Pi Cryptocurrency is causing a stir in the trading market. And why wouldn’t it? But the most significant thing is that the Pi Crypto has not been launched. Pi cryptocurrency is a project that is in development since 2018. It remains in testing mode. Pi network is a digital currency project that looks forward to making the mining of assets accessible. It is a relief project that aims to fill the gap that the first generation of cryptocurrency has left.
Developed by Stanford alumni, they tend to redress the balance using nothing but smartphones. With its simple and straight approach which minimizes the steps of processing the mining amount, the developers have launched the first phase successfully.
Moreover, this network has become a way for many traders to invest in the digital realm. As Pi networks are coming from the ground up, there is a high chance of profit. If you have taken an interest in the application, then you’re in the right place. Because we bring you a complete lowdown on what “Pi Network” is.
Pi Cryptocurrency in A Nutshell
Pi network is a project based on digital currency that holds the view to keep crypto-mining accessible. It holds the vision of the centralization of the first-era digital currency like Bitcoin. Hence, they want to put them out of reach for everyday users. While each Bitcoin adopter has to use the CPU to mine the digital coin. With the help of the Pi network, the user can easily mine the coins using special hardware. As it happens, a group of Stanford graduates has come up with the idea to address the issue of mining.
They have created an app through which one can mine the coins easily. Moreover, they have based the branding on the number π. They even launched phase 1 of the project in 2019, 14 March. It was apparently in the Pi day that they used the PI mining app.
However, by June, the network had recorded more than 100,000 users. Furthermore, a year later in the phase 2 launch, the Pi Cryptocurrency Value increased. So did the user. It went up to 3.5 million
The application started running ads in May 2020. The team decided to add ads to provide a source of financing for the project. This little project now has a user base of 18 million at the end of May 2021. From February to May, their user base increased by 6 million.
How Does The Pi Network Work?
To invest in cryptocurrency, you need to know how it works. The Pi coin is a digital coin that runs through Pi Network. Similar to other digital currencies such as BTC, the Pi crypto tends to undergo a regular halving to protect the scarcity level. But what is halving?
Halving is the occurrence that showcases the number of coins that a minor can receive for processing a new transaction. That is then reduced by half when they reach a certain milestone.
Normally, Pi’s mining rate halved from 1.6 π each hour when it generally garnered 100,000 users. Moreover, it also halved again when it reached up to 1 million users. The price went to 0.4 π per hour. It will halve again to 0.2π when the user base will reach 10 million.
The developers have shown that they plan to reach zero halves by marking 1 billion users. However, one can understand that with 100 million users, the coin will move from the resting phase to going live. We know this procedure as a mainnet. Right now, it is at the testnet stage.
Let’s Determine The Pi Cryptocurrency Value
During the current second phase of the project, users can officially volunteer to test out the Pi node desktop software on PC. Many have predicted that the start of the third phase will depend on the progress in the second phase.
Unlike the nodes in the networks such as Bitcoin, it uses the stellar consensus protocol. Pi Nodes tend to assess the trading on the ledger. Moreover, it tends to reach a consensus on the order of new trading that the ledger may record.
As we already know that it is in the pre-release mode. The developers were able to interact with the testnet. The project introduced a new Pi Brainstorming app in the Pi Apps Platform. It allows the user to give ideas, join projects and even engage other users.
Moreover, in the second quarter of the core Pi Network, the creators focused on making the Pi Utilities Platform. It also includes a third-party app with a wallet. They have also added a Pi wallet app on 1 April.
In case you are wondering the worth of the Pi coins, then let us tell you that it is not available currently. Users that have mined the digital currency will only be able to withdraw or exchange their coins with the third phase. Hence, when Pi will move to a completely decentral blockchain state, then can one say anything.
Pi Network: Price Prediction
The price prediction is the main event that everyone is waiting for. As with the other digital coins launched, the worth of the Pi coin will likely start at a low point. However, it will rise as the adoption of the coin will grow.
Charts have shown that on 3rd August the Coin Data Flow predicted the price of Pi at $1.32-$1.35. It has also been projected that the price could go up to $1.48 by 2025 alone. If the coin grows at 1% of the average rate of Bitcoin, then it will reach the value of $224.89.
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This is the 100% value of Bitcoin’s previous average annual growth. Moreover, on 18th March, Digital Coin’s Pi network price prediction for five years gave a thorough detail. Here is how it goes.
- $0.0107 in 2021
- $0.0127 in 2022
- $0.0212 by 2025
- The average is $0.0319 by 2028.
Pi price predictions for 2021-2028
As of 18 March 2021, the website deleted all the information that they bare and showcased a new estimation. As they are an algorithm-based production, they have given new points.
The WalletInvestor has said that the price value of Pi Coin will be somewhere along $0.0132. Moreover, it will have a downside of $0.00743. Although they later removed the prediction as well.
So, all we can say is that depending on the number of digital users and the exchanges on Pi, one can know the price. However, the Bull case has said that the price of Pi can reach $1.
However, that will only happen if they launch it by the end of 2021. Moreover, in the longer term, the price could go up to $5 by 2025. So, now the question is, will the worth of the Pi coin rise past $1 even in the future? Only time will tell.
Question: When will the Pi Crypto enter the trading realm?
Answer: The Pi network will launch the Pi Crypto only after they have tested phase 3. Although the team of developers has not released the official date of the release of phase 3. We still believe that the official date will rely on the result noted in the testing phases.
Question: What could be the value of Pi?
Answer: Currently, the developers have not given any thorough detail on the pricing. Moreover, it has not even hit any digital currency exchange platform yet. So, it is rather hard to predict the value of the coin before launch.
Though many algorithm-based sites have cited that they can see the value starting at 0.01 against the US dollar. Also, if this prediction comes to pass, the miners will have good news.
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