What is Pi Network: How Does The Pi Coin and Pi Network Work?


What is Pi Network: How Does The Pi Coin and Pi Network Work?

One recent crypto project to make a splash comes from Pi Network, but what cryptocurrency project is Pi Network?

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In 2022 There are a plethora of new cryptocurrencies releasing further traction. While the Coin Pi Network project first started in 2019, it has been able to take advantage of the attention cryptocurrency has garnered in the early parts of 2021.

Here's a brief look at what Pi Network is.

What is Pi Network?

A project called Pi Network, created by Stanford alumni, asserts that it would enable users to "mine" its money on their smartphones. Pi Network used this strategy, as detailed in the whitepaper, to lower the obstacles to bitcoin mining.

It does this by employing the Federated Byzantine Agreement (FBA) algorithm and the Stellar Consensus Protocol (SCP). Here, nodes communicate to agree on the next block.

However, this is not "mining" in the conventional sense, as the Pi Network Reddit explains. This is so that mining applications cannot be downloaded via Google or Apple's storefronts. The lack of an official Bitcoin mining app is analogous to this. Instead, the subreddit provides the following justification:

The phone app's function is to produce Pi vouchers, which can then be exchanged for the Pi on the mainnet once you've successfully completed KYC.

The Pi Network notes in the FAQs that as a consequence, "Pi does not effect the performance of your phone, deplete your battery, or utilize your network traffic."

Users must log in once daily to start mining by pressing the lightning button, as stated by Pi.

Pi Coin Price

There is still a lot of skepticism regarding the Pi Network and its money, the Pi Coin, despite the Pi Network's plaudits for accessibility.

At the moment, Pi Coin is in the pre-release stage. This indicates that as of 2022, it has no intrinsic value and cannot be exchanged on any exchanges. According to the testnet dashboard, there is 99,992,523,620 Pi in circulation overall.

Questions about the Pi's pricing receive a hazy response in the FAQs. "Today Pi is valued about 0 dollars/euro/etc., comparable to Bitcoin in 2008," it says.

This is inaccurate since it suggests that Bitcoin had no value at all prior to its inception. Although the price of bitcoin was almost nothing, it still had some value. Pi Coin has no value since.

As a result, it is hard to determine whether Pi Coin is valuable or to forecast its price when it finally launches. That is, if it ever releases at all.

Date of Pi Network Phase 3

Phase 3 will be the most important time for Pi Network. The whitepaper states that the Mainnet blockchain will become live during this period.

In this place, Pi will be able to connect to exchanges, enabling the trading of Pi Coin.

Phase 3 of the project began on December 29 with the introduction of the Pi Network mainnet. Despite this, there doesn't seem to be any sign that Pi Coin is close to a complete release.

The Open Network era for the Pi Network might start on "this time may begin on Pi Day (March 14, 2022), Pi2 Day (June 28, 2022), or later," Pi stated in its whitepaper update.

By doing this, restrictions on the Enclosed Network would be lifted, enabling additional connections to the Pi Mainnet. A June 28 update hinted that the mainnet debut might happen shortly.


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