What Is Pi Network: How Does It Work? - Coindoo
What is Pi Network

What Is Pi Network: How Does It Work?

Editorial Team Avatar
Apr 5, 2022
7 min reading time

By Nina Petrov (editor-in-chief at TradeCrypto.com)

Nina is a theoretical mathematician, passionate about new trends in the global economy and blockchain technology. She is a devoted content creator and editor, crypto-enthusiast and stock market analyst.

Cryptocurrencies have brought changes in standard ways of doing business, but also many questions and ambiguities. Although used by over 33 million miners, it is still uncertain what Pi Coin Network in the future will bring to its users, is Pi Coin a scam or a legit way of earning. 

We will do our best to provide explanations and come up with answers to some raised questions, so let’s start from the beginning to discover is Pi coin legit. 

What Is a Pi Coin Network?

Pi Coin Network is a digital currency platform, created for the mining of PiCoins. This digital platform enables users to mine coins using a mobile application available on Google Play Store or Apple App Store, becoming accessible to a wide range of users. Pi Network is a novel platform, but when exactly was it created? 

History of Pi Coin Network

When was Pi Coin created? Nicolas Kokkalis, Chengdiao Fan, and Vince McPhilip, Stanford PhDs, together with visiting student researcher Aurélien Schiltz, developed Pi Network in 2019 and symbolically launched the project on a π day, March 14th.

When Pi network first took the step to the crypto stage, there were a lot of people raising the question of whether Pi Coin is a scam or legit? With over 33 million people mining Pi Coin via the Pi Network, this technology and its system with the use of miner data and advertisement looks like an innovative way of making a profit.

It is worth mentioning that blockchain technology is considered innovative in the context of accessibility and environmental protection, the founders have an impressive educational background and an extremely large number of people are already involved in the network.

Stages of Pi Coin Network Development 

As previously mentioned Pi Coin release date was March 14th, 2019. The founders have divided the development of the project into three phases. Let’s see what stage is Pi coin in.

Phase I (March 2019 – October 2019) – the phase of launching the application, testing it, and expanding the community of Pi Coins miners and referrals 

Phase II (2020 – 2021) – the members’ network expands, but the groups also connect to a node rejecting all accounts that cannot be verified. Pi Wallet, Pi Browser, Developer Portal, software development kit (SDK) are also introduced in the application, but also ads in order to provide finances for the project. 

Phase III (December 2021 – present) – Mainnet, the phase when the network continues to exist without any testing, is completely decentralized and exists only as a node connection, without the intervention of other servers. This is the moment when the Know Your Customer (KYC) solution will be introduced and the PI coin enters the stock market and gains its value. 

Even though the project has entered phase III, there is no reliable way to trade Pi coins or generate a credible Pi Network price prediction for 2022 or beyond. Basically, no one knows when will Pi Coin launch for real.

How to Mine Pi Coin? 

Mining Pi Coin is done using an application on a mobile phone. It is mined via a mobile app for Pi Coin. Hence, first, you need to download the app from Google Play Store or Apple App Store. 

The principle on which the platform is based in the creation of a community of Pi Coin miners where a person could become a member exclusively by invitation, that is by receiving a referral code. Community members receive a reward in the form of new PI coins for each direct referral. Once you have registered and become a member of the community, you need to click on the ” Earn Pi” button once a day and start collecting PI coins. Activities of new, invited members don’t have any effect on the original user. The more users Pi Network has the value of the coin rises. 

Pi Coin vs Pi Coin Network 

Lately, the Pi Coin Network has been attracting the attention of the general public, but there is often a lack of understanding of the distinction between Pi Coin and the Pi Coin Network. Although the names sound similar, there is a clear difference between Pi Coin and Pi Network. 

Pi Coin Network is an ongoing project, a digital cryptocurrency platform, created to make mining easier and closer to more people through the use of the mobile app. Sometimes there will be mention of the Pi Network coin scam, but the network itself isn’t a coin. Similarly invalid is the question of what’s the Pi Network coin value, again, because it’s not a coin. 

Pi Coin is a cryptocurrency run on Pi Network. Using the Pi Network application, miners collect PI coins and in the final phase, they invest or trade it. That is worth to say that right now it’s not possible to trade it on DEX platforms like Pancake swap and Uniswap. It’s available only on Bitglobal, Bibox and gate.io.

Pi Coin Recent News

If you’re looking to add the Pi currency to your portfolio, you won’t be able to do so. Users who have mined the Pi cryptocurrency will only be allowed to remove or trade their coins once the project has moved to a decentralized blockchain in its third phase. Holders will be able to take full control of their private and public wallet keys and use the coin to buy items and services on Pi’s peer-to-peer marketplace. To get notification when this happens, and for other news from the world of crypto, you can follow this crypto news site.

How Much Is Pi Coin Projected to Be Worth? 

Even though phase 3 has been launched, the main question is left with no answer – What is the PiCoin worth? What is Pi Coin value today? Predicted by cryptocurrency statistics provider CoinMarketCap and algorithm-based forecasting site Wallet Investor, the Pi coin has a current value of $0.007077. On March 25th, this is confirmed by live Binance data “PI is $ 0.0070772 per (PI / USD) today with a current market cap of $ 0 USD”. So we can’t really be optimistic about what is Pi Coin worth.

Pi Coin Forecast 

The cryptocurrency market remains volatile with frequent changes in value. This makes it even more difficult to predict market and price developments even for some known cryptocurrencies. Nevertheless, there are some analytical PiCoin forecast. 

One of them is DigitalCoinPrice prediction. Its forecast is a Pi Coin cost of $0.00920 for 2022, $0.0145 for 2025, and a Pi coin forecast for 2028 of $0.0231. It asserts that Pi coin has a complete stock of $1.38 million and a maximum stockpile of $2.94 million, yet in addition expresses that “no Pi coin is available for use” and “throughout the last month, the cost of Pi Coin has expanded by 0.00%”. Pi coin cost forecast for 2030 is $0.0324. Will Pi Coin ever be worth anything? Probably not. Pi Coin price prediction still has Pi Coin value in range way under a penny.

In order to minimize the risks, and decide whether Pi Coin Network is a legit or scam, we advise you to do your personal research to come up with your own conclusion. 

* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
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