All you Need to Know about Pi Coin
Since its inception, Pi Network has drawn a lot of interest from the cryptocurrency world as well as casual users. What is Pi Network? How does its blockchain work? Is Pi Coin worth mining and, what will it be?
This article seeks to make a full analysis of Pi Network from the perspective of its blockchain technology, whitepaper, roadmap, history and mining process as well as current projects and potential future.
What is Pi Network?
Pi Network is a novel approach to a cryptocurrency project launch on Pi Day (March 19, 2019) by an elite group of Stanford University graduates consisting solely of Dr. Nicolas Kokkalis and teo other professors: Chengdiao Fan & Vincent McPhillip. The project aspires to get cryptocurrency mining into the hands of regular people by enabling us to all mine Pi Coins from our smartphones without containing usable electricity.
Pi Network implements a novel consensus algorithm based on the Stellar Consensus Protocol (SCP) that does not require high-power mining and can be run as an app on devices of ordinary users.
What is Pi Blockchain?
The Pi Network is built on a blockchain called the ‘Pi Blockchain’. Much the same as different blockchains, it is an open record that records exchanges crosswise over systems of hubs. On the other hand, Pi Blockchain is created to be light weight and user-friendly, so even smart phones can join in the consensus process of this network.
The Pi Node: Nodes are defined as the devices authorized to protect and decentralize the blockchain of PI. Instead of miners solving complex mathematical computations, as is traditional in mining for cryptocurrency, these cluster nodes work within the Stellar Consensus Protocol (SCP) validating transactions and assisting with achieving a network-wide agreement that determines which valid transaction will be applied to account balances. This helps Pi to retain its decentralized quality without requiring energy-hungry mining.
Pi Block Explorer: The Pi block explorer is a tool that helps locate all the transaction activities in your pi blockchain. It adds transparency as well as traceability, making all transactions on the network provable to anyone who wishes to know.
Pi SDK: The Pi Software Development Kit (SDK) that allows developers to build applications on top of the Pi Blockchain. One of the important dimensions that aligns with Pi Network’s vision is that they want to build a decentralized ecosystem where developers can develop dApps (decentralized applications) in which pi coins are used.
Pi Coin Whitepaper
The vision, technical infrastructure and road map of the Pi Network can be found in the white paper titled The Pi Coin. The white paper is split up into different sections, all discussing various parts of what has been done for the project.
Introduction: The whitepaper introduces the Pi Network and its aim to build a cryptocurrency that is more accessible than traditional ones by enabling people to mine via their smartphones.
The technical architecture: Here we detail the specification of Pi Blockchain, covering consensus algorithm (SCP), role description about Pi Node and overall structure on how blockchain is formed.
Tokenomics: The whitepaper explains the token distribution model of Pi coins, such as total supply at 2 trillion among which mining rewards reserve is set at a certain level and halving mechanism making it deflationary over time mimicking prospectus scarcity.
Governance: This section describes the decentralized governance model of Pi Network, where communities can interfere in decision-making processes.
Accessibility: Since the advent of digital currencies, Pi Network tries to make it as large a group as possible for everyone, aiming at allowing phone users to dig into Pi Coin. In this way, it differs from the traditional crypto mining systems that have become giant energy-consuming beasts, Bitcoin and Ethereum.
Security: In closing, the whitepaper touches on the security and scalability of the Pi block chain, creating a strong backbone in order to enable millions of users.
Roadmap: It shows where Pi Network is heading in the future, and lays out a roadmap for what we can expect.
Pi Coin Roadmap
The roadmap of Pi Coin is divided into 3 major phases:
1. Phase 1: (Beta Version)
Design and Distribution (2019—2020): In this phase, they created the Pi Network user base as well as basic core job types in the first version of the Pi blockchain. At this stage, users were mining Pi Coins that had no value outside the network.
2. Phase 2: Alpha Testnet (2020–2021)
At this stage, the Pi Network introduced its Testnet, where developers could begin working on developing and testing applications overtop of a blockchain built using PPIs. During this stage, the Pi Node software was released that allowed users to increase network security.
