What is Pi?
Pi (PI) is a novel cryptocurrency and developer platform that allows mobile users to mine Pi coins without draining the device’s battery, reducing the environmental impact, and fosters the world’s most accessible and ubiquitous apps platform where developers can offer users real life utilities and products in exchange for Pi coins.
Pi Network has over 30 million engaged users as of December 2021 and uses the Stellar Consensus Protocol to secure its blockchain. Pi coins are supported on the Binance blockchain, making them directly tradeable with other BEP-20 tokens. Pi Network’s mission is to build a cryptocurrency and smart contracts platform secured and operated by everyday people.
When will Pi Coin launch?
It already launched in 2023. Phase 1 was launched on 14 March 2019 on Pi Day.
Pi – Real time price and value
How much is Pi Coin worth? Here is the real time value:
How does Pi work?
Pi the cryptocurrency works by using a novel algorithm that allows users to mine Pi coins on their mobile devices without draining their battery or consuming much data. That works by leveraging the users’ social networks to validate transactions and secure the network.
Users need to join Pi Network through an invitation from an existing member and then they can start mining Pi by opening the app once a day and tapping a button. Users can also increase their mining rate by inviting more people to join the network or by contributing to the development of Pi apps.
Pi works by using the Stellar Consensus Protocol, which is a federated Byzantine agreement system that allows nodes to reach consensus without requiring a central authority. It is also aiming to create a decentralized and accessible platform for everyday people to use and benefit from cryptocurrency.
- Pi is eco-friendly and does not consume much energy or data for mining.
- Pi is accessible and inclusive, allowing anyone with a smartphone to join the network and earn Pi coins.
- It is decentralized and secure, using a combination of cryptography, social networks, and KYC verification to prevent fraud and manipulation.
- Pi has low transaction fees and high return potential, making it attractive for users who want to transfer money or invest in cryptocurrency.
- This is a cryptocurrency that can be volatile and unpredictable, as its price depends on the supply and demand of the market and the user base of the network.
- Pi is unregulated and risky, as there is no legal framework or authority to protect users from scams, hacks, or losses.
- It is not widely accepted or used, as it is still in the development phase and not available on any exchange or platform.
- Pi may be used for criminal activities, such as money laundering, tax evasion, or terrorism financing, as it offers anonymity and privacy to users.
Joining a network and mining
To join Pi Network, you need an invitation code from an existing member of the network. Then, you need to download the Pi Network app from the Google Play Store or the Apple App Store. After creating an account, you can start mining Pi coins by opening the app once a day and tapping a button. You can also increase your mining rate by inviting more people to join the network or by contributing to the development of Pi apps.
Maximum number of Pi coins
The maximum number of Pi coins that can be mined is estimated to be 50 billion. The Pi network has stated that only limited Pi coins will be available for mining and that the mining rate will decrease over time as more users join the network. Furthermore, the Pi network will stop Pi crypto mining once the user base for the network reaches 1 billion.
Currently, there are about 30 billion Pi coins mined in the pre-mainnet phase, but not all of them will be transferred to the mainnet after KYC verification. Therefore, the exact number of Pi coins that you can mine depends on when you join the network, how active you are, and how many people you invite.
Can you mine Pi on multiple devices?
No, you cannot mine Pi on multiple devices. The network has a strict rule of one account per person. Pi uses a multi-pronged strategy to ensure Pi is not mined by fake accounts or bots. First, the network uses Google’s recaptcha v3 to know if a device is operated by a human or a machine.
Second, the network requires users to verify their identity through KYC (know your customer) process before they can transfer their Pi coins to the mainnet. Third, the network relies on the users’ social networks to validate transactions and secure the network. Therefore, mining Pi on multiple devices is not allowed and may result in your account being banned or your Pi coins being forfeited.