Pi Cryptocurrency: An Overview of Its Network, Value, Price, and Prospects

2023-02-15 00:12:11 - Grace Browns Grace Browns has been a lifestyle, fashion, and beauty writer for over 5 years, and she currently serves as a senior editor at 422346.com.

Pi Coin has democratized cryptocurrency mining, allowing even casual users to participate. It's not easy for the average person to profit from crypto mining because mining crypto assets usually requires high-tech and energy-intensive computer systems. But Pi Coin is special because it can be mined using a mobile app. Anyone with a smartphone and an interest in cryptography can download a free, energy-efficient app to mine PI tokens.  

Find out more about the Pi coin, its history, and its practical applications here.

Explaining the Pi Coin:

As a part of the Pi network initiative, this coin was created. The primary motivation behind the project was to level the playing field so that those without access to expensive cryptocurrency mining hardware could participate in the industry. Three recent Stanford grads worked together to create an app that would enable anyone to mine pi coins using only their mobile devices.  

The PI app also serves as a means of verifying transactions. The Proof of Work model is used by Bitcoin and other decentralized digital currencies, but the SCP, or Stellar Consensus Protocol, is used by the Pi network. The ledger's transactions can only be verified by a network of trusted nodes.  

I need to know the current value of a Pi coin.

Since Pi Coins are not yet available for trading, it is difficult to determine their value. You can't buy or sell Pi right now, so there's no way to find out what the current price of this cryptocurrency is. These coins are exclusive to a mobile mining app and can only be obtained through that method. Users will be able to trade and spend their mined Pi coins as soon as the blockchain is made public.  

You may also be interested in: Investing in India: A Guide to Different Investment Options

Pi Coins: A Brief History

Vince McPhillip, Nicolas Kokkalis, and Chengdao Fan, three Stanford undergraduates, created the Pi digital currency. On March 14, 2019, also known as Pi Day, they released the Pi Coin Mining App.  

More than 14 million people had joined the Pi network by the beginning of 2021, after having been more than 1 million by the end of 2019. The app began monetizing in May 2020 through the streaming of advertisements. There were 33 million people signed up for the service by March 2022.  

Yet, just like all other cryptocurrencies, Pi coins had to go through periodic halving. After a certain point in time, the reward for validating a transaction by mining Bitcoin is cut in half.  

The mining rate was cut in half from 1 per second when there were 1,000,000 subscribers. 6 coins worth pi per hour After reaching 1,000,000 users, it dropped in half to 0 A rate of 4 pi coins per hour, halving again at 10 million, and then reaching zero. 2 tokens When we reach 1 billion users, we will again halve the number.

What Can You Do with a Pi Coin?

There is still some mystery surrounding how Pi cryptocurrency can be put to use. The network's developers are working on launching the blockchain, the PI browser, and the Pi wallet. Unfortunately, it is still in development, and there is no word yet on when it will be available or listed on cryptocurrency exchanges.  

Cryptocurrency miners and enthusiasts from all over the world are eagerly awaiting the release of Pi Coin. More interest will be generated once trading of these coins begins, leading to more innovations on the Pi network.

Can You Trust the Pi Cryptocurrency?

Pi was released with the intention of lowering the barrier to entry for cryptocurrency mining and investment. The creators aimed to shake things up in the digital currency market.  

It's a genuine effort with the goal of democratizing the cryptocurrency market. A lot of the app's features are still in development, so we'll have to wait for some time before we have concrete answers. Once listed on cryptocurrency exchanges, the true value of Pi coins can be determined. At present, miners who hope to profit from price speculation can do so by amassing Pi coins.  

Coins with the value of Pi: What Comes Next?

As a result of its accessibility, low cost, and low transaction fees, the Pi cryptocurrency has seen a surge in its user base. However, they are not available on any cryptocurrency exchange at the present time. This makes it hard to put a price on. Miners can keep their earnings in the app itself. Furthermore, these coins can be used to purchase anything in the Pi market.  

Its future worth can be estimated by looking at the trends of the present, but this is still a matter of conjecture. Pi coin mining is an option for those with a high risk tolerance who are interested in investing in emerging cryptoassets. If the price of Pi coins rises in the future, early adopters may see large gains.  

Competitors to the Pi Coin Blockchain

Pi tokens are designed to operate on separate blockchains, each with its own set of in-chain applications. These are very much like the blockchain design used by cryptocurrencies like Ethereum or Solana. The Pi Coin blockchain, however, has not yet been made public.  

Unlike Bitcoin's Proof-of-Work (POW) system, which is used by most altcoins, Pi Coin uses the Stellar Consensus Protocol (SCP) at the moment. The PI network's nodes use SCP to record and validate transactions on the distributed ledger in a collaborative manner. In addition, these hubs connect three to five reliable people. Together, they create an international system of trust that can detect and stop fraud in its tracks.   

Where and How to Invest in Pi Coins in India

There is currently no market for these tokens. e they are not tradable on cryptocurrency markets. Pi coins can only be obtained by mining them through the Pi app. To obtain Indian Pi coins, one must take the following actions:

  • A. Install the Pi Network app on your mobile device.  
  • Second, sign up using your mobile phone number or Facebook account.
  • Third, fill out your profile completely to finish the registration process. Your Pi Coin invitation code will be sent to you after you fill out the form.  
  • Fourth, join the Pi network by entering the invitation code.
  • Step 5: Log into the dashboard to claim your one Pi coin welcome bonus.  

The following are the available levels for miners to attain within the mining app:

  • When mining first begins, volume is zero. This is the pioneer stage. The going rate is 39 cents an hour.  
  • Input: You'll need to put in three days of coin mining to get here.  
  • Inviting other miners to join the app earns you the title of "Ambassador."    

