Pi Network (PI) Value and Market Analysis in 2021
Pi cryptocurrency is a project that aims to make digital currency mining possible on your mobile devices. The mining of popular cryptos, such as Bitcoin, is a costly venture, especially with the advent of ASICs. There is a long-standing argument that BTC mining consumes a lot of energy, which Bitcoin critics say is wasteful.
There are currently at least 8,000 cryptocurrencies, many of which have improved on certain aspects of Bitcoin. For instance, Bitcoin Cash (BCH), a fork of Bitcoin, boasts of faster and cheaper transactions, and so does Litecoin (LTC). For Pi, the improvement is in the aspect of mining, trying to make crypto mining as easy as using any social media app.
Pi Network Overview
Launched in March 2019, the project is built on cutting edge technology allowing efficientenergy mining of PiCoin, the original currency of the network. Crypto enthusiasts interested in cryptocurrency mining can easily earn PiCoin by installing a mobile app.
One notable thing about the Pi network is that it is so efficient in mining that you don’t have to keep your phone plugged to the wall to mine. The process is truly energy-efficient, and you can do it without draining your phone’s battery. Also, by using your phone, you can mine PiCoin on the go whether you are traveling or just at home. This fits in perfectly with the busy schedules that characterize the life of an average person today.
To ensure trust, the Pi network employs the Stellar Consensus Protocol, the consensus algorithm used by the Stellar network for verifying transactions. It has, however, been modified to allow individuals to mine PiCoin on mobile and other devices. According to the Pi whitepaper, one of the reasons for creating the cryptocurrency is to balance scarcity and access to money. Thus, allowing individuals to get rewarded by mining on their phones, which is a significant way to achieve this.
Apart from just enabling the mining of Pi cryptocurrency on mobile devices, the Pi network value inculcates smart contracts, which are mainly supported by Ethereum (ETH). Through the Pi network, users can have access to smart contracts and use them for different purposes.
Who Are the Pi Network Users?
Pi network users are distributed globally. They help to grow the network by performing different functions to keep the network going. There are three categories of these users, namely:
Pioneers: they keep the network busy by just logging into their app on a daily basis and confirming that they are not robots.
Contributors: they build a trusted network by providing a list of pioneers that they know personally.
Ambassadors: they use the Pi network and also introduce other users through referrals. In other words, they are team builders.
Node: A user who combines the roles of the first two and operates a Pi network node. This category of network users helpS to validate the network and keep its integrity in addition to playing the other roles. Everyone playing any of the above roles can earn new Pi coins for their roles in sustaining the network.
The design of the Pi network makes it very convenient to use, and, for this, users have moved to it. Within two months of its launch, the network had already recorded over 200,000 active users. As at the beginning of February 2021, the network had at least 2.5 million miners who mine the cryptocurrency using different devices and more than 10 million users in all.
Even with such progress, Pi network is still in the first of the three phases of the project. The Pi crypto will be available on cryptocurrency exchanges at the end of the third phase. At this stage, those who are mining now will be able to trade their Pi cryptocurrency for other currencies. The project is still in its beta phase, and new miners can be added strictly by invitation. The mining of Pi will continue until the network reaches 10 million engaged pioneers (miners). This is the point when the mining reward will drop to zero.
With such limited mining of new coins, the network’s currency could probably become very scarce and so could be more valuable, as the circulating supply will be fixed, just like Bitcoin.
Pi Network Value and Price Prediction
As Pi is still in the Beta phase, it is quite difficult to predict the Pi network value. Miners have expressed optimism on the future value of it because of the efficiency and ease of use for mining.
However, despite the fact that it has not yet launched on exchanges and so has no real value, for now, cryptocurrency exchange Changelly has given some price predictions. The exchange predicted that Pi network value will be $0.16 by the beginning of 2020. This did not come to pass, and the value is currently $0.00.
This is an opportunity for new miners to enter the project and start mining. So that they will have as much of the crypto as possible before trading commences. Changelly also predicts that the price may rise to $5 by 2025, and those who already have the cryptocurrencies could profit significantly by then.
Pi network value is likely to grow when it finally lists on exchanges. The Pi network team plans to make Pi crypto the most popular in the future. Some people already call it “the future Bitcoin.” If you wish to be a part of this revolutionary cryptocurrency project and mine crypto on your mobile devices, you can still do that now and be a part of the future.