The Pi Network project launched the Pi coin to democratize cryptocurrency mining. This project allows the general public to mine Pi Network using their smartphones without draining their batteries. Community members referred to as pioneers, can validate transactions through the Pi app.

Unlike decentralized cryptocurrencies like Bitcoin, which rely on the proof of work model, the Pi network operates on the Stellar Consensus Protocol (SCP). This protocol enables transaction validation by a trusted group of nodes.

Who are the pioneers of pi?

Vince McPhilip, Nicolas Kokkalis, and Chengdiao Fan, students at Stanford University, conceived the Pi digital currency. It aims to make cryptocurrency mining cheaper and more accessible.

 Pi Network progress

The Pi coin mining app was launched on March 14, 2019. By March 14, 2019, the Pi network had attracted over one million pioneers and had surged to over 14 million by March 2021.

In May 2021, the Pi development teen began monetizing the Pi app through ad streams.

However, like other cryptocurrencies, Pi coin undergoes regular halving. Halving entails reducing the number of mined Pi coin rewards by half after a certain period.

In a tweet on the Pi corteam’s X account, they outline the halving process and describe the stages of the Pi cryptocurrency.

At 100,000 pioneers, the mining rate halved from 1.6 Pi coins per hour mined reword to 0.4 Pi coins per hour mined reword at 1 million users and further halved to 0.2 tokens at 10 million users. This halving trend will continue until it hits zero once the Pi coin reaches 1 billion pioneers.

Pi Network has shown notable progress through its V1 Roadmap journey and key milestones. At the time of writing, the Pi Network has achieved its milestones. The team created and launched products and programs. The Pi core team shared this information in a tweet.

On April 1, 2021, Pi Network released the blockchain Pi browser and a Pi wallet as part of Project 2, highlighting the Pi network’s competent growth and the possibility of its growth to an international, highly used cryptocurrency.

Pi value and price

The Pi core team has not outlined any notable exchange of Pi to fiat currencies or purchasing products and services using Pi other than peer-to-peer transactions. Pi has not yet launched on the main net, where it could be traded and exchanged for other currencies on a crypto exchange platform.

Even though Pi has no real price value, BitMart and HTX (Huobi) list it on their crypto exchanges and trading platforms. According to CoinGecko, the Pi/USD market value is $40.53 at the time of writing, up from $39.65 24 hours earlier.

Is the future of Pi promising

According to the Pi network white paper and its V1 Roadmap, the Pi network looks promising and increases the possibility of a main net launch.

On December 27, 2023, Pi Network announced its plan to enter the Open Network stage of Mainnet in 2024, provided three conditions are met. They announced the Pi Network forum.

Finish any Open Network preparation work in technology, product, business, and legal, following Pi’s consistent strategies.

Achieve goals in network KYC, migration, and utility creation that are reaching a critical mass of KYC identity-verified Pioneers.

The absence of an unfavorable external environment would hinder Open Network’s success.

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