With the strong development of cryptocurrency and blockchain, Pi Network has all the elements to continue to create new waves in the industry.
Gone are the days when cryptocurrencies were just a digital curiosity; today, they are an integral part of the mainstream technology and investment landscape. Among the latest names to grab attention is Pi Network, which is gaining traction in the crypto community and is being hailed as a novel approach to digital assets. This popular network stands out from the crowd as it focuses on improved accessibility and user-friendly mining, thus solving problems that have traditionally plagued other cryptocurrencies. While the full potential of Pi Network is yet to be tapped, there is optimism surrounding the advantages it can bring to its users. In this comprehensive article, we will dive into the world of Pi Network and explore how it has captured the imagination of network builders, early adopters, and crypto enthusiasts around the world.
What is cryptocurrency mining?
To give you a simple perspective, we first need to explore what cryptocurrency mining is. It is a process in which transactions are verified and added to a public ledger or blockchain. So, one cannot buy cryptocurrency or exchange it on platforms without mining. Additionally, mining introduces new coins into circulation, but it often requires significant energy consumption and computing resources.
Decoding the Pi Network
Pi Network is a mobile-first cryptocurrency project based on Pi coin. This coin is a decentralized cryptocurrency that powers the network, the purpose is to allow users to mine cryptocurrency from their mobile phones and encourage decentralized peer-to-peer trading. So people can earn Pi coins through this mobile mining blockchain application by performing simple tasks on their smartphones.
Launched in 2019 by Dr. Chengdiao Fan and Dr. Nicolas Kokkalis, Pi Network is currently in Phase 3 of development, known as “Enclosed Mainnet”. Although the Mainnet launch has been delayed to late 2024, users will be able to easily mine Pi and freely interact with the network’s blockchain once it launches.
There are a few interesting things about Pi and the network. First, Pi has a limited supply in circulation, unlike Bitcoin. Furthermore, the Pi Network has not set a maximum supply for the coin. And since the Mainnet is currently locked down, Pi coins are not listed on any trading platforms, which means they cannot be traded on cryptocurrency exchanges or even shared off the network. So, currently, Pi coins have an intrinsic value of zero, but their predicted value continues to be around $33-40 USD. Additionally, their value is predicted to rise as high as $163.46 USD by 2025.
Mining Pi Network: Benefits and Risks
There is no denying that Pi Network brings a fresh perspective to the cryptocurrency space to democratize mining, making it accessible to everyone. Since there are not many cryptocurrencies that allow users to mine them through a smartphone app, Pi Network is unique. Additionally, the fact that users do not need any expensive hardware or specialized knowledge to mine PI is a big plus. It also creates an attractive prospect for newcomers to the cryptocurrency space.
Going further, Pi Network is very careful with user data. One does not need to provide any sensitive information to join. A simple Facebook account or email address is enough. However, once the network leaves the testing phase and the Mainnet goes live, there will be a KYC process required to confirm the legitimacy of miners.
However, all said and done, Pi Network is not without risk. Although the project’s Mainnet is about to launch, Pi coins are currently worthless. Any price is just an indication of when the Mainnet will launch. Therefore, their future price is unknown. Additionally, as mentioned earlier, they cannot be traded on cryptocurrency exchanges. The success of the project largely depends on its ability to move beyond the testnet into a fully functioning blockchain. Considering how long the testing phase has been going on and now delayed until the end of the year, users may still be cautious.
When all is said and done, the Pi coin and network are perfect examples of the phrase “If it sounds too good to be true, it probably is”. Pi Network certainly represents an unexplored but promising area in the cryptocurrency world, making for an exciting alternative to traditional digital assets. With no other equipment required and no startup costs, it’s easy to see the appeal. Furthermore, it has a commitment to accessibility, a strong community, and an innovative, user-friendly approach. With cryptocurrencies and blockchains here to stay, Pi Network has all the ingredients to continue making waves in the industry.