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What is Pi Network? All you need to know about Pi Coin

If you stay up to date with cryptocurrency markets, chances are you’ve come across the Pi Network. This popular network distinguishes itself by focusing on user-friendly mining and enhanced accessibility, addressing common gaps found in other digital currencies. While the full extent of its potential is yet to unfold, there’s optimism surrounding the benefits it might bring to users. So, what is Pi network? How does it operate and what are the exact benefits it offers to users? 

Let’s walk you through the key things to know.

What is Pi network?

Pi Network is a mobile-first crypto project. This mobile mining blockchain has an app that allows people to gain Pi coins by executing simple tasks on their smartphones. It was launched by Stanford Ph.D. Dr. Nicolas Kokkalis and Dr. Chengdiao Fan in 2019.

The Pi Network is presently in Phase 3 of its general development, which is called the Enclosed Mainnet. During this stage, users can easily mine Pi and interact freely with the Pi Network blockchain, however, the Pi coin is yet to be listed on any exchange platforms.

Unlike Bitcoin, which has a limited supply in circulation, the Pi Network has yet to set a maximum supply for the PI coins. Note that Pi’s Mainnet is presently enclosed, which means that its crypto coins can’t be shared out of the network or even traded on crypto exchanges yet. For this reason, there are currently no PI coins in circulation.

History of Pi Network phases 

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Listed below is a short history of the different Pi network phases:

1. Phase 1: Beta

The Pi Network Beta phase was established and launched on March 14, 2019. During the Beta phase, users could download the Pi Network mobile app and create their Pi accounts. Also, they were permitted to start mining Pi and invite people to join the Pi Network.

2. Phase 2: Testnet

The Pi Network Testnet phase is the next stage that was launched on March 14, 2020. During the Testnet phase, users could keep mining Pi and interact freely with the Pi Network blockchain. Nevertheless, the Pi coin was still yet to be listed on any crypto exchanges.

3. Phase 3: Enclosed Mainnet

The Pi Network Enclosed Mainnet is the third phase of this network that was launched on December 28, 2021. During the Enclosed Mainnet phase, users can keep mining Pi and interact freely with the Pi Network blockchain. Regardless, the Pi coin is yet to be listed on any exchanges. The network is currently still in this phase. 

4. What to Expect in Phase 4 (Coming Soon)

Once the Pi Network shifts to Phase 4, the Pi coin will then get listed on crypto exchanges and users will be able to exchange Pi for any other cryptocurrency as well as fiat currencies.

Also, the Pi Core Team has expressed that they are trying to develop a Pi ecosystem of unique apps and services. This ecosystem will permit users to use Pi to buy goods and services in the actual world.

How does Pi Network mining work?

White paper

The mining process executed in the Pi Network doesn’t depend on the computational power or capacity of your device. Rather, it makes use of the consensus algorithm SCP (Stellar Consensus Protocol), which permits the coin to be mined on a smartphone without draining either your battery or data.

To start mining, you have to download the Pi Network app and register on the platform using an invitation code, which you got from the person who referred you. Fortunately, the app doesn’t need to remain open for the mining to occur successfully. However, you have to check in every 24 hours and tap the lightning button to boost your Pi mining rate. 

Also, you can boost your mining rate by referring other users using your referral code. This is one of the ways Pi Network plans to expand its user base.

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Step-by-step guide on how to mine Pi Network

Below, we’ve provided a simple guide on how you can start mining Pi cryptocurrency:

1. First, start by downloading the Pi Network app. This app is available on both the Google Play and App Store.

2. Sign up on the platform using your Facebook account or only your email address.

3. Thereafter, set up your strong password. Follow the prompt displayed on your smartphone’s screen to construct a strong, unique password.

4. Input the invitation code of the individual who referred you.

5. Start mining your coin by clicking the lightning button. Don’t forget to tap the button every 24 hours to keep boosting your mining rate. 

What are the ranks on the Pi Network?

