Cryptocurrencies have been advertised as the future of money. While they are technologically futuristic, most digital currencies practically lag as the money of the digital future. Until recently, the crypto industry hasn’t been easily accessible for many people. The majority of the world’s population neither understand nor own crypto, and this creates imminent bottlenecks in their adoption. Even in Canada, cryptocurrency usage and awareness are relatively low. However, Pi cryptocurrency is changing this state by creating a readily accessible blockchain platform where users can simply start owning crypto. Let’s dive in to learn more about Pi.
What is Pi Cryptocurrency?
A cryptocurrency is a digital currency that deploys cryptography to secure and settle transactions, and Pi is one such asset. Pi is the first and only all-access cryptocurrency that runs on distributed ledger technology (DLT). The cryptocurrency is made to democratize cryptocurrencies and eliminate various barriers that have hindered a more inclusive crypto adoption. And it only gets better from here. The no-limits crypto allows users to mine rewards using their mobile devices!
Pi has the full features of cryptocurrencies, being decentralized, digital and peer-to-peer. It leverages blockchain and other digital technologies to their fullest potential, overcoming hurdles that limit the adoption of cryptocurrencies. Pi is purposely built to be the cryptocurrency for everyday people, offering a convenience that evenly competes for fiat currency and other traditional financial systems.
Pi’s Value Proposition
Fiat currencies are issued and their supply is regulated by central banks. This centralized financial system is vulnerable to corruption, inflation, and embezzlement, making a case for cryptocurrencies. While Bitcoin and major cryptocurrencies offer numerous advantages over fiat currency on paper, their limited adoption into mainstream operations has inhibited the realization of these advantages. Also, Bitcoin mining is centralized among few companies that pool resources to enjoy economies of scale in the mining process. This concentration of mining power hurts the decentralization efforts of blockchain technology.
Price of pi coin
The price of pi coin is 0 zero, HAS NO VALUE, but the prediction for 2021 – 2022 is around 1 USDT cent / $0.01 USDT and by 2025 the price projection of the coin is $0.02 USDT
Pi cryptocurrency is built to solve both centralization of financial systems and the slow adoption of cryptocurrencies by making crypto available to anyone who needs it.
How Pi Cryptocurrency Works
The Pi Network
Pi cryptocurrency runs on a dedicated blockchain network known as the Pi Network. The Pi Network is an online ledger that records transactions, secures the records, and distributes them to network users. Since the network utilizes cryptography, the records are immutable, hence ensuring that each transaction is valid. The mode of operations for creating new blocks in the Pi network differs from many other cryptocurrency blockchains.
Pi’s Consensus Protocol
The Pi network deploys Stellar Consensus Protocol (SCP) as the network’s consensus algorithm. Developed by Stanford University professor David Mazières, SCP operates through Federated Byzantine Agreements (FBA), an algorithm that authenticates the validity of block updates to enforce transparency and trustworthiness of the network. SCP is currently applied in the Stellar network. Unlike other consensus models like Bitcoin’s Proof of Work (PoW), SCP is resource-sparing and cost-effective. SCP’s underlying infrastructure allows the Pi Network to efficiently operate on a mobile device. Therefore, anyone who wants Pi cryptocurrency can get it with no hassle.
Mining on the Pi Network
All you need to get started mining Pi is the Pi Network app. Then you’ll need to tap the lightning symbol on the app every 24 hours to mine Pi tokens. The mining rate of the network is pre-coded into the Pi network algorithm and this depreciates with time. Currently, the mining rate is 0.20 PI tokens per hour.
SCP demands a negligible fraction of the computational power deployed compared to a PoW consensus model. Given its lightweight, SCP operates optimally on mobile devices without demanding any additional resources from your device. Most notably, the process does not drain your device’s battery. Also, the processing speed of your mobile device remains unaffected after initiating the mining process. What’s more, you can exit the app and go about your daily activities without turning on data or powering your device because you don’t need to! The Pi Network achieves this efficiency through a network of validators built with trust from your social framework.
Key Features of the Pi Network
Free: The Pi Network app is free for download on mobile app stores, and it contains no ads. There are no hidden charges on the app, and it is free forever.
Deflationary: Pi cryptocurrency supply reduces over time. Therefore, as demand soars, the value of Pi will appreciate, making it a deflationary token and a solid store of value. Even then, the network is equipped to prevent individuals from holding much of the network’s token.
Invite-only: New members can only join by invitation from existing trusted members. Known as ambassadors, these individuals introduce new members to the Pi network. Users who activate the mining daily on their phones are known as pioneers. Individuals who contribute to the network by providing trustworthy pioneers are known as contributors. This operational framework ensures that the network members are verified human accounts, thereby preventing mining from multiple devices. Also, when new members join using an ambassador’s link, the ambassador’s mining rate is accelerated. Upon mining for 72 hours, the pioneer qualifies to be a contributor, setting up their group of 3 to 5 trusted members known as security circle. This further drives their mining rate.
The Pi Network Team
Pi cryptocurrency is the brainchild of three Stanford alumni: Dr. Nicolas Kokkalls, Dr. Chengdiao Fan, and Vincent McPhillip who are heads of technology, product, and community, respectively. The Pi Network community has grown to millions of users across various social platforms.
Getting Started on Pi
Like in all other crypto projects, early adopters of the Pi cryptocurrency receive more incentives as the project’s rewards are still high, with fewer users to share the spoils.
Fancy owning your crypto now? Download the Pi Network app and you’re set!
To read more on the Pi cryptocurrency and network from the whitepaper, just google Pi_network.
Learn about frequently asked questions regarding the Pi Network project from FAQs.
To get the latest updates on Pi Network, including new products like the recently launched Pi Browser, check out their official website, on LinkedIn, Twitter, Instagram, YouTube, and Facebook.