Well, Pi is 3.14159265359 and is a mathematical constant. But that's not what we're here for. We're here to talk about the Pi Network.
So, Pi Network has grown incredibly since launching in 2019 reaching about 10 million users. So, in this blog we are going to recap Pi Network in 2021 and look ahead of the future.
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Pi Network Overview:
What is Pi Network?
Pi Network is a digital currency project that aims to build a blockchain network that everyone can participate in, because Bitcoin has deviated from its original intention and has become a speculative tool of capital, and the mining of Bitcoin, Ethereum and many digital currencies Mines are over-concentrated due to the high threshold, so that most users cannot participate. The Pi network developed by a team of Stanford University graduates allows users to use its mobile application to mine, thus making Pi extremely easy to use and broad consensus.
Pi's development process
The project uses a digital π-based brand identity. The first phase was launched on March 14, 2019, which is Pi Day, and a free mining APP, the Pi application, was launched on the same day. In June of the same year, the network had more than 100,000 active users, and when the second phase of 2020 was launched, the number of Pi users had exceeded 3.5 million. The application began to display advertisements in May 2020 as a source of funding for the project, during which it was temporarily suspended due to controversy. In February 2021, the number of users has exceeded 12 million. In March, the number of users reached 14 million.
Pi's halving rule
Pi Coin is a cryptocurrency that runs on the Pi blockchain network. Like other cryptocurrencies (such as Bitcoin), Pi is designed to be periodically "halved" to protect its scarcity. Halving (TBD) means that when a certain milestone is reached, the number of tradable tokens mined by miners per time period is reduced by half. The halving cycle of Pi Coin is set for every ten times increase in the number of users.
As shown in the figure, the initial mining speed of Pi is 1.6π per hour. When the user reaches 100,000 users, its mining speed is reduced from 1.6π per hour to 0.8π per hour, and when it reaches 1 million users, it is halved. To 0.4π, and then to 10 million when it drops to 0.2π per hour. Pi will continue to halve, reaching zero at 1 billion users.
This is for them who have not know what Pi Network is. Essentially Pi Network is a project recombine coins on your mobile phone and it is like cryptocurrency mining kind of like an airdrop. So, you are not really working any kind of work. All you need to do is open your phone once in a day and click on the button to claim a certain amount.
Pi Network is a cryptocurrency project developed by Standford PhDs and graduates — Nicolas Kokkalis, Chengdiao Fan, and Vince McPhillip, designed to run on mobile phones.
Now there are many kind of users on the Pi Platform like :
Pioneer is the entry level rank for all the users. The production size is 0.39Pi/h. You can increase it up to 0.49pi/h if you participated in the referral program during registration.
How many pioneers does pi network have?
The Pi Network mines cryptocurrency off your phone using no battery power or data and only requires an internet connection to mine. Users are encouraged to refer their friends and family to the program to earn more over time and the program recently hit over 9.4 Million registered Pioneers.
Contributor to receive this rank, mine cryptocurrency for three days.
To become a contributor, you need to add 3-5 people whom you trust to your security circle. Each connection will boost your mining rate by 0.02 π / hour. Accordingly, the base rate = pioneer rate + contributor rate will decrease from 0.2 π / hour to 0.1 π / hour when the Pi Network reaches Phase 3 or 100 million users.
Ambassador is a rank for users who invite other users to connect with pi network.
You become an Ambassador when new members join your earning team by using your invitation code when they sign up for Pi Network.
Node is for members who have connected additional equipment to the network. This level is still under development and will be available later.
Pi Node is a desktop software that Pi users can download and link to the smartphone app, as the team describes the program:
Pi Node — advancing user-centric decentralization. Nodes are the fourth role in the Pi ecosystem, and run on laptops and desktops instead of mobile phones.
Pi coin price prediction for 2021-2025:
Cryptocurrency exchange Changes believes that, based on Pi's cryptocurrency users and the number of exchanges, if Pi is launched at the end of 2021, the conservative price may reach $1. In the long run, the price may rise to $5 by 2025.
Will Pi coin break through 1 USD in the future? Even as the official propaganda, once Pi is officially launched, with a huge user base and access platform, a Pi coin is worth $100?
Before that day arrives, any forecast is unreliable. Please follow PiCity to be the first person to discover a more accurate PI/USD price forecast.
common problems
When will Pi coin enter the market?
Pi Coin plans to start trading in the third phase of Pi network development. The launch date has not yet been determined, which will depend on the progress of the testing phase and subsequent listing on cryptocurrency exchanges.
What is the value of Pi?
Pi currently has no value and cannot be traded on exchanges. According to some forecasts, its initial value may be between $0.01 and $1.
Does PI network have future?
Depending on the number of cryptocurrency users and exchanges that adopt Pi, the bull case could see the price of Pi reach $1 if it launches by the end of 2021, according to crypto exchange Changelly. Over the longer term, the price could rise to $5 by 2025, Changelly predicts.
Will the price of Pi increase in the future?
The price of Pi coin will depend on its popularity among cryptocurrency investors. If it is recognized by the broader cryptocurrency market, it will continue to rise. Since new projects are more likely to attract investor interest, the price may rise steadily after the issuance.
Is Pi network a pyramid scheme?
It's not a pyramid scheme.
Is Pi worth mining?
The Pi Network cryptocurrency is currently worth nothing as it is in stage 2 development and has not yet launched on the blockchain, but a back-end marketplace already has users exchanging the currency for up to $10 a coin.
Is Pi Coin a good investment?
Currently, investors cannot trade Pi coins. Currently it is a free mining stage, which is a very good coin hoarding period. Pay attention to PiCity and we will take you into the world of Pi.
Is Pi a real Cryptocurrency?
Pi is a new cryptocurrency for and by everyday people that you can “mine” (or earn) from your phone.