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Pi (PI) is a new cryptocurrency that seeks to provide users with an alternative to Bitcoin (BTC) while retaining many of the latter’s benefits and none of its drawbacks. However, as of 6 April 2023, more than four years after its first launch, pi has no crypto worth. It is not tradeable on any market. There is no proof of its existence on a working blockchain. It’s missing a wallet. People mine it by logging into the Pi app on their mobile devices and hitting a button.
So, what exactly is the PI token? What is the logic behind the Pi Network? Let’s investigate to see what we can unearth.
Nicolas Kokkalis and Chengdao Fan, two professors at Stanford University, established the Pi Network in 2018. They released the Pi Network app and a whitepaper on March 14, 2019.
Users mine Pi cryptocurrency by using the software and tapping a button once every 24 hours. A member can send an invitation code to a user, allowing them to access the app. A referral system is in place on the platform where users may earn bonuses for bringing in new members.
The Stellar Consensus Protocol is a patented mechanism that Pi Network uses to reward its members for contributing to the network, setting it apart from many other cryptocurrencies.
The Pi Network serves four distinct demographics of users:
Pi miners use the “lightning button” method of mining. As of 5 January 2023, there were over 35 million Pioneers.
In exchange for a reward, users can take on the role of “contributor” on the network.
Ambassadors are members who actively recruit new members to the network by sharing their unique referral links.
Nodes are individuals running the Pi node application on their personal computers.
After the initial deployment of the pi network, the mining rate dropped from 1.6 PI per hour to 0.8 PI per hour. The incentive was reduced from 0.5 PI per hour when the app had 1 million users to 0.4 PI per hour when it had 10 million users. Mining will proceed until there are a billion people in the network.
According to The App Founders experts’ research, As of April 6, 2023, PI, an unlisted token, is nearly worthless. Due to the lack of a public release of the Pi Network token on any cryptocurrency market, there are currently no available performance statistics for the network.
The creators of the Pi Network have not disclosed how many coins will be in circulation at the project’s official debut. Nor have they established a maximum quantity.
However, Huobi Global, a cryptocurrency exchange, declared on December 29 of that year that they would be listing PI. CoinGecko data from 30 December 2022 shows that on the day after the news, the price of PI increased by 461.3%, from $44.03 to $232.97. The data aggregator found that the Pi Network currency traders were also active on XT.COM and BitMart.
Pi Network tweeted that it had not “authorized any exchange listing as of 29 December 2022). This came after Huobi announced that it would be listing Pi Network’s token.
In addition, the Pi Network has reached numerous important benchmarks during the past year.
The Pi Network announced the release of Pi Connect in September 2022. Pi Connect was developed to overcome the cryptographic constraints of the Pi Network. It also gives users access to Pi’s pricing and the conversion rate to other cryptocurrencies.
The Pi Network’s website states that its mission is to include everyone in the cryptocurrency revolution despite being difficult and risky.
The developers claim that anyone may use their phone to mine cryptocurrency without experiencing any significant battery loss. As a result, there is widespread guessing regarding Pi coin’s potential future crypto worth. However, predicting Pi coins is difficult without complete information.
The project’s ecosystem consists of various players filling various functions. Pioneers are the regular people who have downloaded the smartphone app and are required to verify every day that they are not a robot.
Some have said that the Pi Network’s peculiar concept, in which members act as “ambassadors” to recruit new members, is reminiscent of multi-level marketing schemes. By “nodes,” we mean users who have downloaded and installed the application on their computers.
Whether Pi Network is, a genuine effort or a fraud remains open. Users are not spending financial resources but time on their mobile devices. Therefore, if it is a fraud, it does not take the form of a classic Ponzi scheme.
Some have claimed that the company profits from its 35 million customers by selling advertising space to outside parties. The social media network tweeted that number on May 19 of the next year (2022). There have been no new reports on the overall number of “pioneers” since then.
But early adopters are stocking up on PI crypto, expecting its crypto worth to surge after the network launches. Despite half of the coin’s mining rate, users can boost their mining speed by collaborating with other miners. Only with a referral code from an existing user may new users join the Pi Network.
There is a lot of unpredictability surrounding cryptocurrencies in general and the Pi Network in particular because it has not yet launched. While the project’s creators insist that their network is safe, skeptics have accused them of being a pyramid scheme.
If you have concerns about the project’s security, you should investigate them independently. Remember that you should never put more money into an investment or trade than you can afford to lose.
On 6 April 2023, the cryptocurrency data service CoinMarketCap listed the coin’s value at roughly $26.50, down from $38.20 as of 17 March and down from $63.50 on 3 February, when its crypto worth had dropped by more than 60% since the beginning of the year.
In addition, the website’s disclaimer read as follows when users tried to check the crypto worth of PI coin:
Wallet Investor and DigitalCoinPrice, two algorithm-based prediction sites, pegged PI coin’s value at $0.007077.
In 2021, the latter site predicted a likely price of $0.0212 for Pi Network in 2025, suggesting an increase during 2023 and 2024. It then speculated that by 2028 the token might cost $0.0319.
While both sites feature PI and the Pi Network DeFi coin, neither currently provides a price forecast for PI. In truth, at this time, there is no reputable algorithm-based forecast website offering a prediction on the value of the PI cryptocurrency.
As a result, any Pi Network price forecast beyond 2023, including any Pi Network pricing forecasts beyond 2030, would be extremely speculative. When and how well PI Coin begins trading on the open market in 2030 may determine its value. Some social media users have given estimates ranging from a dollar to several hundred dollars.
Keep in mind that cryptocurrency markets are still highly unpredictable. This makes it tough to estimate how much a coin will be crypto worth in the future (even in the short term), let alone how much the PI cryptocurrency will be crypto worth in 2025. Therefore, experts can and do make incorrect forecasts.
Delving into the crypto worth of Pi Crypto and understanding Pi Network’s value is a fascinating journey. As this digital currency continues to evolve, its potential significance cannot be underestimated. So, keep exploring and stay informed whether you’re an investor, enthusiast, or simply curious. However, always be ready for the exciting possibilities in Pi Crypto. Embrace the future of decentralized finance and seize the opportunities that await!
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