Pi Network is one of the most active players in the blockchain industry. The developers are building a cryptocurrency known as Pi Coin, which they hope will become the most popular alternative to fiat currencies. At the same time, hundreds of developers are building apps for the Pi Network ecosystem.
Bitcoin congestion and the need for an alternative
Bitcoin is widely credited for starting the cryptocurrency industry. The coin was created to be an alternative to fiat currencies like the US dollar and the euro. Instead of having a central bank that determines supply and demand, Bitcoin’s supply is determined by miners who solve complex mathematical calculations.
Other cryptocurrencies using a proof-of-stake technology have come up. They include Polkadot, Cardano, and Cosmos. However, Pi Network’s developers believe that Bitcoin’s mining method does not work well since mining is not easy. Further, as we saw this week, Bitcoin congestion can lead to higher transaction costs and slow speeds.
Therefore, they created a cryptocurrency that anyone can mine using their smartphone. And on top of that, developers can now build decentralized apps that take advantage of the ecosystem. We looked at some of the top dApps in the platform in this article.
Pi Network has become highly popular among users. For example, the main Twitter page has over 2 million followers while the number of app installs has jumped to more than 60 million. The Android app has more than 50 million downloads while Pi Browser has over 10 million users.
Pi Coin price prediction
It is not possible to do a Pi coin price prediction because the coin has not been launched in exchanges like Binance and Coinbase. The developers have said that the ecosystem is in an enclosed mainnet as they develop the network.
Still, I have concerns about the network and the Pi Coin. For one, Pi is not new since the network was launched in 2018. This means that people have been mining and accumulating coins that cannot be converted into fiat currencies.
Five years is such a long time and it is still unclear when it will be launched. I believe that this delay is strategic since the developers are now making money running ads in the network.
Further, history suggests that Pi Coin price will actually fall when it is listed in exchanges since many holders will rush to sell. Besides, most of the pioneers have accumulated lots of coins in the past few years. We saw the same situation happen with Sweatcoin. Sweat Economy price has crashed by more than 80% from its all-time high.
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