The Pi network is a new cryptocurrency project that provides easy access to crypto mining using a digital mining application. The network has a multi-level marketing scheme that rewards miners with Pi coins for inviting others to join.
Using the mobile app and a referral code, Pi coins can be received in the form of digital currency that can be saved until the crypto is listed on the stock exchange. At present Pi coins do not have any value.
The aim of the Stanford University researchers who started the Pi project was to revolutionize crypto mining as they wanted to democratize mining by minimizing the use of expensive equipment and minimizing the use of resources.
By 2019 Pi network reached 100000 active users and it reached 33 million users by March 2022.
How Does The Pi Network Work?
The users who want to join the Pi network should download the Pi network mobile application register with a phone number and provide a referral code.
As the membership is via invitation a user must refer another person for the mining sessions to achieve completion. Even without referral, users can mine; but rewards will be less.
Mining on the Pi network one simply press a button in the app as rewards replenish every 24 hours. Pi has a regular halving system when the number of coins mined is reduced to half to ensure scarcity and push demand.
The Pi network is secured by its patented “security circle”.The participants are ranked based on the number of successful invites.
Stellar consensus protocol is used to govern the network which emphasizes accessibility and simplicity for users. The consensus algorithm is on the Stellar blockchain.
The protocol provides a user-friendly mobile mining experience. The mechanism allows anyone to join the network and become a validator.
At present Pi coin cannot be bought or sold since it is not listed on any cryptocurrency exchanges. Coins can neither be withdrawn nor transferred as there is no Pi wallet yet.
After the mainnet is launched, the app will serve as a wallet. To earn a Pi coin, one must download the app and start mining.
Certain analysts doubt the sincerity of the promoter of Pi coin and some even label it a scam as there is no coin value and it integrates multilevel marketing into the cryptocurrency ecosystem.
Still now the mainnet is yet to be launched. There are differences of opinion in this case too as some other analyst feels that the Pi network is genuine.
The reasons given are that the project founders are highly experienced with excellent academic credentials and there is a strong community of backers and users.
Still, in the cryptocurrency ecosystem, there is a higher risk of similar scams happening.
Pi Coin: Price Prediction
It has to be noted that the mainnet for Pi network has not yet been launched and the current price reflects the value of IOUs, rather than transferable coins.
The price of Pi coi is expected to reach $58 by the end of 2024. Moving into 2025, provided the Pi network ecosystem continues to expand, the token could get up to $73.
Depending on the market factors, the Pi token is expected to remain in the range of $65 to $89 in the year 2027.
2028 is expected to be an excellent year for Pi coin as by the time the Pi network would have been well established and the community could be large. Many analysts concur that by 2028, Pi coin is expected to touch $100.
In 2029, Pi coin is expected to float in the range between $90 to 110. By 2030, the value of the Pi token may reach $130.
All these values are speculative and based on technical analysis and historical data of similar cryptocurrencies. Please do personal research before investing in any of the cryptocurrencies as these are highly volatile financial instruments.
Conclusion
The Pi network is a departure from the regular traditional cryptocurrency ecosystem as it encourages participation, simplicity, and mobile-first mining.
It could revolutionize the industry in one way or another. Pi Coin represents an innovative approach to cryptocurrency mining, emphasizing accessibility and inclusivity.
As the network evolves and the mainnet goes live, its true potential will become clearer. For now, Pi Coin remains an intriguing project with a promising vision for the future of digital currencies.
