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What is Pi Network? || *Pi Coin* || {Pi Cryptocurrency} || A Crypto Evolution

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Pi Network is a project of cryptocurrency that aims to make the mining of cryptocurrencies accessible as the centralization of first-generation currencies. Like Bitcoin has made them inaccessible to ordinary users.

What is Pi Network

Pi Network is a project of cryptocurrency that aims to make the mining of cryptocurrencies accessible as the centralization of first-generation currencies. Like Bitcoin has made them inaccessible to ordinary users.

The Pi Network, developed by a team of Stanford alumni, enables users to mine coins with their cell phone app and validate transactions on a distributed ledger. 

Pi Network Vs Bitcoin

Unlike nodes on networks like Bitcoin that use the Proof Protocol (PoW), Pi nodes use an algorithm based on the Stellar Consensus Protocol (SCP). Pi nodes validate transactions on a distributed ledger and reach a consensus on the order of the new transactions that the ledger will record. 

Pi Network security

Under SCP, PI nodes form security circles or groups of three to five trustworthy persons who are known to each of the network users. Security circles form a global trust network that prevents fraudulent transactions by allowing transactions to be validated only in the common network. Ledger when the trusted nodes agree. 

Pi Network History

Phase- 1

It is founded by Anthony OrantesBranding based on the π number, phase 1 of the project started in 2019 on Pi Day, March 14th, with a free Pi mining app. In June 2019, the network had more than 100,000 active users.

By September 24, 2021, the user base had grown to 25 million, up from 14 million in March 2021. 

Pi-Coin or PI is the cryptocurrency that runs on the Pi network, and like other cryptos like Bitcoin, it was developed to be regularly “halved” to protect its scarcity. Half is when the amount of coins a miner receives to process new transactions is halved. It usually occurs when a certain milestone is reached.

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PI halved from 1.6π per hour at 100,000 users, halved again to 0.4π per hour at 1 million, and halved from again to 0.2π at 10 million. One billion users.

Phase- 2

During the project’s cutting-edge 2nd section, customers can volunteer to check the Pi Node computer software program on their computers. The Pi Wallet and Pi Browser had been launched for trying out on 1 April 2021. And on 28 June, a Developer Portal, software program improvement kit (SDK), and different assets had been launched.

Phase- 3 launch?

According to the project’s developers, the beginning of the 0.33 section has now no longer been set and relies upon development made withinside the 2nd section.

If you’re wondering how to buy Pi-Coins for your wallet, you can’t; users who have mined Pi-Crypto won’t be able to withdraw or exchange their coins until the third phase of the project when they move to a decentralized blockchain switch. It cannot be transferred during the test phase to prevent fake accounts from accumulating coins. According to the project website, wallet credits are expected when PI switches from the test net to the main net when the blockchain protocol is out of development and fully deployed will.

As a result, the Pi-Coin is not yet available for trading on a cryptocurrency exchange or trading platform. Once phase 3 has started, holders can take full control of their public and private wallet keys and use the currency to buy products and services on the Pi-pair market or exchange them for fiat currency. Without the keys, users cannot transfer or spend the currency they have.

Pi mining application

The PI mining application acts as a cryptocurrency wallet linked to a user’s cell phone number or Facebook account. As with other public blockchains, the Pi blockchain enables external wallets to hold Pi-Coins and send transactions directly to the blockchain.

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Unlike other blockchains, their developers have not yet published their source code. In early adopters hoard Pi cryptocurrencies with the expectation that the price will rise dramatically after phase 3 goes live. Although the coin’s mining rate has been cut in half, users can increase their mining rate by connecting with other active miners. join the Pi network when they have a referral code from another user.

The developers of the project claim that the security of the Pi network is increased by personal networks that encourage users to bring friends and family, creating skepticism that it could be a pyramid or tiered marketing scheme. It is worth noting, however, that users can only earn coins from their own direct networks and not from the networks of their connections as in an MLM system.

Application link for Android- Click Here

Application link for iOS- Click Here

Official website- Click Here

Pi coin value

Some cryptocurrency experts have already started predicting the value of the Pi network. Let’s take a look at what the price of Pi could be when it starts trading.

As with different virtual cash at release, the PI cryptocurrency price is probably to begin at a surprisingly low degree towards the United States greenback and upward push as utilization grows. What do a number of the fee forecasters suggest? Both cryptocurrency facts issuer CoinMarketCap and algorithm-primarily based totally forecasting web page Wallet Investor listing a contemporary price of $0.007077 for Pi coin.

Pi latest exchange chart

Latest price chart according to 23 October 2021 6:32 PM

Pi coinINR ( Indian Rupee )USD ( US Dollar )
1 Pi coin2.444397 Indian Rupee0.032656 US Dollar
2 Pi coin 4.888794 Indian Rupee0.065311 US Dollar
3 Pi coin 7.333191 Indian Rupee0.097967 US Dollar
5 Pi coin 12.221986 Indian Rupee0.163279 US Dollar
10 Pi coin 24.443971 Indian Rupee0.326557 US Dollar
20 Pi coin 48.887942 Indian Rupee0.653115 US Dollar
50 Pi coin 122.219855 Indian Rupee1.632787 US Dollar
100 Pi coin 244.439710 Indian Rupee3.265574 US Dollar
1000 Pi coin 2444.397 Indian Rupee32.655738 US Dollar
Note- Above values vary with time

Pi coin future

In March, DigitalCoin’s Pi Network fee prediction 2021–2025 calculated that the coin’s fee ought to upward push from a mean of 0.0108 towards the United States greenback in 2021 to $0.0128 in 2022 and $0.0212 with the aid of using 2025.

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Over the longer period, it is anticipated the PI fee ought to average $0.0319 with the aid of using 2028, suggesting that the Pi coin price in 2030 could be higher. However, the internet site has not updated the forecast. Over the longer-time period, the fee ought to upward push to $five in 5 years.

It’s critical to hold in thoughts that cryptocurrency markets stay extraordinarily volatile, making it hard to correctly are expecting what a coin’s fee may be in some hours, or even tougher to present long-time period estimates. As such, analysts can and do get their predictions wrong.

Our suggestion

We suggest which you constantly do your very own research, and don’t forget the modern-day marketplace trends, news, technical and essential analysis, and professional opinion earlier than making any funding decision. And by no means make investments extra than you may have the funds to lose.

FAQs

Is Pi worthy for money?

While some users suggest that a single Pi could be worth anywhere from $ 10 to $ 100 right now, there is no evidence to support it. Team behind the Pi network hasn’t released much information on the progress of the project.

How safe is Pi Network?

Pi is 100% safe and if you are wondering how it works, with Pi you can basically earn free cryptocurrencies instantly and without any risk. To earn Pi, log in every 24 hours and press the lightning button to start mining.

Can u buy Pi network?

If you’re wondering how to buy Pi-Coins for your wallet, you can’t; users who have mined Pi-Crypto won’t be able to withdraw or exchange their coins until the third phase of the project when they move to a decentralized blockchain switch.
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