Pi Network price prediction: Is Pi coin a good investment?

 Read on as we explore the history, value, and potential future price prediction of Pi Network.

     

       The Pi Network is a decentralized crypto mining platform that was developed in 2018 by Stanford University alumni Dr. Nicolas Kokkalis and Dr. Chengdiao Fan. The two realized that there were numerous obstacles to crypto accessibility and adoption and aimed to develop the next era of web seamlessly integrated with blockchain technology. Their solution was Pi Network, which officially launched on March 14, 2019 (Pi Day).

Unlike traditional cryptocurrencies that rely on energy-intensive mining processes, Pi Network allows users to mine Pi coins (PI) directly from theirs smartphones without draining batteries or consuming significant amounts of electricity. The project gained popularity due to its focus on simplicity and accessibility and, by June 2023, had attracted over 47 million active users.

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How does Pi ywork?

Pi Network has stated that it aims to democratize access to digital currency by making mining available to anyone with a smartphone. Users can mine PI coins through the Pi Network mobile app by tapping a button every 24 hours to confirm their presence.

To sign up on the app, an invitation code by a member of the network is required. Transactions are verified by a group of users known as “nodes”. These nodes are organized into “security circles” in which each user selects a few trusted individuals to vouch for them. This structure aims to prevent fraudulent transactions.

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Users’ hourly mining rate is based on when they signed up; the earlier a member joined, the higher the rate. Users can boost their rate by inviting new users or building a security circle.