Pi Network Cryptocurrency – The First Free Digital Currency You Can Mine On Your Phone
What is Pi Network?
Pi Network is a digital currency project that aims to keep crypto mining accessible. It is based on the view that the centralisation of the first generation of cryptocurrencies like bitcoin has put them out of reach of everyday users.
While early bitcoin adopters could mine the digital coin from a regular computer CPU, the process of mining – validating transactions on its distributed record, or blockchain – has been taken over by massive mining pools with specialist hardware.
Pi Network Cryptocurrency – Free Digital Currency
Pi Network is a digital currency project that aims to keep crypto mining accessible. It is based on the view that the centralisation of the first generation of cryptocurrencies like bitcoin has put them out of reach of everyday users.
While early bitcoin adopters could mine the digital coin from a regular computer CPU, the process of mining – validating transactions on its distributed record, or blockchain – has been taken over by massive mining pools with specialist hardware.
Story of Pi
The project, developed by a team of Stanford graduates, aims to redress the balance, enabling users to mine coins from its smartphone app.
With branding based on the number π, Phase 1 of the project launched in 2019 on Pi Day, 14 March, with its free PI mining app. By June 2019, the network had more than 100,000 active users, and a year later when Phase 2 launched there were more than 3.5 million.
The app started running ads in May 2020 to provide a source of financing for the project. The user base reached 18 million at the end of May 2021, having crossed the 12 million mark in February.
How does Pi Network Work
The Pi coin is the cryptocurrency that runs on the Pi network, and as with other cryptocurrencies such as BTC, Pi crypto was designed to undergo regular “halving” to protect its scarcity.
Halving is when the number of coins that a miner receives for processing new transactions is reduced by half when a certain milestone is reached.
Pi’s mining rate halved from 1.6 π per hour when it reached 100,000 users, halved again to 0.4 π per hour when it reached 1 million and will halve again to 0.2 π when it reaches 10 million.
It will continue to halve, with documentation showing the plan to reach zero at 1bn users.
However, it could bring that forward to 100 million or even when the coin moves from the testing phase to go live, which is known as moving from testnet to mainnet, according to the project’s Twitter account.
During the current second phase of the project, users can volunteer to test out Pi Node desktop software on their computer.
But when will Phase 3 launch – will it be in 2021? According to the developers, the start of the third phase depends on the progress made in the second phase.
Unlike nodes in networks such as Bitcoin that use proof-of-work (PoW) protocols, 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 new transactions that the ledger records.
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Once Phase 3 launches, holders will be able to take full control of their private and public wallet keys and use the coin to buy products and services on Pi’s peer-to-peer marketplace or exchange it for fiat currency.
Without the keys, users cannot transfer or spend the currency they hold.
The Pi mobile app acts as a cryptocurrency wallet, linked to a user’s phone number or Facebook account. As with other public blockchains, the Pi blockchain will allow external wallets to hold Pi coins and transact with them by submitting transactions directly to the blockchain. However, unlike other blockchains, its developers have not yet released its source code.
Pi future valuation
Pi Network: Pi coin price prediction for 2021-2025
As with other digital coins at launch, the Pi cryptocurrency value is likely to start at a relatively low level against the US dollar and rise as its adoption grows.
What do some of the price forecasts suggest?
On 3 August, Coin Data Flow estimated the price of Pi at $1.32-$1.35. It projected that the price could rise to $1.48 by 2025
And if the coin grows at 1% of the average annual rate of bitcoin, or reach $224.89 and if it has 100% of Bitcoin's previous average annual growth.
On 18 March, Digital Coin’s Pi Network price prediction 2021-2025 projected that the coin’s price would rise from an average of $0.0107 in 2021 to $0.0127 in 2022, and $0.0212 by 2025. Over the longer term, it predicted the Pi price to average $0.0319 by 2028.
