The Pi (PI) cryptocurrency is purported to offer users a new form of cryptocurrency with all the benefits of Bitcoin (BTC) without the drawbacks. However, as of September 6, 2023, over four years after its launch, the Pi cryptocurrency is not available for sale on any exchanges. It is not yet live on a blockchain, and it does not have a wallet. It is mined by users who sign into the Pi application from their smartphones and press a button to initiate the mining process.
Pi Network explained
The Pi Network was established in 2018 by Stanford University researchers Nicolas Kokkalis & Chengdiao Fan. On March 14, 2019, a whitepaper was published and the Pi Network app was made available to the public.
The app mines the Pi cryptocurrency using a button that is pressed every 24 hours.
Members receive an invitation code to join the Pi Network. The platform has a referral feature that allows users to earn extra money by signing up new users.
The Pi Network uses a proprietary mechanism called Stellar Consensus Protocol. This protocol allows users to receive advantages for participating in the network.
There are four kinds of users in the Pi Network:
Pioneer: People who mine Piby tapping the lightning button. There were more than 35 million Pioneers, as of 5 January 2023.
Contributor: Users provide a list of trustworthy users to the network in exchange for an incentive.
Ambassadors: People who bring new users to the network using their referral code.
Nodes: Participants use the Pi node software on their home computers.
The basic mining rate at the time of the launch of the pi network was 1.6 per hour. After 100,000 users joined the network, the mining rate decreased to 0.8 per hour. After 1 million users joined the app, the mining rate dropped to 0.4 per hour. Once the network reached 10 million users, the mining rate fell to 0.2 per hour. The mining rate will continue until the network reaches 1 billion members.
What is the value of PI?
PI is a token that is not listed on any exchanges and is virtually worthless as of April 6, 2023. There is no history of the token's performance because it has not been listed on any cryptocurrency exchanges. The Pi Network's creators have yet to announce how many coins will be in circulation once the project is officially launched and the maximum supply has yet to be established.
But on December 29, 2022, Huobi Global, a crypto exchange, announced that it would list the Pi token. Within 24 hours, the price of the token shot up by $4.03, or 4.3%, from $44 to $232 on December 30, 2022, data aggregator CoinGecko reported. Users were also trading the token on other exchanges such as XT.COM, BitMart, and others.
However, the Pi Network warned that it did not approve any exchange listings of its token as of December 29, 2022.
Pi Connect was announced in September 2022. It was created to address the current crypto limitations of the Pi Network and to provide users with information about the price of Pi and the conversion rate of other popular cryptocurrencies.
Pi network price forecast
Since the coin has yet to officially launch, there are no price predictions available. The Pi network also has no price history, so it is impossible to predict how its price will respond to crypto market volatility.
In order to provide a crypto price forecast, you would need to take into account the cryptocurrency's current and future use cases, the number of people who currently own pi coins, the number of engineers behind the coin, the future potential of the network, etc.
In the case of pi, there is no way to know all these factors.
However, if the coin is traded freely, then the value of the PI coin will increase above $0.
When a project is first listed on the cryptocurrency exchanges, its prices tend to skyrocket in the initial weeks. When people rush to get their hands on the new 'big thing', the market cap increases due to the huge demand.
The future of the Pi Network
The future of the Pi coin is still in the balance. The Pi Network wants everyone to be able to mine crypto, and like many crypto platforms, it's trying to make blockchain tech more accessible. But it's been hit with a lot of issues, like a strong incentive structure that encourages people to get involved, and miners getting paid in crypto that doesn't really have any value. So it's best to be careful when investing in this kind of crypto.
