Pi Cryptocurrency : Is Pi Cryptocurrency Legit?
There's been a lot of buzz on the Internet regarding Pi Cryptocurrency, while a lot of people focus on mining Pi coins, some individuals still doubt the so-called cryptocurrency.
In 2018, a team from Stanford University created the Pi Networks and it was utilized as a third-party app where users can mine the Pi coin, and transact with other miners on the network(pioneers) for goods and services.
The network or community known as “pioneers” has grown from 100k users at launch to over 35M+ users in over 230 countries or regions. In June 2022, a lot of pioneers migrated to the Pi mainnet following the adoption of the Pi network through KYC.
This made a lot of people wonder if the Pi Coin is legit. However, in this article, we will look at the overview of Pi Cryptocurrency and if it is Legist.
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What Is Pi Cryptocurrency?
Pi Cryptocurrency was launched in 2018 by Nicolas Kokkalis and Chengdiao Fan from Stanford University. The Pi team built the startup company in a way anyone can mine Pi coins through a mobile device connected to the internet.
Both Android and iOS smartphones support the installation of the Pi mobile application. Users can quickly start mining Pi coins on their smartphones after installing and configuring the program.
The Pi network’s users are referred to as Pioneers. Since its inception, the Pi network has gained a sizable social media following and experienced phenomenal growth in participation, with an estimated 33 million members as of 2022.
On the Pi Network, anyone can become a node with their computer, referring users to the Pi mobile app to mine the Pi Cryptocurrency and get a reward(Pi Coin).
The Stellar Consensus Protocol is the basis for the algorithm used by Pi nodes (SCP). A distributed ledger’s Pi Nodes verify transactions and agree on the sequence in which to record new transactions according to Capital.com.
The app now acts as a cryptocurrency wallet where individuals can transact the Pi Coin. The application requires users to link their Facebook account, and phone number as the app serves as the official wallet to store Pi Coins
In May 2020, the app began to broadcast advertisements as a source of funding for the startup. In the case of bitcoin which halves by half every four(4) years, the Pi cryptocurrency has it halving. The halving occurs when a particular milestone is accomplished.
This is to maintain the network of Pi Coin for scarcity. When PI hit 100,000 users, its mining rate dropped from 1.6π to 0.8π per hour, then dropped again to 0.4π and then again to 0.2π per hour when it reached 1 million users. When the network reaches 1 billion users, it will continue to decrease by halves until it is zero according to the Picore Team.
How Does Pi Cryptocurrency Work
Pi Cryptocurrency works in a way like Multi Level Marketing(MLM). All you have to do is download the app (available for Android and iOS). The software will need a referral code and some personal information after installation (name, email, phone number).
The software is incredibly easy to use and understand. Simply clicking the “Earn Pi” button once every 24 hours is all that is required. Depending on your status, the application will automatically add the appropriate number of Pi coins to your account. Even if you turn off your phone and the Internet, this still occurs.
You begin as a Pioneer once you join the Pi network and begin mining. Your hourly earning rate of Pi coins rises as you move up the three membership levels.
When you declare five or more trustworthy relationships over time, you will be elevated to Contributor. You become an Ambassador if at least 23 Pioneers sign up for your network using your referral code.
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How To Sell Pi Coin
The Pi team launched the mainnet of Pi Coin which individuals can migrate from testnet to mainnet by completing a verification process “KYC” on the app. The team made the KYC very important to pioneers, as this will also increase the usability of the application and machine automation.
The Pi explorer was also deployed, this enabled pioneers to see transaction histories such as senders and receivers. The application was updated so users will be notified when they receive the Pi Coin.
On the 14th of March, the Pi team announced an update that users who complete KYC and migrate their Pi coin from Testnet to Mainnet blockchain can purchase goods or services on the Pi coin application.
Verified pioneers can also transfer the mainnet Pi Cryptocurrency to other verified Pioneer as P2P(Pioneers to Pioneers). Some individuals now buy Pi Coins on social media “Facebook”, as they are called the “Pi Vendors”.
Pioneers can also lock up Pi coins for some time for higher mining rates. However, this is for those who will love staking their Pi Coin for maximum earnings or mining rate every 24hrs.
Pi Cryptocurrency Value
The Pi Cryptocurrency is yet to be fully live on the blockchain, which means users can’t purchase the Pi Coin on any Cryptocurrency Exchange. Those who are mining the Pi Coin will be able to exchange their mined coin when the blockchain finally launches.
According to the team, the mainnet reduces fake account mining Pi Coin. When the coin launches on the blockchain, every verified pioneer will be able to exchange their Pi Coin for other cryptocurrency or fiat currency.
Pi’s Cryptocurrency value was formerly listed by cryptocurrency statistics source “CoinMarketCap” as $0.007077. by August 31, 2022, according to capital.com. However, the coin price is unavailable on coinmarketcap at the time of writing this.
These are purely speculative claims, and the true worth of the Pi network won’t emerge until after it has been listed on an exchange and trading has resumed. The actual number can be very different from these assumptions.
Pi Cryptocurrency Value To Nigeria Naira
A lot of individuals are requesting to know the value of Pi Coin to Nigerian Naira. Thus, the Coin is yet to be live or traded on the blockchain but a lot of vendors in Nigeria, known as “Pi Vendors” now buy Pi Coin anticipating its launch which is unknown at the time of writing this article.
Currently, all vendors buying the Coin have their specific rate which is unknown to the public. It can only be revealed to sellers by vendors if he or she is selling their Pi Coin.
Is Pi Cryptocurrency Legit?
A lot of users or Pioneers are still skeptical about the so-called Cryptocurrency because, it took a very long time to establish its mainnet which is not fully live on the Blockchain, and the listing of the Coin in the cryptocurrency trading platform is taking longer than expected.
Since the Pi Network has not yet been released, there is uncertainty surrounding it. Cryptocurrencies are very volatile investments. While the project’s creators assert that the network is secure, some contend that it might be a pyramid scheme.
Recent events show otherwise, as shown by the Pi crypto team. Since the mainnet’s introduction, users have been able to spend their Pi coins, and it is rumored that several online marketplaces now accept them as payment.
To make an opinion regarding the project’s safety, you should conduct your research.
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Conclusion
However, Pi Coin as it is called is not yet existing on any blockchain, while a lot of people got the misconception of Pi as a coin, it is now very difficult to clear the air as a lot of users believe it has its blockchain been built.
This article is only to pass information and not to be considered investment advice.
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