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Pi Network (PI) has sparked the interest of cryptocurrency investors even before the coin was officially listed for trading.
Some users see it as a way to invest in a cryptocurrency from the ground up and profit in the future, just like the first bitcoin users who profited from mining and holding bitcoin at it’s early stages. Others, on the other hand, have compared Pi crypto to a worthless multi-level marketing (MLM) scheme.
The Pi Network appears to have accomplished something that few crypto projects do: it has captured the imagination of everyday consumers.
But what exactly is the Pi Network Worth, is it a profitable investment?, Is it possible to predict the price of the Pi coin? Let’s find out.
Pi Network Crypto- Definition
The Pi Network is a digital currency project that intends to make cryptocurrency mining easy, accessible, as first-generation currencies such as bitcoin have become increasingly centralized, making them inaccessible to the general public. The Pi Network, which was founded by a group of Stanford alumni, enables users to mine currencies using a mobile phone application while authenticating transactions on a distributed ledger.
Unlike nodes on networks like Bitcoin, which run on proof-of-work (PoW) protocols, Pi nodes run on the Stellar Consensus Protocol (SCP).
How to signup with Pi
The easiest way to join the Pi Network is to download and install the app on your phone.
You can get the app from the Play Store, and remember that the Pi team will never ask you for any information about your account or password, and the app can be linked to Facebook so that funds can still be accessed if you lose your phone.
To join the network, you must have an invite code or use an affiliate code; the more people you invite, the more Pi you earn!
Best way to mine Pi Crypto
The Pi platform brags about providing users with a simple and easy software mining app to mine Pi coins on their smartphones. Users can mine Pi coins in the Pi app by simply pressing the “MINE” button on their dashboard. Each new account created on the platform receives one free Pi.
Users will have to activate the next mining session by tapping the button again at the end of each 24-hour mining session.
Why earlier members mine at a higher rate?
Members who joined earlier mine at a higher rate to reward contributions to the network when they are most needed. Pi incentivizes its earliest members to make contributions that will ensure its success to achieve that goal (e.g., securing and growing the network).
As more people join the network, the rate of mining decreases to reflect the importance of early contributions. When the network reaches a certain number of users, this rate will eventually fall to zero (e.g. 10 million or 100 million).
Pi network primary features
Remember, the Pi Network is FREE TO JOIN, and you can profit even if you only mine ten coins!
Key Features include –
- Works on your mobile phone and does not drain your battery
- Secure, non-counterfeit-able and interoperable digital money
- The Pi App, available on both Google Play and App Store
- The Pi Node with Access to the Pi App from your computer
- Easy to use security at scale, without the electrical waste.
Pi network ambassador role
As an Ambassador, you can earn up to a 25% bonus on your base mining rate for each person you bring on board. When new members join your earning team by using your invitation code when they sign up for Pi Network, you become an Ambassador.
When your earning team is actively mining, each member adds a 25% boost to your earnings. Because each member can only join Pi once using one inviter’s invitation code, a new member can only be added to their inviter’s earning team once.
Contributor role? How to become a pi network contributor?
As a Contributor, you can earn more Pi by forming a security circle of 3–5 trusted members.
Pi’s Contributor role becomes available to users after they have completed three mining sessions as a Pioneer.
After 3 days of mining, you will see a new security circle icon on the app’s home screen, which you can click to begin. To become a contributor, you must include 3–5 people in your security circle whom you trust.
Pi security circles?
In the Pi community, a group of 3-5 people who trust each other can create a circle, these circles are called security circles. These Security circles help protect the currency by constructing a global trust graph preventing bad actors from carrying out fraudulent transactions.
While Bitcoin and other cryptocurrencies secure their ledgers by forcing miners to burn energy (proof of work), Pi secures its ledger by having its members vouch for each other as trustworthy. Pi’s Contributors vouch for one another by forming security circles of 3–5 members they consider trustworthy.
How to earn more with Pi app
This app allows you to earn Pi by simply contributing to the Pi community. The more you contribute, the more Pi you will receive.
To begin earning Pi, log in every 24 hours and press the lightning button to begin mining. After you’ve started mining, you can increase your hourly rate by inviting trusted friends and family to join the community.
After 3 days of mining, you can increase your earnings by constructing your security circle, which will increase the network’s overall security. Keep in mind that earlier members of the network mine at a faster rate than those who follow them.
How much is a pi worth currently ?
The Pi coin is currently worthless. Investors are concerned about the Pi coin price or the Pi network price because they want to profit from their investments.
The Pi network, on the other hand, has millions of supporters because of a “promise” of enormous wealth.
How much is pi expected to be worth in the future?
According to the Pi Network’s official website, its goal is to ensure that no one is left out of the cryptocurrency revolution, pointing out that mining cryptocurrency is difficult and investing in it can be even riskier.
Within the project’s ecosystem, there are several different roles. Every day users who have downloaded the mobile app are referred to as Pioneers, and they are expected to sign in to the app daily to confirm that they are not a robot.
However, there’s one major issue that makes Pi coin price prediction difficult: the cryptocurrency isn’t yet available on an exchange.
The value of Pi will skyrocket the day it is listed on any crypto trading exchange for public use. Pi became popular in the first place because it made mining accessible to everyone. Because a lot of big cryptos require massive computing systems to mine even a small amount, pi had to stand out.
The core team of the coin project has hinted that the project will go public in the last months of 2021, so it could happen at any time! Why not mine a portion of it until then?
Is Pi coin a good investment?
Some analysts making Pi coin predictions are less concerned with the Pi Network value and more concerned with whether this project is a good investment.
Those who have downloaded the app tend to make the most optimistic Pi coin price predictions; some have suggested that a single Pi could be worth anywhere between $10 and $100 right now. However, there is no evidence to back this up, and the Pi Network team hasn’t released much information about the project’s progress. A concise Pi coin price prediction for 2021 is in high demand.
Southeast Asia appears to be particularly fond of the Pi Network. However, blockchain experts speaking to the Vietnamese publication VnExpress questioned the cryptocurrency platform’s legitimacy, citing the fact that users do not have access to their private keys.
Pi Network outlook
A Pi Network price prediction for 2021 will be easier to make if the mainnet is ever launched and users receive the cryptocurrency for which they have been mining. We’ll have to wait until then to see the full Pi coin value. In comparison to the plethora of other blockchain projects, there is very little information about Pi Network available online, including on crypto news sites.
Conclusion
Pi Network makes a lot of big claims and has a lot of users, but it has yet to provide value to its users. The success of this project’s mainnet launch, which does not appear to be happening anytime soon, is critical to its potential. Pi will remain a pointless project that collects user data and uses it for marketing purposes until that time comes.
Reference
https://capital.com/pi-network-pi-coin-price-prediction-2021-2025
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