Each time you launch the app, you'll be prompted to log in with your credentials again so that no one can take advantage of you. Once you begin the mining process, the coins will be sent to your account within 24 hours.  

Also see: The Top 7 Cryptocurrencies in India's Current Market

Is It Profitable to Mine Coins?

Since it was created by recent Stanford alums, this project does have some legitimacy. After the blockchain is made public, they promise users the chance to profitably trade their digital assets. Meanwhile, the Pi coin is full of uncertainties, so investors with a low tolerance for risk may want to steer clear.  

Final Word

Pi is a new phenomenon that has made cryptocurrency mining more accessible than ever before. More than three years have passed, but significant features remain unreleased from this project. This means that one needs to exercise caution and get informed before making any financial commitments.  


Q1 In what quantity do Pi tokens exist today?

No, there are no pi coins in circulation at the moment. Once the project is up and running, the developers have not revealed how many coins will be issued.

Q2 Where is a safe place to keep Pi coins?

The only place you can keep these coins at the moment is in the mobile app. But it's not safe because hacking is a real threat in the world of mobile apps. After the coins become available for trading, they can be kept in a private-key-protected hardware wallet.

Q3 Is the Pi coin a fraud?

A growing number of people are worried about whether or not investing in Pi tokens is a scam. Many crypto investors are wary due to the lack of clarity and the prolonged launch of the coins. It's hard to tell if it's a scam at this point. Most cryptocurrency investors look forward to its debut, convinced that it will become the industry standard token.

Q4 I would like to know more about the SCP (Stellar Consensus Protocol).

To answer your question, Stellar is a blockchain algorithm that enables leaderless distributed networks to come to an agreement called a "consensus." In contrast to the Proof of Work (POW) protocol, which employs miners to verify transactions, SCP uses distributed voting systems on a network of servers to make decisions.

Befor you leave...

  • In need of quick money 24 hours a day, 7 days a week? Personal loans of up to 20 lakh are available as early as 9 a.m. 9% p a Download the Nav app immediately.
  • Or perhaps you want to finally make that down payment on the house you've had your eye on, but you'll need a loan of up to 5 crore to do it. Get provisional approval right away by downloading the Navi app. Rates of interest beginning at 8 74% p a
  • How about a health insurance plan with premiums as low as $235 per month? Just download the Navi app, and you can have your insurance policy in your hands in less than two minutes.
  • Instead, you're eager to put your savings to work and launch your investment journey. Take advantage of the top 50 companies by investing in the Navi Nifty 50 Index Fund right now.

As a reminder, crypto and NFT products are not backed by any government and carry significant risks. Losses incurred as a result of such dealings may be immune to redress by regulatory authorities.

Investments in mutual funds are vulnerable to market fluctuations; read all scheme-related documents thoroughly before investing.

This article was written using authenticated data from our own records, from the open literature, and from other credible sources. This article is intended for informative purposes only, and does not include a full accounting of all relevant factors. None of this information should be taken as investment advice. The article makes no claims about the information's accuracy or completeness and disclaims any responsibility for any losses, injuries, or expenses that might result from relying on it. Any choice made as a result of reading this article will be the sole responsibility of the reader.

Latest Web Stories

Bathroom Interior Design: 8 Tips for Creating Your Ideal Space

On this date in 2023:

Here Are Ten Presents for Valentine's Day That You Just Can't Ignore

Thursday, February 13, 2023

YouTuber Akshat Shrivastava Shares 7 Investment Strategies That Could Change Your Life

On this date in 2023: 10

Mutual Funds vs. Fixed Deposits

On this date in 2023: 9

In 2023, here are eight kitchen designs that will work with any aesthetic.

Saturday, February 8th, 2023

These Are the Top 10 Nifty 50 Index Funds for 2023

Saturday, February 7th, 2023

8 Top Medical Health Insurance Programs in India for 2023

The Top 10 Indian Personal Loan Apps of 2023

In 2023, here are eight designs for a comfortable living space that can accommodate a variety of tastes.

Two Thousand and Twenty-Three on February 2nd, 2023

Eight Essential Details About the Union Budget for 2023

Starting on February 1st, 2023
  • 10th Grade Science: Life Processes with Complimentary Ncert Solutions
    10th Grade Science: Life Processes with Complimentary Ncert Solutions 2023-07-25 00:51:45

    Solution: The inner lining of the small intestine undergoes a structural modification, forming villi, which are finger-like projections. These villi serve to increase the surface area for the absorption of digested food. Furthermore, they have a high vascularity, meaning they are well-supplied

  • Creating a Lovely and Simple Homemade Rakhi
    Creating a Lovely and Simple Homemade Rakhi 2023-07-25 00:50:08

    Creating Your Own Homemade RakhiThe glimmer in your eyes and the fervent desires in your heart paint a clear picture: you're filled with ideas for surprising your loved ones on Raksha Bandhan! Are you aware of what that entails? It means that Raksha Bandhan is fast approaching, leaving us with limited

  • 10th Grade Science Life Processes: Access Ncert Solutions for Free
    10th Grade Science Life Processes: Access Ncert Solutions for Free 2023-07-25 00:03:33

    Solution: The inner lining of the small intestine undergoes a transformation into tiny finger-like projections known as villi that enhance the surface area for the absorption of digested food. These villi are abundantly supplied with blood vessels, making them highly vascularized. Additionally,

  • 10 Years - Information on Wikipedia
    10 Years - Information on Wikipedia 2023-07-24 02:56:26

    A decade, which comes from the Ancient Greek word δεκάς (dekas) meaning 'a group of ten', is a span of ten years. Decades can refer to any period of ten years, whether it is someone's lifespan or a specific grouping of calendar years.Usage:Any period of ten years is considered a "decade". For

Showing page 1 of 43