The PI coin is a new name in the virtual or digital currency world that has created a buzz in the crypto market and has a community of 30 million users. Today many crypto enthusiasts are curious to know about Pi coins and their functioning in the crypto world. Cryptocurrencies have taken over the world economy and the traditional money market with numerous cryptocurrencies. In the last decade, the crypto market has witnessed steep growth holding almost 2 trillion USD of the world asset value.
In the last few years, we have seen multiple new cryptocurrencies arriving in the market with the latest and advanced features to make the virtual currency more simplified and convenient. Pi is one of the most talked about crypto that recently arrived in the crypto market. Pi is also somewhat controversial as many refuse to accept it as a cryptocurrency because PI did not introduce its blockchain network for a long time. Others are questioning its worth and future as well.
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If you are also curious about PI coins and wondering whether it is worth buying, then keep reading. Today we will explore everything you need to know about Pi cryptos and concepts regarding their worth.
What is a PI coin?
The pi coin is a type of cryptocurrency launched by the Pi network. It uses proof of work or a PoW system console to mine Pi coins or Pi cryptos. The primary goal of Pi currencies is to make cryptocurrencies accessible to the world.
Pi network has developed a mobile application that users can download to mine Pi coins on their phones. Pioneers can mine Pi coins much faster than any other cryptocurrencies, and miners need to install the Pi coin app on their smartphones to start mining. The app also uses a referral system and ads to gain revenue and bring in more users. But currently, there are no coins circulated or rewards the platform gives.
We must remember that Pi is not a wholly developed crypto and several features of Pi coins are under tasting like Pi stack, DeFi application, browser and phase 3 of the project.
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Different phases of the Pi coin project
Pi network creators Dr Chengdiao Fan, Dr Nicolas Kokkalis and Dr Vince McPhillips, developed the Pi project with three total phases to help build a complete Pi crypto. Below we will discuss them in detail.
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Phase One
Phase one of the Pi project was launched in 2019. In this phase, the network launched its free Pi coin app that users can use to mine Pi cryptos.
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Phase Two
Phase two of the Pi project was launched around May 2020, when the network gained a total of 3.5 million users. In this phase, they incorporated ads to fund their Pi project.
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Phase Three
The 3rd phase of the Pi project still needs to be released. Also, the creators still need to state an official date to launch this phase. The second phase was primarily launched to test the project and identify possible developmental errors. It is expected that once the developmental errors are fixed, the 3rd or last phase of the project will be launched.
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A brief history of the Pi coin
When we talk about the Pi cryptos or try to understand its worth in the crypto market and future, we must know its history to understand the concept better. We will also share a brief history of Pi coins for your help.
The pi coin project was launched by three Vince McPhillips, Nicolas Kokkalis and Cheagdiao Fan, three Sandford researchers, on 14th March 2019. They developed a mobile application to mine and trade cryptocurrencies called Pi-coin. Soon after its release, creators incorporate ads and a referral system to fund the project.
Surprisingly, within one year, the number of users reached 3.5 million in May 2020. The developers have also built a halving system that includes several blockchains and PoW systems along with bitcoin to limit the supply of Pi. Currently, this halving system cuts or halves the reword once the coin mining reaches a particular milestone.
The Pi is still a developing cryptocurrency, and the third phase has yet to be launched in the market that can enable users to use Pi coins to sell, buy and trade for other cryptocurrencies.
How does the PI coin work?
Pi network develops the Pi coin application one can use for Pi mining. Another essential information you must learn to understand the value of Pi is how it works. Therefore, here we will also discuss the functionality in detail.
The use
of the Pi application is simple. Currently, there are few features to view on the platform. Users can mine Pi coins by entering the platform and clicking the lightning button to start mining. Once they hit the mining button, a 24 hours countdown starts. Then they can leave the platform, enter it again after 24 hours, and click the lightning button to continue mining. There are four roles in the platform users can play Pioneer, contributor, node and ambassador.
Pioneer–Pi miners, are called pioneers. The mine Pi by tapping the lightning button.
Contributors – Contributors add 2-5 members to the Pi security circle. They earn 0.2 Pi on each member of the security chain per hour.
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Nodes – Nodes run the Pi software in their device through the Pi software is currently under testing.
Ambassadors – Ambassadors invite new users via the invention code. They earn a 25% Pi bonus on each invitation.
Users can choose their roles according to their wishes. The app is built in Stellar Consensus protocol for a user-friendly interface and smooth mobile mining.
Pi blockchain and other blockchains
Pi coin creators are expected to use proof-of-work and Stellar Consensus Protocol, enabling its users to mine Pi easily on their smartphones. Bitcoin uses PoW for mining, but its users require more substantial computing power to earn a part of the transaction fee. Unlike bitcoins, Pi can be mined easily with smartphones and does not need such heavy computing for mining.
