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Pi Network emerged in 2019 as an ambitious project that aims to make cryptocurrency mining accessible to everyone via smartphones, without consuming a lot of energy. Although it is not yet listed on major exchanges like Binance or Coinbase, it is generating widespread interest in the crypto community. Here is a comprehensive analysis based on information from external sources and expert opinions.
What is Pi Network?
Pi Network is a digital currency developed by a team of Stanford University graduates, aiming to simplify the mining process via an algorithm called Stellar Consensus Protocol (SCP), which consumes less energy compared to the “proof of work” (PoW) mechanism used by Bitcoin. The project is notable for its introductory phase that allows users to mine the currency via a free mobile app, with the promise of converting it into a tradable currency when it moves to the “open mainnet.”
Current status of the currency
Pi Network is still in the closed mainnet stage, where it cannot be traded outside its internal system. According to its official website, users must go through a Know Your Customer (KYC) process to convert their balances into tradable currency. As of now, Pi has not been listed on major platforms like Binance, Coinbase, or CoinMarketCap, leaving its market cap undetermined.
Price expectations: between optimism and skepticism
Given the lack of a public trading history, expectations are based on factors such as the user base (which according to the project is over 35 million) and comparison to other coins that started as meme coins such as Dogecoin. However, the market remains skeptical for several reasons:
1. Incomplete decentralization: The nodes controlling the network are still limited.
2. Mined Quantity: The total supply is estimated at 100 billion Pi, which may limit the price increase if there is not enough demand.
3. Technical Challenges: The team needs to prove its ability to build a system that can handle the current volume of users.
Experts' predictions:
- Optimistic: Some analysts on platforms like Crypto.com suggest that the price could reach $10–$50 after listing, based on the rapid growth of the community.
- Skeptical: BeInCrypto suggests that the price could stabilize between $0.1–$5 due to the massive amount of the coin and the lack of clarity on the realistic use case.
- Historical comparison: If it follows a similar path to Bitcoin in its early days, it may experience sharp fluctuations before stabilizing.
Challenges and risks
1. Listing on major exchanges: Without being accepted on Binance or Coinbase, Pi will remain a marginal coin.
2. Regulatory compliance: You may face legal hurdles, especially as governments clamp down on crowd-mining coins.
3. Real-world adoption: So far, no major companies accept Pi as a payment method, which limits its practical utility.
Pi Network is an exciting experiment in the world of cryptocurrencies, but it is still an unfinished project that needs to prove its worth. While some expect it to reach $100 or more if successful, analysts see a high chance of it collapsing or remaining a worthless coin. Experts advise, and platforms like CoinDesk remind investors to be careful and not put their money into projects that are not yet listed.
Ultimately, the transition to an “open mainnet” and the level of market adoption will determine the fate of Pi Network, whether as a revolutionary cryptocurrency or just a passing bubble.