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Best Explanation Of The Pi Network Coin

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If you're asking how to get the Pi coin for your portfolio, you won't be able to. Users that mined the Pi cryptocurrency will be allowed to withdraw or swap their coins only after the project's third phase, when it transitions to a decentralized blockchain.

According to the project's website, PI cannot be transferred during the testing period to prevent phony accounts from collecting money. Wallet balances are intended to be recognized when PI transitions from the testnet to the mainnet when the blockchain protocol is finished and fully implemented.

As a result, Pi coin is not currently traded on any cryptocurrency exchange or trading platform. The cost of PI has yet to be determined. Nonetheless, a Reddit thread suggests that the currency is on Binance's radar.


Best Explanation Of The Pi Network Coin
Best Explanation Of The Pi Network Coin


1. What exactly is the Pi Network?

The Pi network is a cryptocurrency initiative that aims to make bitcoin mining accessible to all users. The centralized nature of first-generation digital currencies like Bitcoin has rendered them unavailable to ordinary consumers. As a result, unlike Bitcoin miners, a Pi miner will profit from increased accessibility.

The Pi network was created by Stanford University grads and lets users to mine money using its mobile app. During mining, the transactions are verified on a distributed record. Blockchain technology powers Pi.

Surprisingly, another website claims credit for the Pi network, utilizing its logo, and says the Pi Network is a cryptocurrency initiative founded by Dr. Nicolas Kokkalis and his wife, Dr. Chengdiao Fan. Their stated goal is to create a cryptocurrency called Pi as well as an environment through which to spend it.


2. Best Explanation Of The Pi Network 

Pi Network aspires to be the cryptocurrency that, in the end, makes mining accessible to the general public. While the standard proof-of-work technique of creating new crypto has received a lot of negative attention due to the amount of energy it requires, PI uses something called the stellar consensus mechanism. This enables specific network users, known as nodes, to validate transactions on a distributed ledger and reach an agreement on the sequence of new transactions recorded on the ledger.


The nodes establish groups of three to five trusted individuals known to each of the network's users. These then form a network that, in principle, prevents fraudulent transactions from taking place because transactions can only be authenticated if the trustworthy nodes approve them.


Another distinction is that the money is mined via a mobile phone app. While it may appear that this would use a significant amount of energy, the Pi Network's creators believe that this is not the case, stating that "Pi protects its ledger when members vouch for each other as trustworthy." This creates a network of interlocking'security rings,' which determine who may perform transactions. This new solution allows you to mine cryptocurrency on your phone by using your current social connections.


There are four sorts of users on the Pi Network:

Pioneers. These individuals utilize the Pi Network mobile app on a daily basis to verify that they are not a robot and to mine the Pi Network bitcoin. They might also ask other pioneers for trade.

Contributors. These individuals use the program to compile a list of pioneers they know and trust.

Ambassadors. They show new users how to use the Pi app.

Nodes. These individuals not only act as pioneers and contributors, but they also operate the PI node software on their PCs. As we've seen, they're in charge of validating transactions and establishing the trust network that allows them to do so.


3. Pi's History 

Nicolas Kokkalis and Chengdiao Fan established Pi. Kokkalis and Fan both possess PhDs from Stanford University in the United States, with Kokkalis specializing in computer science and Fang specializing in computational anthropology. The Pi Network concept was developed in 2019, and the app was released in the same year. The testnet was launched in 2020, and the number of active pioneers reached one million.

Nicolas Kokkalis and Chengdiao Fan established Pi. Kokkalis and Fan both possess PhDs from Stanford University in the United States, with Kokkalis


Pi launched its inaugural hackathon, #BuildPi2gether, from late June 2021 through the end of September same year, describing it as "a collaborative event where pioneers and developers collaborate to build the future of Pi together." It gave out a total of $100,000 and 100,000 PI to the top projects in the ecosystem and business applications categories.


On November 25, the Pi Network announced that it had reached 29 million users. Every day, an average of 61,120 pioneers join the network. The mainnet was deployed at the end of December, although there were no exchanges offering the coin at the time of writing (14 March 2022).


4. PI is a cryptocurrency

The Pi Network cryptocurrency (PI) has limited usage since it cannot be traded freely. If users cannot purchase, sell, or swap PI coin, it will be unable to participate in one of the most popular uses for any cryptocurrency. People will be able to purchase and sell items on the Pi Network's peer-to-peer marketplace, thus it should be useful, if restricted.


In terms of currency supply, PI's mining rate was half from 1.6 coins per hour when it hit 100,000 users, then halved again to 0.4 Pi Network (PI) per hour when it reached one million, and finally halved to 0.2 PI when it reached ten million. It will continue to halve until it reaches one billion users. This halving is done to create scarcity and improve the value of the coin. Early adopters have a bigger supply of PI than later adopters. Referrals and developers are also rewarded.


5. Availability of the PI

Despite the fact that the mainnet will be operational on December 28, 2021, the Pi Network has yet to be listed on exchanges. This signifies that the coin has not yet entered the open market. As a result, we have no clue what PI's price is, what it will be, or how it will respond to particular events in the cryptocurrency market. We don't know if it will be a cryptocurrency that follows the trends or something that defies them.


While some PI price projections have been made, there is still a great deal of uncertainty, with the typically consistent, if not always correct, algorithm-based forecasts being supplanted by guesswork. WalletInvestor, for example, has removed their PI price forecast, stating: "This currency hasn't been updated since 2017-12-24 for any reason: incomplete data or revoked coin." It does, however, imply that the price of PI should be 0.007077, although this may be as much speculation as anything else.


The PI team concedes that the coin currently has no value, adding, "Today PI is valued around 0 dollars/euro etc., comparable to bitcoin in 2008." Pi's worth will be supported by the time, attention, products, and services provided by other network members. Pi's members aspire to capture more of the value that traditionally goes to banks, technological behemoths (such as Facebook and Amazon), and other intermediaries by pooling our attention, commodities, and services around a common currency.


One of the most important promises, that the Pi Network software does not deplete a mobile phone's battery excessively, does not appear to have been thoroughly tested. However, the phrase "mine" is frequently used to refer to crypto minting via a proof-of-work consensus, which, as we have seen, does not apply to Pi. While there have been few, if any, online reports of phone battery difficulties caused by the Pi app, this does not rule out the possibility that they are occurring or, perhaps more crucially, may occur in the future. Mobile operating systems are updated on a regular basis, and it is not uncommon for apps to have issues on a new system. This is not to suggest that it will occur to you.


Pi Network has said that it would not perform an initial coin offering (ICO) for its currency, implying that any PI ICOs are a scam. "Pi is mined freely by contributing to the environment," it tweeted. All mined Pi may only be claimed using the Pi app. Any website that asks you to claim Pi in any other way is a scam. Pi operates on its own blockchain (locked period), thus sales or liquidity pools on other chains are fraudulent."


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