What is the Pi coin & What is its Actual Value?

Mining and the world of crypto have always been a mystery to most people, but the Pi Network simplifies the process.

The Pi coin is currently not listed on any major exchanges and not yet present on any blockchain and does not have a wallet. The only way to obtain a Pi coin is by downloading the app and mining it. The app allows users to increase their Pi holdings and create a digital wallet.

What is Pi Network?

Established in 2019 by Stanford academics, the Pi Network is a referral system that enables users to download the app, click a smartphone button, and begin mining. The Pioneers, or Pi miners, are the fundamental building blocks of the Pi crypto, and their numbers have grown tremendously, reaching over 33 million.

The Pi Network distinguishes itself from other cryptocurrency mechanisms by utilizing a proprietary methodology called the Stellar Consensus Protocol. This protocol allows a decentralized, leaderless network to reach a consensus outcome on some type of decision. It uses a new mechanism called the Federated Byzantine Agreement.

The Pi Network has been a buzzword in cryptocurrency circles for years, with millions of followers. According to a statement released by the Pi Network on CoinMarketCap, Pi is currently in the Enclosed Network period of Mainnet and is not approved by the Pi Network for listing on any exchange or for trading, and Pi Network is not involved with any purported postings or listings.

The term Mainnet is used to describe a fully operational and working blockchain. An enclosed Mainnet, such as the Pi Network, is live with firewalls that prevent external activity.

Is Pi Network a Scam?

The question of whether the Pi coin or its Network is a crypto scam is still unanswered. The app is free to download, and their Network (enclosed Mainnet) is not accessible to the public. Users can only mine the Pi coin from the app, but there is no one to buy or sell it to.

The app looks impressive at first glance, with numerous tabs and buttons to explore. After downloading the app, new users are asked to create an account using their Facebook or Apple login. The best option is to provide the app with a phone number and continue. The first step for new users is to start referring other interested parties to mine the coin.

Pi Coin Value

CoinMarketCap provides an exchange rate for the Pi coin, similar to Forex pairs. However, there is no way to sell or purchase the Pi coin. Despite all the hype in recent years, the Network and its coin have yet to launch, causing concern among many of its users. However, for long-term players in the crypto market, the Pi Network could be a worthwhile investment.

Nevertheless, Pi Network cautioned against the listing of its token on Huobi and other exchanges, tweeting that it had not authorized any exchange listing as of December 29, 2022. At the current stage, the Pi coin has no actual value, however, through the mobile application, users throughout the world are mining Pi coin therefore when it will get listed it may surge several times.

Conclusion

Pi Network is a referral system that allows users to mine cryptocurrency using a smartphone app. It uses a unique methodology called the Stellar Consensus Protocol. It could be a good investment for long-term crypto players.

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.