What is Pi? About, History, Works, Uses and Trends

The cryptocurrency initiative Pi Network aims to make it possible for mining on mobile devices for the typical user.  Pi Network is incredibly user-friendly and inexpensive since it allows users to "mine" Pi coins using their cellphones, in contrast to standard cryptocurrencies that demand powerful computers and a lot of electricity. 

Millions of "Pioneers" worldwide have been using the program to earn Pi coins every day, demonstrating the project's large user base.  Although Pi tokens are not yet fully functional or accessible on major exchanges, speculative trading of Pi on a few exchanges is made possible by a notion known as "Pi IOU," or "I Owe You." 

About Pi

Pi is a developer platform and social cryptocurrency that aims to give people greater autonomy. It allows Pi currency mining on mobile devices without harming the environment or depleting batteries. In addition, Pi Network wants to become a widely used and easily accessible app store where developers can offer customers practical products and services in return for Pi coins. Pi Network aims to enable a Web 3.0 experience where community developers can create decentralized applications (dApps) for millions of users thanks to its unique mining method and more than 35 million active users.

History of Pi

Two Stanford PhDs in computational engineering and social sciences, Drs. Nicolas Kokkalis and Chengdiao Fan formed Pi Network.  Both founders aspire to address the drawbacks of conventional blockchains and firmly believe in the technological, financial, and social potential of cryptocurrencies.  They adopt a user-centric design approach that completely rethinks how new blockchains are developed.  Pi Network is not accessible for trade at this time because it is in the Mainnet's Enclosed Network phase.  The network is carrying out no initial coin offering (ICO) or crowdfunding of any kind, and any distribution of Pi is not permitted and is not associated with Pi Network. 

How Pi Works?

Pi Network validates transactions using a special version of the Stellar Consensus Protocol (SCP).  This protocol offers asymptotic security, adjustable trust, minimal latency, and decentralised control for a fraction of the environmental cost. Transactions are secured by Pi's blockchain using a mobile meritocracy system.  In order to obtain Pi, this system enables mobile users to verify their regular presence and attest to the legitimacy of other users in the network.  Since energy-intensive machinery is not needed to mine using this method, the environmental effect is significantly reduced. 

Main Uses of Pi 

The main goal of Pi is to make an ecosystem in which Pi coins can be traded.  The network's architecture is founded on a concept that seeks to be clear and easy to understand, supporting meritocracy, scarcity, and equitable distribution.  Developers may find features on Pi Network's developer platform interesting.  A cryptocurrency wallet, user authentication, notifications, deep linking, app compatibility, and numerous other features are already incorporated into it.  Users can easily integrate into the Pi ecosystem by integrating Pi's SDK and user-authentication features into their apps created by community developers. 

How Can Pi Coin Be Mined?

Pi mining is easy. Every 24 hours, you tap a lightning button after downloading the Pi Network app to your phone and logging in. That's all. In reality, your phone isn't performing intricate computations. Pi Network is based on a social security architecture in which users establish decentralised consensus and trust circles.

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There are four types of users exist:

• Pioneer: Someone who taps to mine every day.
• Contributor: Assists in network security by adding reliable users to a "security circle".
• Ambassador: Receives benefits for encouraging others to join.
• Node: The desktop computer that runs the blockchain's actual software (more technical).

Early participation is more lucrative because the mining rate gradually drops as more individuals sign up. 

Some Recent trends

At the moment, one PI costs ₹23.28.  The price is 1% higher than it was a week ago at ₹22.94, but it is down -3% from Pi [IOU]'s 24-hour mark of ₹23.95.  On December 30, 2022, Pi [IOU] reached its highest value ever, ₹29,351.90.  Compared to the existing number, this indicates a -100% change. 

Pi [IOU] has a fully diluted market value of ₹1.58B.  Pi [IOU] has a fully diluted value of ₹1.58 billion. 

The 7-day total is ₹2.384B, averaging ₹340.543M per day, a decline of ₹99.769M over the previous 24 hours, while the 24-hour trading volume is ₹240.774M.  With a daily average of ₹258.521M, the trade volume for the last month was ₹7.756B, representing a -₹17.747M decline from the most recent 24-hour number. 

Conclusion

One of the most intriguing initiatives to make cryptocurrencies available to anyone is Pi Network. Crypto is more user-friendly and environmentally beneficial since it eliminates the need for costly computers and high electricity bills by enabling mining right on your phone. With more than 35 million active users, Pi has amassed a sizable community of "Pioneers" who support its daily expansion.

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While Pi coins are not yet fully tradable on major exchanges, the project has already proven its potential as a social cryptocurrency platform. Its developer ecosystem, mobile-first approach, and unique consensus system make it more than just a coin — it's a foundation for a future Web 3.0 ecosystem.