After signing up on the platform, every user gets 1 PI. The platform has 4 different ranks that allow its users to receive some additional advantages when mining PI. These ranks include:

1. Pioneer: This is the initial rank for all users. The mining volume here is just 0.39 m/h.

2. Contributor: To unlock the contributor level, you have to mine Pi cryptocurrency for three days.

3. Ambassador. This Pi rank is for its users who invite other people to join the Pi Network.

4. Node: This level is allotted to those parties who have connected extra hardware to the network. Nodes are operated on laptops and PCs rather than on mobile phones.

Pi Network mining: How to maximize your profit

Although PI coins presently have no value in the real world, there are many ways you can maximize your possible profits if the Pi Network comes to be successful.

1. Increase your mining rate

The more often you tap the lightning button in the Pi network platform, the higher your mining rate becomes. Ensure that you do it once every 24 hours.

2. Join a security circle

Make sure you add reliable people to your security circle. This helps to improve the general security of the network and boosts your mining speed.

3. Ask others to use your referral code

Encourage your friends and family to join the network using your referral code. This boosts your mining rate and, thus, the number of PI coins you gain.

When will the Pi Network be fully launched?

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The Pi Core Team is yet to announce a date for the complete launch of the Pi Network. Nevertheless, they have expressed that they are working very hard to ensure the full Pi Network is safe and fair before it gets fully launched.

What is the value of Pi Coins in the real world?

The Pi coin presently has no monetary value in the real world, valued at just 1r = 0.00 USD. Its value will be clarified when the Pi network is fully launched and dApps for purchasing goods and services are also launched alongside the network.

Contrary to many speculations, nobody can predict the actual value of Pi; the market will define it. Once the next stage commences, crypto exchanges may list Pi on their platforms, allowing you to exchange the coin for other cryptos or fiat currencies.

Can you buy or sell Pi?

Currently, purchasing and selling Pi in Enclosed Mainnet infringes on Pi network policy, and the Pi Core Team can work against violators. Nonetheless, Pioneers can make use of their Pi coin within the Pi Network to execute P2P transactions or to buy and sell goods and services.

What is the future of the Pi Network?

The Pi coin’s future price and value remain uncertain. While the Pi Network strives to allow anyone to mine cryptocurrencies and, like numerous other crypto platforms, seeks to make blockchain technology more accessible to the average human being, it has been riddled with controversies.

The robust incentive structure immensely favors recruitment, while miners are paid in a native cryptocurrency that has no value in the real world. For this reason, investors need to exercise caution when trading with this kind of speculative crypto venture.

Who created the Pi Network?

Pi Network was established in 2018 by two Stanford University academics, Nicolas Kokkalis and Chengdiao Fan. The whitepaper and app came on 14 March the following year.

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Who owns Pi Network?

Nicolas Kokkalis and Chengdiao Fan established Pi Network. Pi Network asserted that there were over 35 million Pioneers in the network as of April 2023. Pioneers are people who mine Pi’s native token. 

Is Pi Network valuable?

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Since Pi can not yet be traded in the real world, it’s safe to say that the coins are not valuable yet. Until it is listed on exchanges and its value estimated, it is still too early to tell whether the coins gained will be worth anything in the real world.

Is Pi listed on any exchange yet?

Pi is still in the Enclosed Mainnet stage, with no external connectivity or trading allowed. It’s crucial to note that the Pi Network isn’t linked with any crypto exchange listing as at the time of this writing, and participation in unauthorized exchange listings could lead to losses.

The Pi Network is a unique and rapidly evolving project with its substantial community playing a crucial role in its development and hype. Although Pi currently has no monetary value at its current stage, it exhibits promise as a valuable currency in the future after the complete development of the Pi ecosystem.

So Pioneers must obey the rules within the Enclosed Mainnet and wait until the potential of the Pi coin is fully launched. Lastly, don’t forget that cryptocurrency markets are highly volatile. So you must always do your research before investing in any project. Also, never invest more cash than you are willing to lose on any crypto project.

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Emmanuel

Nov 15, 2023

8 mins read

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