The Pi Coin cryptocurrency has made the mining of digital currencies accessible for crypto enthusiasts. Generally, mining crypto assets requires high-tech and energy-intensive computer systems, making it difficult for the general public to take advantage of crypto mining. However, the Pi coin is unique because it can be mined on a mobile application. Crypto miners from all over the world can download the free, energy-light mobile app on their smartphones and mine PI tokens.
Read on to know what is the Pi coin, its price and history and its uses.
This coin was introduced as a part of the Pi network project. The main aim of the project was to allow the general public to be a part of cryptocurrency mining, which, until now, was only reserved for people who had advanced crypto mining rigs. To make mining more accessible for all, a team of three graduates from Stanford University developed an application that would allow individuals to mine pi coins from their smartphones.
One can also validate the transactions through the PI app. Unlike other decentralised digital currencies like Bitcoin which run on the Proof of Work model, the Pi network functions on the SCP or Stellar Consensus Protocol. Only a group of trusted nodes or groups can validate the transactions on the ledger.
Pi coins are not currently trading on any cryptocurrency exchange, so it is difficult to gauge their price. The current Pi cryptocurrency price is not available as you cannot buy or sell these tokens at present. One can only obtain these coins by mining them on a mobile application. Once the blockchain is released, users will be able to transfer their mined Pi coins to their wallets and start trading.
The Pi digital currency is the creation of three Stanford students – Vince McPhilip, Nicolas Kokkalis and Chengdiao Fan. They developed the Pi coin mining app which came into existence on 14th March 2019, which is also known as Pi Day.
By the end of 2019, the Pi network had a total number of subscribers of more than 1 million, which later jumped to more than 14 million in March 2021. In May 2020, the app started to generate revenue by streaming advertisements. By March 2022, the user base had 33 million members registered on its network.
However, Pi coins had to undergo regular halving, like other cryptocurrencies. Halving means the number of coins miners receive for validating the transactions gets reduced to half after a certain period of time.
When there were 1,00,000 subscribers, the mining rate was halved from 1.6 pi coins per hour. At 1 million users, it halved to 0.4 pi coins per hour, and at 10 million, it again halved to 0.2 tokens. This halving will continue till it reaches 0 at 1 billion users.
The uses of Pi cryptocurrency are still unclear at this point in time. Developers of the network have plans to release the blockchain, the PI browser as well as Pi wallet. However, it is still in progress with no concrete information about its release date or when it will get listed on the crypto exchanges.
Pi coin miners and crypto enthusiasts from all over the world are hoping for its early launch. Once the trading of these coins starts, there will be greater interest generated, which will lead to more innovations on the Pi network.
The Pi cryptocurrency was launched with the main aim of making cryptocurrency mining and investment more accessible. The developers wanted to bring a revolution to the segment of virtual currency.
It is a legitimate project that wants to make the cryptocurrency ecosystem more accessible. However, we must wait for some more time for definitive answers because a lot of features on the app are still under development. A clear picture of a Pi coin’s price can only be assessed once it is listed on the crypto exchanges. For the time being, those who want to take advantage of speculative pricing can take part in the mining process and accumulate Pi coins.
The Pi crypto coin has gained popularity due to its ease of access and affordability. However, as of now, they are not listed on any cryptocurrency exchange. This makes it difficult to ascertain its value. Individuals can mine these coins and store them on the app itself. Additionally, one can also use these coins for buying goods available on the Pi marketplace.
One can assess its future value by studying the current trends; however, it is subject to speculation. Investors who have a high-risk appetite and are looking to invest in newer forms of cryptocurrencies can consider Pi coin mining. The early movers may earn high returns in case the price of Pi coins move upward in future.
The Pi coins are supposed to function on independent blockchains having their own in-chain apps. These are similar to the blockchain structure of Ethereum or Solana cryptocurrencies. However, the Pi coin blockchain hasn’t been released yet.
Presently, the Pi coin cryptocurrency uses the Stellar Consensus Protocol (SCP), unlike the POW system that Bitcoin has adopted. Under SCP, the nodes on the PI network consensually record and validate transactions on the distributed ledger. Additionally, these nodes form a group of three to five trusted individuals. They form a global trust network and help in preventing all kinds of fraudulent transactions.
Currently, these tokens are not available for trading, i.e., one cannot buy or sell them on the crypto exchanges. The only way to get Pi cryptocurrency is to mine them through its mobile application. Here are some steps that one must follow to get Pi coins in India:
Step 1: Download the Pi Network application on your smartphone.
Step 2: Sign up with your Facebook account or mobile number.
Step 3: Complete the registration by correctly filling up your profile details. After submitting the details, you will be sent an invitation code by a Pi coin user.
Step 4: Enter the invitation code to join the Pi network.
Step 5: You will get access to the dashboard where you will receive one Pi coin as a joining reward.
Here are the ranks available on the app for the miners:
In order to prevent people from taking unfair advantage, you are required to enter your login credentials every time you open the app. You will receive the mined coins in your account within 24 hours once you start the mining process.
This project does have some credibility as it has been developed by Stanford graduates. They have assured that users will get a chance to trade their digital assets and earn substantial value once the blockchain is released. In the meantime, investors with a low-risk tolerance should consider avoiding the Pi coin as it is full of uncertainties.
The Pi cryptocurrency is a new phenomenon which has offered simpler and easier access to mining cryptocurrencies. However, this project is still in progress for more than 3 years, and a number of crucial features are yet to be released. Therefore, one must be careful and acquire requisite knowledge before going ahead with their investment.
Ans: As of now, pi coins are not in circulation. The developers are yet to provide the number of coins and the maximum supply that will be available for circulation once the project takes off.
Ans: Currently, one can store these coins on the mobile application only. However, it is not a secure place as mobile apps are prone to hacking. Once the coins are released for trading, you can store them in hardware wallets that are secured by a private key.
Ans: There has been a growing concern regarding whether the Pi tokens are a scam or not. The non-transparency and delay in launching the coins have added to the doubt of many crypto investors. However, as of now, it is difficult to judge whether it is a scam or not. Most crypto users are hopeful of its release and believe it to be the next big crypto token.
Ans: The Stellar consensus protocol is a blockchain algorithm that allows leaderless distributed networks to reach a consensus. Unlike the Proof of Work (POW) protocol that uses miners to validate transactions, SCP uses secured voting systems across a series of servers to reach a decision.
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