PI Network is a new digital coin that has attracted attention from cryptocurrency investors. We will explain everything you need to know about PI Network, and also find out whether it is legitimate or not.
Although you can’t yet put money in digital currency, once that’s possible, it is important to remember that any investment will not make you rich.
This means that you shouldn’t invest more than you can afford and avoid anything you don’t understand.
Cryptocurrencies can be volatile and their value can swing dramatically without notice.
Additionally, newer cryptocurrencies can be even more risky than older ones like Bitcoin and leave you open to being scammed.
Pi Network Uses Complex System
Pi Network claims that it is the only digital currency you can mine from your smartphone. Cryptocurrency mining requires a lot more computer power to solve complicated mathematics puzzles. It is very energy-intensive.
Pi Network uses complex computer programs to verify transactions. It uses a series of votes and data exchanges.
Pi Network claims that users can use the mobile app to mine the currency “without draining their battery”.
Pi Network is a project to promote crypto mining as the centralization of first-generation currencies like Bitcoin has made them unavailable to everyday users. Pi Network was developed by a group of Stanford graduate students. It allows users to mine coins via its mobile app and validates transactions on a distributed record.
The branding was based on the number “p” and Phase 1 launched on March 14, 2019, on Pi Day. It also included a free Pi mining app. The network had over 100,000 users by June 2019 and more than 3.5 million when Phase 2 was launched. To raise funds for the project, the app began running ads in May 2020. After crossing the 12 million mark in February, the user base surpassed 14 million by March 2021.
Pi Coin is the cryptocurrency running on the Pi network. Like other cryptos including Bitcoin, Pi is designed to be subject to regular “halving” in order to preserve its scarcity. When a milestone is reached, the amount of coins a miner gets for processing new transactions is called halving.
Pi Network Price
Pi’s mining rate fell from 1.6 p/hour when it reached 100,000 users to 0.4 p/hour when it reached 1,000,000 users. It then dropped again to 0.2 per hour at 10 million users and 0.6 p/hour when it reached 1.2 million. It will continue to decrease, eventually reaching zero at one billion users.
Users can sign up to try out Pi Node desktop software for free during the second phase. The question is when Phase 3 will be launched. Will it be in 2021? The developers say that the launch of the third phase is not predetermined, but will depend on the progress of the second phase.
Pi Nodes, unlike nodes in networks like Ethereum or Bitcoin that use proof-of work protocols, use an algorithm based upon the Stellar Consensus Protocol. Pi Nodes verify transactions on a distributed ledger, and agree on the order in which new transactions should be recorded.
The SCP allows PI Nodes to form security circles or groups of three to five trusted individuals that are known to all users of the networks. Security circles create a trust network that protects against fraudulent transactions. Transactions can only be verified on the shared ledger when the trusted nodes approve them.
Pi Coin Is Still In Pre-Release Mode
It is currently not possible to purchase Pi Coin for your portfolio. Pi coin miners will not be able to withdraw their coins or exchange them until the third phase, when Pi switches to a decentralized blockchain.
According to the project website, Pi cannot be transferred during testing phase to stop fake accounts from accumulating more coins. Pi wallet balances will be honored when Pi moves from the testnet into a mainnet. This is when the blockchain protocol emerges from development, and is fully deployed.
Pi Coin cannot be traded on any cryptocurrency exchanges or trading platforms.
Phase 3 will allow holders to fully control their private and public wallet keys. They can use the coin to purchase products and services from Pi’s peer-to-peer marketplace, or to exchange it for fiat currencies. Users cannot spend or transfer the currency they have without the keys.
The Pi mobile app functions as a cryptocurrency wallet and can be linked to a user’s Facebook account or phone number. The Pi blockchain, like other public blockchains, will allow external wallets the ability to store Pi coins and transact directly with them. Its source code is not yet available, however, unlike other blockchains.
The Pi developers released a new Pi Brainstorming App in December 2020. This app allows users to suggest app ideas, participate in projects, and interact with other users.
Pi crypto is being accumulated by early adopters in anticipation of a sharp rise in the price after Phase 3 goes live. Although the coin’s mining rates have been halved, users can still increase their mining rate by connecting to other active miners. A referral code from another user is required to allow new users to join the Pi Network.
Developers claim that security is improved by personal networks. This encourages users to invite their friends and family. However, this is leading to suspicions that the Pi Network could be a multi-level marketing scheme or pyramid scheme. It is important to note that coins can only be earned by the users themselves, and not through their connections as in an MLM program.
Some cryptocurrency experts have already begun to predict the Pi Network’s value. Let’s look at the Pi price when it starts trading.
Pi Network Price Prediction for 2021-2025
Like other digital coins, Pi’s value will likely start at a low level against the US Dollar and increase as it is used more. What are some price forecasts?
Digitalcoinprice.com’s Pi Network price prediction 2020-2025 predicted that the price of the coin would rise from 0.0107 to $0.0127 per US dollar in 2021, to $0.0212 in 2022 and $0.0212 in 2025. It predicted that the average PI price would be $0.0319 in 2028.
The website removed all information regarding its price estimates on March 19.
Wallet Investor, an algorithm-based forecasting service, has a Pi Coin prediction price of $0.0132 with a downside potential of $0.00743.
According to cryptocurrency exchange Changelly, depending on how many crypto users and exchanges adopt Pi, the bull case could see Pi’s price reach $1 if it launches before 2021. Changelly predicts that the price will rise to $5 over the long-term.
Will Pi Coin surpass $1 in the future? Capital.com will be the first to receive the latest PI/USD price forecast when more data become available.
FAQs On Pi Coins
When will Pi coins be available for purchase?
The launch of the Pi cryptocurrency is expected to take place during the third phase in the development of Pi Network. The launch date has not yet been determined. It will depend on how the testing phase is progressing and the subsequent listing on cryptocurrency exchanges.
What will the expected Pi value be?
Pi is currently worth nothing and cannot be traded on any exchange. Although it is hard to predict the coin’s value before launch, some forecasts suggest that it could begin with 0.01 USD.
Is Pi’s price likely to rise in the future?
The popularity of Pi among cryptocurrency investors will determine the direction of its price. If the wider cryptocurrency markets rally, there is the potential for the Pi price to go up after its launch. New projects are a common source of investor interest.
Is Pi Coin A Good Investment?
Pi coins are not yet available for trading by investors. You could participate in mining the cryptocurrency if you believe the project will launch an accessible cryptocurrency that is not priced out of reach for everyday users. You could also wait until you can buy it online.