Pi Network is considered one of the digital currencies that has sparked significant controversy and wide interest, and the main reason for its potential strength or the discussions around it goes back to a fundamental point:
1. Easy and Free Mining:
The main reason that made Pi Network spread quickly is that it allowed users to mine the currency through their mobile phones for free and without consuming much energy like Bitcoin and Ethereum. This allowed millions of people to enter the world of digital currencies without needing expensive mining devices or complex technical expertise. This alone created a very large user base (more than 47 million active users).
2. Massive User Base:
The massive number of users is what gives Pi Network its true strength. In the world of digital currencies, the largest network is often the strongest. The more people that use a particular currency, the greater the chances of its acceptance and use in daily transactions, which increases its value.
3. Community-Focused Approach:
Pi Network focuses on building a large and active community. This is done by encouraging users to invite their friends, interact with the app, and contribute to the network's security. This creates a sense of loyalty and support for the project.
4. Security Circle Consensus:
Instead of traditional mining mechanisms that consume energy, Pi Network uses a mechanism based on 'Security Circles.' This is a group of trusted users who verify transactions. This makes the process more efficient in energy consumption and reduces the need for powerful devices.
5. Founding Team:
The project behind Pi Network was founded by graduates of Stanford University, which gives the project a sense of credibility and trust among some people.
6. Focus on Practical Use and Ecosystem Development:
The stated goal of Pi Network is to build an ecosystem that allows for the use of Pi currency in purchasing goods and services, and operating decentralized applications (dApps). If Pi can truly achieve this and make its currency have real uses, it will significantly increase its value.
A very important point (but):
* No Official Price Currently: So far, Pi Network has not been fully launched on the open mainnet and has not been listed on major exchanges for public trading. Therefore, any prices you see currently are estimated prices or trading in unofficial markets (OTC).
* Future Challenges: The potential strength of Pi Network is closely linked to its success in transitioning to the open mainnet, developing actual applications with real value, and its ability to address regulatory challenges.
In summary, the strength of Pi Network comes from its ability to attract a massive user base through easy and free mining, focusing on building a community, and its ambition to create its own ecosystem. However, its future success and true value will depend on its ability to achieve its goals.
In a practical way.
