Pi Coin has continued gaining popularity in the past few months. It has over 35 million users globally while Pi Network has over 2 million Twitter followers. So, with cryptocurrencies in a freefall, let us look at what the Pi Coin is, how it works, and whether it is worth your time.
What is Pi Network?
Pi Network is one of the most popular peer-to-peer coins in the world. It has over 35 million engaged pioneers globally. Most of these users have left positive reviews and ratings in both Google’s PlayStore and iOS App Store. Pi was started by Nicolas Kokkalis and Chengdiao Fan, two former Stanford University students.
Pi Network seeks to change how the cryptocurrency industry works by making it easy for people to mine and send cryptocurrencies. Anyone with a smartphone or a tablet can install the app and start mining by just visiting the app. Users need to first be invited by an existing member.
According to Pi Network’s white paper, it is estimated that there will be 80 million Pi Coins when it moves to its mainnet. 65 billion of Pi coins will be allocated to all mining rewards while 5 billion coins will go towards liquidity pool rewards. The rest 10 billion coins will go to the foundation reserves.
After the mainnet launch, the mining process will be tweaked in a bid to ensure decentralization, utility stability, and longevity. The new mining mechanism will be aimed at incentivizing more contributions of pioneers to support its mainnet goals. It will be a meritocracy approach.
Pi Coin price prediction
So, what is the future of Pi Coin and the Pi Network? First, since Pi is not traded in an exchange, it is not possible to estimate the value of a Pi Coin. This price will be determined by supply and demand of the coin once the developers decide to push it to exchanges. In the past, we have seen coins like Sweat Economy collapse after being listed in exchanges despite their huge fan base.
Second, it is now almost impossible to conduct a good Pi Coin price prediction in precise terms. Such a prediction will only happen when the developers decide to push it to exchanges. It is unclear when that will happen.