product features in the Pi Ecosystem".
These included its KYC App Pilot and Block Explorer. Having been tested with community moderators, the KYC App Pilot was deployed "on a limited basis" to start the process of verifying Pioneers and to improve the app’s usability and machine automation. The Pi Block Explorer, which helps Pioneers see transaction history and explore transaction data such as sender, receiver, and amount, was also deployed.
Also updated is Pi Wallet where the company has been creating push notifications to alert Pioneers when they receive a payment on the blockchain and fixing a bug for Android users who could not see their wallet passphrase.
The company added that the Brainstorm app now features a redesigned app displaying Hackathon winners, showcasing an improved UI, improved tag functionality for users to create custom tags on their projects and a feature that allows projects to upload logos to their brainstorm page.
Some cryptocurrency observers have already started to make their Pi Network value prediction. Let’s take a look at what the Pi price could likely be when it does start trading.
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