Pi Network is a cryptocurrency project developed by PhDs and Stanford graduates Nicolas Kokkalis, Chengdiao Fan and Vince McPhillip, designed to run on mobile phones. pi network (PI) has captured the attention of cryptocurrency investors before the coin is even available for trading. But what is pi network and how does it work? Have you heard about the new cryptocurrency and wondered about the value of the Pi coin as a potential investment? Pi Network is a digital currency project that aims to keep cryptocurrency mining accessible, as the centralisation of first-generation currencies such as bitcoin has put them out of reach of everyday users. Pi Network, developed by a team of Stanford graduates, allows users to mine coins through its mobile phone app, validating transactions in a distributed log.
Pi coin, or PI, is the cryptocurrency that runs on the Pi Network, and like other cryptocurrencies such as bitcoin, it was designed to undergo regular halving to protect its scarcity. Halving is when the number of coins a miner receives for processing new transactions is halved. It usually occurs when a certain milestone is reached. The developers of the project claim that security on the Pi Network is enhanced by personal networks, which encourage users to bring their friends and family, raising scepticism that it may be a multi-level marketing or pyramid scheme.
However, it should be noted that users can only earn coins from their own direct networks and not from the networks of their connections, as with an MLM scheme. Some cryptocurrency watchers have already started to make their prediction of Pi Network's value. Let's take a look at what Pi's price could be when it starts trading. The launch of the PI cryptocurrency is planned for the third phase of Pi Network's development.
No date has been set. The timing will depend on the progress of the testing phase and the subsequent listing on cryptocurrency exchanges. The future of Pi coin will depend on the process of its transition from test network to mainnet operations and the adoption of applications in the Pi Network ecosystem. Cryptocurrencies are highly volatile assets, and there is uncertainty around the Pi Network in particular, as it has not yet launched.
The project's developers claim the network is secure, while critics claim it could be a pyramid scheme. Start earning cryptocurrencies today with our free, low-power mobile app. By no means am I claiming that Pi will make me a millionaire (if anything, I'm equally sceptical about what will happen when I hit a bitcoin exchange), but I suspect that the project leaders are not (intentionally) acting nefariously with their work. Just one more thing, the example of the OneCoin scam executive touting his past experiences at McKinsey, comparing them to those of the Pi Network founders, struck me as a bit off base.
When asked why pi doesn't list on an exchange like coinbase, I was told that their fees are too high and that pi likes that. Pi claims that it undergoes halving, just like bitcoin, to help protect its scarcity by reducing the mining reward by half. I mean if pi is a scheme and you can prove it is a scheme because of your accurate research and understanding about it. The launch of the Pi mainnet is important because only then will the Pi coin be listed on cryptocurrency exchanges, allowing it to be traded.
Yes, the Pi app will serve as a digital wallet for mined Pi coins when the project finally goes live. This also means that the Pi coin only exists on the servers and administrators can create as many Pis as they want, he added. Dang Minh Tuan, a blockchain expert at the Hanoi Institute of Post and Telecommunications Technology, said the Pi Network lacks the transparency of a typical blockchain project. So if the only real reasons you think we should give up on Pi is because it will potentially never have value and it is mining our data, then we should give up half the internet because of those 2 criteria.
Although the Pi coin attempts to apply some of the principles of bitcoin, the two currencies do not work in the same way. Users who have mined the Pi cryptocurrency will only be able to withdraw or exchange their coins during the third phase of the project, when it moves to a decentralised blockchain. Pi holders will be able to convert it into "real money" when they buy goods and services on the Pi market or exchange it for fiat currency. The Pi project is currently in phase 1, as stated on the project's website, and the team is also looking for students to help in the areas of distributed systems, back-end and front-end development, social scientists, economists and entrepreneurs.
Echoing him, financial expert Lam Minh Chanh, who has already warned about similar financial scams such as Onecoin and Skyway, said that Pi's developers give few details about the currency and that users seem to expect too much from it.