Pi Network is a cryptocurrency that is mined on a mobile app, which allows users to collect the currency using their smartphones.
Pi Network is a new decentralized cryptocurrency platform that aims to provide an easy and secure way for people to earn, share and use cryptocurrency on a daily basis.
The platform is based on the blockchain technology, which is a digital ledger system that is secure and transparent and we look at 10 reasons why you should join the Pi network today!
10 – Decentralization
Pi Network is a decentralized platform that is based on blockchain technology, which means it is secure and transparent.
Decentralization refers to the distribution of power and decision-making away from a central authority.
In the context of technology, it often refers to the distribution of data and control over networks.
A decentralized system does not rely on a single central point of control or failure, making it more resilient and secure.
This is the fundamental concept behind blockchain technology, which allows for secure and transparent transactions without the need for a central intermediary.
Decentralization also has the potential to democratize access to information, services and assets and to challenge the traditional power dynamics in various industries.
9 – Easy To Use
The platform is designed to be easy to use, even for people who are new to cryptocurrency.
Pi Network is designed to be easy to use for several reasons, firstly, it is a mobile app, which means that it is easily accessible to anyone with a smartphone.
This makes it possible for people who may not be familiar with cryptocurrency mining to participate in the network.
Secondly, the app uses a consensus algorithm called “Proof of Stake“, which allows users to mine the currency by simply keeping the app open on their phone and participating in the network by verifying transactions.
This eliminates the need for expensive mining equipment and technical knowledge that is often required for other cryptocurrencies.
Finally, the Pi Network team has made a user-friendly interface and easy-to-follow instructions that guides the users on how to use the app, making it easy for anyone to join the network.
8 – Social Consensus
The Pi Network uses a consensus algorithm called “Social Consensus” which is a variation of the Proof of Stake (PoS) algorithm.
The Social Consensus algorithm is a way to secure the network and validate transactions by allowing users, called “Pi Miners”, to vote on the validity of transactions.
In the Pi Network, the social consensus is reached by having each Pi Miner vouch for the authenticity of a transaction by adding their “digital signature” to it.
The more Pi Miners that vouch for a transaction, the more likely it is to be considered valid.
This means that the more Pi Miners that are participating in the network, the more secure it becomes.
The Social Consensus algorithm also encourages users to invite friends and family to join the network, which helps to grow the network and increase its security over time.
This algorithm is designed to make the network more resilient and secure, by eliminating the need for expensive mining equipment, and making it easy for anyone to participate in the network.
Additionally, Social Consensus also allows for more energy-efficient way of maintaining the network, as it does not require computational power as much as the traditional PoW algorithm.
7 – Decentralized Economy
Pi Network is focused on creating a sustainable and decentralized economy, where users can earn, share and use cryptocurrency on a daily basis.
By participating in the network and verifying transactions, users can earn a small amount of Pi.
Additionally, users can also earn more Pi by becoming a “Node” which is a trusted member of the network who is responsible for maintaining and secure the network.
The Pi Network’s decentralized economy also allows for secure and transparent transactions using the Pi cryptocurrency, without the need for a central intermediary.
This allows for greater financial freedom and democratization of access to financial services, particularly for individuals and communities who may not have access to traditional financial systems.
Additionally, the Pi Network also aims to build a community-driven ecosystem, where users can connect with each other, share knowledge and participate in decision-making for the network’s development.
This creates a decentralized, community-driven approach where everyone can contribute and benefit from the network’s success.
However, it’s worth noting that the Pi Network is still in its early stages, and the full potential of its decentralized economy is yet to be realized.
6 – Closed Mainnet
The Pi Network’s closed mainnet is a testing phase for the network’s infrastructure.
During this phase, the Pi Network team is testing the network’s security, scalability, and overall functionality before the launch of the public mainnet.
During the closed mainnet, only a selected group of users, known as “Pi Pioneers”, are able to participate in the network and mine Pi.
These users are chosen based on their level of engagement and contributions to the community.
The Pi Pioneers are also able to test and provide feedback on the network’s features, which helps the team to improve and refine the network before its public launch.
The closed mainnet is an important step in the development of the Pi Network, as it allows the team to ensure that the network is secure, stable and ready for public use.
Once the closed mainnet phase is completed, the team will launch the public mainnet, which will allow anyone with a smartphone to participate in the network and mine Pi.
It’s worth noting that the closed mainnet phase is still ongoing, and the launch date for the public mainnet has yet to be announced by the Pi Network team.
5 – Dedicated Core Team
The Pi Network core team is a group of individuals who are responsible for the development and management of the Pi Network.
The core team is composed of several experts in their respective fields, including blockchain technology, cryptography, and mobile app development.
The team is led by two co-founders that include Dr. Nicolas Kokkalis and Dr. Chengdiao Fan.
Dr. Nicolas Kokkalis is a senior lecturer at the University of Edinburgh and an expert in distributed systems and blockchain technology.
Dr. Chengdiao Fan is a former Google engineer and an expert in mobile development.
The core team also includes several advisors who bring a wealth of knowledge and experience in various fields, including finance, economics, and marketing.
The Pi Network team is committed to creating a decentralized, community-driven ecosystem where everyone can contribute and benefit from the network’s success.
The team is also transparent about the project’s development and progress, regularly updating the community through their official channels such as social media, blog posts and newsletters.
4 – Exchange Futures Already Listed
Recently, several exchanges have already listed Pi Network futures IOU tokens and the trading reached close to $300 per token.
Global exchange Huobi and well known exchange XT.com listed the coins before a few others followed suit.
Exchange-traded futures, also known as futures contracts, are financial derivatives that allow investors to buy or sell an asset at a predetermined price and date in the future.
Hedgers, such as farmers, producers or manufacturers, use futures to lock in a price for a commodity or financial instrument they plan to sell in the future, in order to protect themselves from price volatility.
Futures contracts are standardized and traded in large quantities, usually in the form of a contract that specifies the quantity, quality and delivery date of the underlying asset.
3 – Limited Total Supply
Pi Network will have a limited total supply of around 100 billion coins, which will be distributed to users over time through mining and other activities.
Firstly, a limited supply helps to prevent inflation, as the amount of currency in circulation cannot exceed the predetermined limit.
This is different from fiat currencies, where the central bank can print more money, which can lead to inflation and devaluation of the currency.
Secondly, a limited supply creates scarcity, which can increase demand and drive up the price of the currency
People will want to acquire a piece of the limited supply, leading to competition for the limited number of coins available and this can be beneficial for early investors and holders of the currency.
2 – Platform For Building Shops & Apps
Pi Network’s vision is to build a platform that enables users to share and monetize their skills, services, and data in a transparent and secure way.
Users on the platform can use it to build various apps and launch them on the network, kind of like a crypto-only version of the App store or iOS store.
This literally allows for users to create anything in the ecosystem and allows for developers to make money when users of the crypto also use their apps.
1 – Strong Community
Pi Network has a strong community of users, developers and supporters who are actively participating in the development and growth of the platform.
A strong community can provide valuable feedback and ideas for the project or organization, which can help to improve and innovate the products or services.
This helps to ensure that the decision-making power is decentralized, and the community members are able to participate in the decision-making process, thus making it more fair and democratic.
A strong community can also help to ensure the resilience and continuity of a project or organization, even in the face of challenges or adversity.
Overall, Pi Network is an exciting new cryptocurrency platform that aims to provide a secure and easy-to-use way for people to earn, share and use cryptocurrency on a daily basis.