After months of consistent trolling of Pi miners, especially in the Nigerian crypto space, Pi network adherents and proponents seemed to have their prayers answered at last. News broke out in some quarters that certain vendors were willing to buy Pi Coins from miners that have passed KYC and moved their mined coins on the mainnet.
Pi Coin has gained traction and garnered attention despite the fact that it is yet to be traded on a cryptocurrency exchange. But away from all that buzz and hype, what is Pi coin(network) and why is it gaining so much attention?
About the Pi Coin
Pi Network is a digital currency project reportedly developed in March 2019 by a team of Stanford University graduates. The Pi Network basically enables users to use their desktop/mobile apps to mine Pi coins and verify transactions on distributed records.
According to its developers, the Pi coin is the first cryptocurrency that can be mined entirely on one’s mobile phone. All you need to do is just download the Pi network app and get an invitation code from one of the existing trusted members.
Going by its whitepaper, the project aims to keep cryptocurrency mining accessible, as the centralisation of first-generation currencies like Bitcoin has put them beyond the reach of many everyday users.
Pi project roadmap
Phase 1 of the project was launched on Pi Day, March 14, 2019. At inception, the team offered a free PI mining application. By June 2019, the network had over 100,000 active users. Phase 2 was launched a year later and there were more than 3.5 million users.
On March 15, 2022, Pi Network announced that its user base had climbed to 33 million, more than double the 14 million it had in March 2021. In November 2021, the development team began releasing technical and product updates – Know Your Customer (KYC) application and Block Explorer.
After testing with community moderators, the KYC App Pilot was deployed “on a limited basis” to initiate the process of validating pioneers (Pi miners) and to improve the usability of the application and machine automation.
Pi Block Explorer was also deployed to help Pioneers view transaction history and explore transaction data such as senders, receivers and amounts.
On December 28, 2021, Pi Network launched an “Enclosed Mainnet” to continue testing before its full launch. It also introduced a new mining mechanism and “infrastructure to provide Pioneers a simulation of the upcoming mining formula”.
According to the project’s blog:
“The Enclosed Network period means that the Mainnet is live but with a firewall that prevents any unwanted external connectivity. Pioneers will be able to take time to KYC and migrate their Pi to the live Mainnet blockchain. Any balance migrated to the Mainnet can be used, by the choice of the Pioneer, to purchase goods and services in Pi apps, transfer to other Pioneers, or get locked up for a duration of time for a higher mining rate.”
On March 14, 2022 (Pi Day) the development team announced two additional updates: the introduction of a massive KYC solution, and a new Pi mining mechanism that allows for more diverse mining rewards. They further announced that they were rolling out KYC “on a large scale” to eligible users on 16 March.
A check by this writer showed that KYC features are now available for a significant number of Nigerians. Which means they can now move their mined Pi coins to the mainnet, where they can send, receive and choose to transact with it any way.
The Pi network has an active community and its user base keeps growing exponentially day by day. Today, Pi Coin boasts of having around 35 million active users who mine their tokens through their mobile phones.
It has not yet been listed on any crypto exchange and the only way to get it is to mine it. To start earning the Pi cryptocurrency, open the app once every 24 hours and click on the lightning button to start mining.
There are ways to increase your mining speed: earlier members get higher rates, and you can invite trusted friends and family to join the Pi app for a small bonus.
Furthermore, after three days of mining, you can build your security circle to boost not only your earnings but also the overall security of the Pi network. Each active miner you refer to the app will boost your earnings by 25%.
Pi Coin prospects
There is a lingering debate surrounding whether Pi Network is a well-intentioned initiative or a scam. The bright side, however, is that even if it is all a hoax, it is not a Ponzi scheme because users are not investing in fiat. Rather, they are investing their time on their phones.
As regards its expected market price, its value is still zero and there is no way to make a guess at what Pi Coins are currently worth. People and platforms can only make conjectures until the token is launched on major crypto exchanges.
Coinmarketcap once listed the coin’s value as $0.007077. The site currently lists the coin as “untracked” with no price attached. It also provides this disclaimer:
“Pi Network has faced its fair share of controversy recently. Please do your own research before investing.”
At the moment, there are no algorithm-based prediction sites that offer Pi cryptocurrency value forecasts. The value of the Pi coin will depend on when the cryptocurrency goes live for trading and how it performs after launch.
Nevertheless, estimates from some users and enthusiasts on social media range between $1 to $100.
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