The Pi Network is a cryptocurrency project launched in 2019 by a team of Stanford graduates, aimed at creating a user-friendly digital currency that can be mined on mobile devices. As a novel approach to cryptocurrency mining, it seeks to enable everyday users to participate in the crypto economy without the need for expensive hardware.
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Benefits of the Pi Network
Accessibility: The mobile app makes it easy for anyone to mine without technical knowledge.
Community Focus: The network promotes community building through the trust graph, encouraging users to connect and support one another.
Potential for Growth: With millions of users already signed up, the network has significant potential for growth as it transitions to the mainnet.
Current Status of the Pi Network
User Growth: As of now, the Pi Network has over 35 million users worldwide, showcasing significant interest and adoption.
Market Position: Although Pi coins are not yet listed on major exchanges, the community actively discusses potential future listings and the implications for the coin's value.
Mainnet Transition: The transition to the mainnet is a critical milestone. Users are eager to see how the network will function in a fully decentralized manner and how the coins can be used.
Predictive value
The Pi coins currently have an intrinsic value of zero, but their predictive value is around USD 33-40. Some predict that their value could go as high as USD 163.46 in 2025.
KYC process
The first deadline for submitting KYC applications has been extended to November 30, 2024. The final deadline to complete Mainnet migration remains unchanged on December 31, 2024.
How Does It Work?
Mining Process: Users earn Pi coins by clicking a button on the app once every 24 hours. The mining rate can increase based on network growth and the number of users a miner refers.
Trust Graph: The network uses a unique "trust graph" to verify transactions, which relies on the social connections between users rather than energy-intensive proof-of-work systems.
Phases of Development: The Pi Network is in several phases:
Phase 1 (Test Phase): Users mine Pi and build their network, but the coins are not tradable yet.
Phase 2 (Testnet Phase): A testnet is launched, allowing users to experiment with transactions. Feedback helps refine the system.
Phase 3 (Mainnet Phase): This phase will see the launch of the fully functional mainnet, enabling users to trade and use Pi coins in various applications.
Pi Network price
$0.0008
Market cap
$2,481,057,332
Circulating supply
68,000,000 PI
Max supply
100,000,000,000 PI
Daily trading volume
$155,775
Features of the Pi Network
Mobile Accessibility: The Pi Network app is available for both Android and iOS, enabling users to mine on-the-go.
User Engagement: Users can earn rewards by engaging in various activities, such as inviting friends, validating transactions, and participating in community activities.
Ecosystem Development: The network aims to build an ecosystem of applications, including decentralized finance (DeFi) projects, e-commerce platforms, and more, which would create practical use cases for Pi coins
