Pi Network currency (symbolized by π) is a digital currency (Cryptocurrency) aimed at creating a decentralized system that can be mined (or "extracted") through mobile phones without significant energy consumption, unlike currencies like Bitcoin that require powerful hardware.
Meaning of the symbol π (Pi) in Pi Network:
1. The mathematical symbol π (Pi):
- π is a Greek letter used in mathematics to represent the ratio of a circle's circumference to its diameter (its value ≈ 3.14).
- The choice of this symbol reflects the project's vision to be practical and inclusive like the famous mathematical constant, hinting that the currency can be part of everyday life.
2. Technical Vision:
- Pi Network aims to make mining accessible to everyone through a simple mobile app (no need for specialized hardware).
- It relies on a consensus algorithm called "Stellar Consensus Protocol (SCP)," which is less energy-consuming than the "Proof of Work" (PoW) model in Bitcoin.
3. Current Stage:
- Pi Network is still in the development stage (Mainnet is currently closed), and it cannot be widely traded on major exchanges.
- It is claimed that the team is working on building an ecosystem (like payment apps and decentralized applications) to enhance the value of π.
Criticisms and Potential Risks:
- Some experts question its economic model and warn that it could be a "Ponzi scheme" if not built on real usage.
- Its market value is unclear because it is not listed on major exchanges like "Binance" or "Coinbase."
Summary:
π in Pi Network is a symbol that reflects the ambition to create an easy-to-use digital currency, but it is still in the experimental stage and needs real adoption to achieve success. Caution and extensive research are recommended before investing in it.