Pi blockchain will also be expected to install the application in the network chain to finish the mining and other tasks. This network is similar to Solan and Ethereum blockchain, which can add the application to the network chain. But this feature has yet to be released, and developers are still testing the platform to make necessary changes.
The current value of the Pi coin
According to the latest survey of 2022, the Pi tokens are not in circulation, and therefore they cannot be used for exchange, selling and buying. So, if someone wishes, they can acquire Pi-coin using the Pi application. But they cannot use their earned Pi to exchange with other Cryptocurrencies, buy any service, product or asset or sell to get cash.
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According to the creators, users can do all these with the launch of blockchain and the third phase. However, as mentioned previously, the creators have yet to announce any fixed date for the launch of phase 3 or blockchain, so there is no surety when the users will be able to use it.
Use of Pi the coin
Currently, the Pi network and the Pi platform are under development, so there is no clear or specific use for Pi coins. However, it has multiple plans that can offer crucial and exciting features like a Pi wallet, Pi browser and Pi stack to the user within the blockchain.
At this time, all these features are under testing. But if they get released, they can significantly impact the Pi’s value and price. These features can also increase the number of users on the platform. Still, for now, all these are just assumptions, and you can only understand the actual value of the Pi coins when the third phase is released.
How to get the PI coin?
PI is still unavailable on any crypto exchanges, so you cannot buy or sell PI tokens. But PI tokens are available on the PI network app. Here, we will tell how you can acquire PI coins from the PI network app.
Step 1– Download the PI network app on your smartphone.
Step 2– Create an account with a username, password, phone number, or email address.
Step 3– Enter your invitation code if you have one. Do not worry if you don’t have any, as you can find numerous online.
Step 4– Start mining by tapping on the lightning button.
Step 5– Open the app every day to check and regularly tap the lightning button to continue mining.
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How to store PI coins?
If you are into crypto, you would want to store your PI coins after you earn them from the PI network app., But there is no place where you can store the PI tokens other than the app itself. Many crypto experts have voiced their uneasiness about this solution as no one can guarantee the security of this platform as storage for PI coins, and only time will reveal how safe this platform is for storing the coins.
The PI creators still have yet to announce its release date, and one can expect that the PI currency will offer its users wallets for storing the tokens after its release. Experts suggest hardware wallets for safe PI storage as they use physical devices with private keys. Thus, hardware wallets are best for safely storing thousands of cryptos. But you must wait for its release to use this storing method until the network is the only place where you can keep your PI coins.
Is Pi coin worth buying?
Currently, the Pi coins or tokens have no use, which means they do not have any value in the crypto market. Pioneers can mine Pi coins by clicking the lightning button on the Pi-coin platform. A user of the Pi network can collect Pi coins by watching ads, inviting new members and visiting the platform regularly. But they cannot withdraw their earnings, use them for shopping or trade for other virtual currencies.
The developers have stated that the Pi network is under testing, and with the release of the 3rd phase, Pi project users will be able to enjoy all these facilities. Not only that, but users will also have some exciting features like a Pi browser and a Pi wallet on the identical blockchain. It is also true that if the third phase gets launched, it can change the entire scenario for Pi coin and witness massive price growth.
Still, many people strongly criticize the developers due to the long silence and no confirmation on the 3rd phase release date. Some accuse developers of scamming people as there has yet to be a response or news from the Developer team after the 14th May post on Twitter announcing the 3.5 million users on the Pi platform.
The question of the Pi coin‘s worth and whether you should invest in it is far more complicated and harder to answer, as currently, you cannot buy Pi coins; they can only accumulate Pi coins by using the network.
Though the developers claim that the value of Pi coins will go after the release of their last phase. They have also confirmed that Pi network security is more robust than other crypto platforms as it uses a personal-level network, and only the invited users can join the chain. On 11th March, they also stated that their enclosed network would help pioneers to tweak mainnet and KYC verification and more apps in the network.
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Conclusion
You should invest in PI coins knowing the risk-taking ability of your portfolio. As of 2022, the PI creators still need to release the PI cryptocurrencies and have yet to notify a date for its release. But if you are interested in the PI coin and want to use it to diversify your portfolio, you can go for it, as you can mine them on the PI network app using your smartphone.
Before investing in PI coins, you must know everything about it. PI cryptocurrencies have a promising future with a more extensive network audience. But all of these depend on its release, until which these currencies cannot be bought or sold. We hope that the final stage of PI coins will release soon. Until then, use the PI network app to mine and store your PI coins.