3. Phase 3: Mainnet (2021-Present)
This Mainnet launch signified the movement from Testnet to a live, fully functioning blockchain. All Pi Coins mined during the Testnet were ported over to Mainnetsand in a sloth (read it 15% per year) and the network decentralized as more users started using block chains.
History of Pi Network
Pi Network was launched on March 14, 2019 by the team of Stanford grads. The project also found a market with its friendly platform for mining cryptocurrencies and raised awareness of environmental issues. After 2 days, the Pi Network had more than a million users by the end of 2019. In 2020, more than 10 million people were using Grow.
Pi Network developers have been working hard on the project, regularly updating both the app and expanding its ecosystem. The platform released the Testnet for Pi Network in 2021, opening doors to developers and users alike who could test its features.
How to Mine Pi Coin?
Pi Coin Mining is very much simple, too easy and doesn’t need any of those costly hardware or any technical knowledge. Let’s see how it works:
#Step 1:
Install Pi Network App: The app is compatible with both Android and iOS devices, so head over to your device-specific store. The service is free to download (here on iTunes and here in Google Play).
#Step 2:
Sign Up: Users displaying are required to sign up through their phone number or any Facebook account. One needs a referral code from any existing user to be able to join the network.
#Step 3:
Mine Pi: Users can begin mining Pi Coins after they complete their registration by opening the app and tapping “mine.” The mining sessions are for 24 hours and after that, they need to open the app again and press the button to continue.
#Step 4:
Mine More: Via referrals or running a Pi Node on their desktop or laptop, users can increase the rate at which they mine.
Is Pi Coin Worth Mining?
Since Pi Coin is not traded on any big exchanges, its value remains questionable. You also do not require so many resources to mine Pi Coin, it is free and this could make a good start for anyone looking into cryptocurrency with less investment.
Since the value of Pi coin is very speculative at this point, early users could potentially profit quite a lot if it goes mainstream and gets listed on big exchanges.
Projects of Pi Network
The objective behind Pi Network is to create a strong ecosystem for its coins; hence, it has a lot of ongoing projects. These projects include:
1. Pi Apps Platform
A platform for developers to create decentralized applications (dApps) using Pi coins This initiative is to promote innovation & build more use cases for the Pi coins in their ecosystem.
2. Pi Wallet
A digital wallet that helps users to hold and manage their Pi coins in the most secure way. The wallet is built directly into the Pi Network app, and so it is very convenient to use for any transactions or receive payments with Pi coins.
3. Pi Browser
This is the built-in browser to access dApps and other blockchain powered services. The Pi apps are made in a full browser designed to make these protocols easier and more secure, decreasing the adoption barriers.
4. KYC on Pi
Mandatory for users to verify their identity. Kyc is the most important step to move on in Mainnet as it prevents scamming activities and gets rid of only real users.
Is Pi Network a Scam?
The overall potential legitimacy of Pi Network is still a burning debate. There are some critics arguing Pi Network is more like an MLM (Multi Level Marketing) than a consecutive cryptocurrency with its actual business structure heavily focused on consumer’s growth and informative data collection. Some say the fact that Pi coins are currently worthless and no major exchange can trade them is an alarming sign.
But supporters say it is a legitimate effort to make cryptocurrency more inclusive and easier. They clarify that their venture is a pioneer, and they can find fulfillment once the project goes live on mainnet and Pi coins become tradable.
Is Pi Coin Listed on Binance?
At present, Pi Coin is not featured on Binance or any popular crypto exchange. According to the team of Pi Network, they are planning for their coin on exchanges but there is no certain date about it.
The listing of Pi Coin on major exchanges will subject the network to a growth target, regulatory compliance and market demand.
Overall Judgment
The Pi Network has a great plan, making it possible for almost anyone with a smartphone to have access to and hold cryptos. Although there is no guarantee that Bee Network will remain in business for the long run, its one-of a kind mining on mobile and social networking approach has attracted millions from all around the globe.
Time will tell whether Pi Network is able to see its mission through, but it certainly seems like a project worthy of keeping an eye on in the rapidly shifting world of cryptocurrency.
