In recent years, Pi Network has emerged as a new trend in virtual currency and attracted many participants. So what is Pi Network? Let’s find out!
Table of Contents
What is Pi Network?
Pi Network is a cryptocurrency invented by a team of former students who graduated from Stanford University with the desire to popularize cryptocurrency to the public more.
In particular, the key pillars for project development include two Stanford PhDs and a Stanford MBA, who are all helping to build the blockchain community at Stanford.
Pi Network started in 2019, but in December 2021 its mainnet was launched. Currently, Pi has not yet been listed on the exchange.
One difference of Pi Network is that this virtual currency can only be mined on mobile devices
In Pi Network, there are four types of users including:
- Pioneers: These are the people who use Pi Network’s mobile app every day
- Collaborators: Are people who use the application and create a list of pioneers they trust.
- Ambassador: A person who introduces the Pi application to others and turns them into new users
- Node: These are people who are both pioneers and collaborators
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How does Pi Network works
The way Pi Network works is very simple, users just need to download the Pi Network application to their phone and register for a user account. Then, press the Start button every day to mine Pi. The Pi mining process will continue continuously even when the user disconnects the device’s internet connection.
A difficult problem in mining Pi that needs to be noted is that the speed of mining Pi will be inversely proportional to the number of people participating in the community. This means that the more people participate, the less Pi can be mined.
Users can invite loved ones to join the community to increase their hourly Pi receiving rate.
After 3 days of mining, participants can increase their income by building a security circle and this also helps increase the overall security of the network.
Longstanding members of the network will have a higher mining rate than new members.
How much does Pi network cost?
Until now, Pi Network has a value of 0 and has not made any moves related to product development. The project’s mainnet is still being implemented by the development team according to the technical roadmap for launch.
And users can transfer Pi when this roadmap reaches stage 3. At that time, it will be based on the law of supply and demand and the market creation plan of the price driving team to decide the value of Pi.
Where to sell Pi Network?
As introduced at the beginning, until now Pi has not been listed on exchanges so it is not possible to buy and sell Pi on exchanges.
Besides, buying and selling Pi directly in cash in the community is listed as prohibited. Once you violate PCT’s policies, your Pi account will be locked.
The exact time when Pi will go on the floor cannot be determined exactly, but in pi’s white paper, it is mentioned that when the Pi community is large enough and the price of Pi is stable, then Pi will go on the floor.
In the future, when Pi is listed, we can sell Pi on reputable exchanges such as: Binance, Huobi, Remitano, Bittrex… Or on applications belonging to the Pi Network ecosystem such as: Pibank, Pihub, Mypipay, …
Doubts surrounding Pi Network
- Pi Network was warned by cryptocurrency experts of fraud. It is considered vague, general, poor quality and suspected of stealing user information and data.
- Pi Network emphasized its mission and purpose in the white paper, but did not provide specific, practical actions.
- Assessed as a huge multi-level project with many potential risks.
- Besides, it also does not bring any value to users who hold hope that the Pi coin will have value in the future. Pi Network has made users insecure and created many questions about this network.
- The staff is not transparent and clearly has no specific titles but only has vague information such as having a staff of 70 members.
Conclusion
Up to now, there is still a lot of controversy about Pi Network in the virtual currency market. However, the future is unpredictable, so you can consider whether to join Pi Network or not. All decisions are up to you. Through this article, Tenten hopes that you will have a more complete view of Pi Network. Good luck.