The Pi cryptocurrency has become increasingly popular, drawing in its own fanbase and gathering skeptics. In essence, the Pi Network is a project that aims to make digital currency mining possible on mobile devices. And that became especially attractive as mining popular cryptos, such as Bitcoin, is a costly venture, particularly when it implies ASICs.
Now there are 20,000 cryptocurrencies, many of which have improved on specific aspects of Bitcoin. For instance, Bitcoin Cash (BCH), a fork of Bitcoin, boasts of faster and cheaper transactions, and so does Litecoin (LTC).
For Pi, the improvement is in the aspect of mining, trying to make crypto mining as easy as using any social media app.
So, in this article, you will find what this crypto project is about and a Pi Network price prediction.
Pi Network Overview
Launched in March 2019, the project is built on cutting-edge technology allowing efficient energy mining of PiCoin (PI), the original currency of the network. Crypto enthusiasts interested in cryptocurrency mining can easily earn PiCoin by installing a mobile app.
One notable thing about the Pi network is that it is so efficient in mining that you don’t have to keep your phone plugged into the wall to mine. The process is truly energy-efficient, and you can do it without draining your phone’s battery. Also, by using your phone, you can mine PiCoin on the go whether you are traveling or just at home. This fits in perfectly with the busy schedules that characterize the life of an average person today.
To ensure trust, the Pi network employs the Stellar Consensus Protocol (SCP), the consensus algorithm used by the Stellar network for verifying transactions. It has, however, been modified for individuals to mine PiCoin on mobile and other devices. According to the Pi whitepaper, one of the reasons for creating a cryptocurrency is to balance scarcity and access to money. Thus, allowing individuals to get rewarded by mining on their phones is a significant way to achieve this.
Apart from just enabling the mining of Pi cryptocurrency on mobile devices, the Pi network value inculcates smart contracts, which are mainly supported by Ethereum (ETH). Users can access smart contracts through the Pi network and use them for different purposes.
Who Are the Pi Network Users?
Pi network users are distributed globally. They help to grow the network by performing different functions to keep the network going. There are three categories of these users, namely:
Pioneers: they keep the network busy by just logging into their app on a daily basis and confirming that they are not robots.
Contributors: they build a trusted network by providing a list of pioneers they know personally.
Ambassadors: they use the Pi network and also introduce other users through referrals. In other words, they are team builders.
Node: A user who combines the first two roles and operates a Pi network node. This category of network users helps to validate the network and keep its integrity in addition to playing the other roles. Everyone playing any of the above roles can earn new Pi coins for their roles in sustaining the network.
The design of the Pi network makes it very convenient to use, and, for this, users have moved to it. Within two months of its launch, the network had already recorded over 200,000 active users. As of the beginning of February 2021, the network had at least 2.5 million miners who mine the cryptocurrency using different devices and more than 10 million users in all.
The roadmap of the Pi Network involves three main phases:
- Phase 1 – Design, Distribution, Trust Graph Bootstrap;
- Phase 2 – Testnet;
- Phase 3 – Mainnet.
Even with such progress, the Pi network is still in the enclosed mainnet phase of the project’s three phases. The Pi crypto will be available on cryptocurrency exchanges at the end of the third phase, the mainnet phase. At this stage, those who are mining now will be able to trade their Pi cryptocurrency for other currencies. The project is still in its beta phase, and new miners can be added strictly by invitation. At the time of writing, Pi Network reached over 35 million engaged pioneers (miners).
Unauthorized Pi Network Token Listings
On December 29, 2022, Huobi Global, a popular crypto exchange, announced that they would be listing a new digital currency called PI, which is the native token of the Pi Network. CoinGecko data shows that the value of the Pi token increased by 461.3% from $44.03 to $232.97 as of December 30, 2022. However, the Pi Network quickly responded by warning people not to buy or sell this token on Huobi or any other exchanges. They stated that they did not give permission for any exchange to list their token and were not involved in the listing process.
The Pi Network team also issued an official statement reminding their users that they should be cautious when dealing with any third-party exchanges or actors who claim to be affiliated with the Pi Network. They warned that these actions could result in loss or damage to the users. They also requested for these unauthorized posts and exchange listings to be removed.
It’s important to note that during the Enclosed Mainnet period, it was prohibited to trade PI through any exchange, and doing so would be against the Pi Network’s policies. The Pi Network team is evaluating additional actions concerning these third parties and exchanges.
So be very careful and don’t put money in without documenting from reliable sources before, in the case of Pi Network, their official website.
Pi Network Price Prediction and Value
Unfortunately, market data is untracked on CMC for the real Pi Network token. Pi live data is also unavailable.
As Pi is still in the Beta phase and transitioning to Mainnet, it is quite difficult to predict the Pi network value. Miners have expressed optimism about its future value because of the efficiency and ease of use for mining.
However, although it has not yet launched on exchanges and has no real value, for now, the cryptocurrency exchange Changelly has given a Pi Network price prediction. The exchange predicted that the Pi network value would be $0.16 by the beginning of 2020. This did not come to pass, and the value is currently $0.00. Moreover, it’s already early 2023, and it hasn’t even been fully launched on the mainnet yet.
However, this is an opportunity for new miners to enter the project and start mining. So that they will have as much of the crypto as possible before trading commences. Changelly also predicts that the price may rise to $1 by 2025, and those who already have cryptocurrencies could profit significantly.
Conclusion
Pi network value is likely to grow when it finally lists on exchanges. The Pi network team plans to make Pi crypto the most popular in the future. Some people already call it “The Future Bitcoin.” If you wish to be a part of this revolutionary cryptocurrency project and mine crypto on your mobile devices, you can still do that now and be a part of the future. The Pi Network price prediction shows a bright future for this currency.
* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
Source: https://coindoo.com/pi-network-value/