Pi Coin cryptocurrency has made digital currency mining accessible to cryptocurrency enthusiasts. Typically, mining crypto assets requires high-tech and power-hungry computer systems, making cryptocurrency mining difficult for the general public to use. However, Pi Coin is unique because it can be mined using a mobile app. Crypto miners around the world can download the free energy-saving mobile app on their smartphones and mine PI tokens.
Read on to learn what the Pi coin is, its price, history, and uses.
What is a Pi coin?
This currency was introduced as part of the Pi network project. The main goal of the project was to allow the general public to take part in cryptocurrency mining, which until now was only available to people who had modern cryptocurrency mining equipment. To make mining more accessible to everyone, a team of three Stanford University graduates has developed an app that will allow people to mine Pi Coins from their smartphones.
Transactions can also be verified using the PI application. Unlike other decentralized digital currencies such as Bitcoin, which operate on a proof-of-work model, the Pi network operates on the SCP or Stellar Consensus Protocol. Only a group of trusted nodes or groups can verify transactions in the ledger.
What is the current price of the Pi coin?
Pi coins are not currently traded on any cryptocurrency exchanges, so it is difficult to calculate their price. The current price of the Pi cryptocurrency is not available as these tokens cannot currently be bought or sold. These coins can only be obtained by mining them in the mobile application. Once the blockchain is live, users will be able to transfer mined Pi coins to their wallets and start trading.
History of the Pi Coin
The digital currency Pi is the brainchild of three Stanford students: Vince Mc Phillip, Nicholas Kokkalis and Chengdiao Fan. They developed a Pi coin mining app that came out on March 14, 2019, also known as Pi Day.
At the end of 2019, the total number of Pi Network subscribers exceeded 1 million, and in March 2021 it grew to more than 14 million. In May 2020, the app began generating revenue through ad streaming. As of March 2022, the network’s user base included 33 million registered members.
However, Pi coins had to be halved periodically, like other cryptocurrencies. Halving means that the number of coins that miners receive to validate transactions is halved after a certain period of time.
When there were 100,000 subscribers, the withdrawal rate was halved to 1.6 pi coins per hour. At 1 million users it was halved to 0.4 pi coins per hour, and at 10 million it was halved again to 0.2 tokens. This halving will continue until the number of users reaches 0 with 1 billion.
What are the uses of Pi coins?
Currently, the use of the Pi cryptocurrency is still unclear. The network developers plan to launch a blockchain, PI browser and Pi wallet. However, it is still under development and there is no specific information about its release date or when it will appear on crypto exchanges.
Pi coin miners and cryptocurrency enthusiasts around the world are eagerly awaiting its imminent launch. Once trading of these coins begins, there will be more interest, which will lead to more innovation on the Pi network.
Is Pi cryptocurrency legal?
Pi Cryptocurrency was launched with the main goal of making cryptocurrency mining and investing more accessible. The developers wanted to revolutionize the virtual currency segment.
This is a legitimate project that wants to make the cryptocurrency ecosystem more accessible. However, we will have to wait longer for final answers as many of the app’s features are still under development. A clear picture of the price of the Pi coin can only be assessed after its listing on crypto exchanges. For now, those who want to take advantage of speculative prices can participate in the mining process and accumulate Pi coins.
What is the future of Pi coins?
The Pi cryptocurrency has gained popularity due to its ease of access and affordability. However, they are not currently listed on any cryptocurrency exchange. This makes it difficult to determine its value. People can mine these coins and store them in the app itself. Additionally, these coins can also be used to purchase products available on the Pi Market.
Its future value can be assessed by studying current trends; however, this is a matter of speculation. Investors who are risk-averse and want to invest in new forms of cryptocurrencies may want to consider mining Pi coins. Pioneers can make high profits if the price of Pi coins increases in the future.
Other Blockchains vs Pi Coin Blockchain
Pi coins must run on independent blockchains that have their own applications within the chain. They are similar to the Ethereum or Solana cryptocurrency blockchain structure. However, the Pi coin blockchain has not yet launched.
Currently, the Pi coin cryptocurrency uses the Stellar Consensus Protocol (SCP), unlike the POW system that Bitcoin has adopted. Under SCP, PI network nodes consistently record and verify transactions on a distributed ledger. They form a global network of trust and help prevent all types of fraudulent transactions.
Is it worth mining Pi coins?
This project has some credibility because it was developed by Stanford alumni. They assured that users will be able to exchange their digital assets and receive significant benefits after the launch of the blockchain. Meanwhile, investors with low risk tolerance should avoid Pi coin as it is full of uncertainties.
How does the Pi app work?
Once registered, users begin mining Pi Coins by activating an in-app mining process that does not require active participation or complex technical knowledge.
Users log into the Node software through their mobile app accounts, ensuring they both access the same account.
The user can start mining Pi only through the mobile app, while the node’s desktop interface allows you to check your Pi Coin balance, chat, and view media on the home screen.
The apps display ads while users mine coins, creating a revenue stream for creators.
During the testing phase, test network nodes do not receive mining rewards as developers try to determine the most appropriate incentive mechanism based on the data they collect.
During testing, developers are expanding and improving the Pi Network ecosystem. On August 1, 2023, a new base mining rate went into effect as part of a monthly adjustment based on the reward formula published on March 1, 2022. Miners can increase their individual mining speed through contributions such as Pi locks, app usage, nodes, security circles, and referrals.