PiNetwork!
one of the cryptocurrency projects that has attracted a lot of attention in recent years. Although many new crypto projects have emerged, Pi Network has managed to build a large community in a short time. Basically, Pi Network is a blockchain network that allows its users to mine its coin, Pi Coin, using only their smartphones without the need for special hardware like in Bitcoin or Ethereum. Well, in this article, we will discuss more about Pi Network, what is it?, how does it work?, and why the launch of its mainnet is very important. Also, we will try to predict the price of Pi Coin after the mainnet is launched. Come on, check it out!
What is Pi Network?
Pi Network is a cryptocurrency project launched in 2019 by a team led by three Stanford University professors: Nicholas Kokkalis, Chengdiao Li, and Vince McPhillip. Pi Network's main goal is to make cryptocurrency accessible to everyone, especially those who do not have access to expensive hardware that is usually used for crypto mining. On Pi Network, anyone with a smartphone can participate in mining and earn Pi coins in a simpler and more environmentally friendly way.
The system used by Pi Network does not rely on hardware such as ASICs or GPUs to perform mining. Instead, they use a consensus algorithm called the Stellar Consensus Protocol (SCP), which allows smartphones to perform “mining” without consuming a lot of power and affecting the performance of the phone. This process is known as “mobile mining.”
Within the Pi Network application, there are several roles that users can play:
1. Pioneer: These are users who only mine Pi by opening the app every day.
2. Validator: Users who become validators will help validate transactions on the Pi network and participate more actively in network development.
3. Ambassador: Users who invite others to join the Pi Network.
The more people join and participate in the Pi Network, the greater the opportunity to earn more Pi Coins.
Why is Pi Network Mainnet Launch Important?
Now we get to the exciting part: the much-anticipated Pi Network mainnet launch. Before the mainnet launch, Pi Network operated in testnet mode, meaning that it was still in an experimental phase and could only be used within the Pi Network system itself. So, while many people were already collecting Pi Coins in their apps, Pi Coins were not yet available to be traded or used outside of the Pi Network ecosystem.
The launch of the Pi Network mainnet will be a very important moment because it will change the status of Pi Coin from "an in-app only coin" to a coin that can be traded on the global crypto market. This means that after the mainnet is launched, Pi Coin will truly enter the crypto market, and can be traded on various exchanges, both centralized exchanges (CEX) and decentralized exchanges (DEX). In addition, after the mainnet is active, transactions that occur on the Pi Network will use a secure and decentralized blockchain, which will increase trust in this network.
What Will Happen After Pi Network Mainnet Launches?
1. Pi Coin Will Be Tradeable
Since the beginning, one of the big questions about Pi Network is whether Pi Coin will have value in the crypto market or not. After the mainnet launches, Pi Coin will enter the real world, can be traded, and of course this will open up new opportunities for users to profit from the coins they have collected so far. Will the price of Pi Coin soar after the mainnet? We will discuss further in the predicted price section.
2. Wider Adoption
The mainnet launch also opens up an opportunity for Pi Network to be better known in the crypto world. So far, many people have been skeptical of Pi because they have not been able to see this coin functioning outside the Pi Network ecosystem itself. However, after the mainnet, Pi Coin can be used for transactions, purchasing goods, or even as an investment asset, which will certainly increase global adoption.
3. Pi Network Stability
During the testnet, Pi Network still experienced some technical issues and lack of real transactions. The mainnet will ensure that the network runs more stable and secure, and can handle a larger transaction volume. This will also increase user confidence in the Pi ecosystem.
4. Further Development
With the mainnet up and running, Pi Network can start introducing more features and decentralized applications (dApps) that allow users to utilize Pi Coin beyond just transactions. For example, for payments on e-commerce platforms or even other blockchain-based applications.
Pi Coin Price Prediction After Mainnet Launch
Now, we come to the most exciting part: Pi Coin price prediction after mainnet launch. As a note, keep in mind that crypto price predictions are always full of uncertainty and highly dependent on many factors, such as market adoption, government regulations, and the general crypto market conditions.
However, there are a few things to consider to predict how the Pi Coin price will move after the mainnet launches:
1. Crypto Market Sentiment
Crypto prices are heavily influenced by overall market sentiment. If the crypto market is bullish, there is a high chance that the price of Pi Coin will also spike. However, if the market is bearish, Pi Coin may have a hard time breaking through the high price at the start of the mainnet launch.
2. Amount of Pi in Circulation
One of the important factors that will affect the price of Pi Coin is the number of coins circulating in the market. Currently, most of the Pi Coins in existence are still locked in the application and cannot be traded. If many users start selling their Pi Coins as soon as the mainnet launches, this could create a lot of selling pressure and temporarily lower the price.
3. Adoption and Use of Pi Coin
The more people use Pi Coin for transactions, the more likely the price of Pi Coin will increase. For example, if Pi Coin is used to purchase goods or services on various platforms, this will increase demand and, in turn, can push up the price.
4. Marketing and Partnerships
One way to increase Pi Coin adoption is by partnering with businesses or e-commerce that are ready to accept Pi Coin as a payment method. If Pi Network can do this, there will certainly be more demand for Pi Coin, which could lead to an increase in price.
5. Competition with Other Cryptos
The price of Pi Coin will also be affected by competition with other crypto coins. Although Pi Network already has a very large community, they still have to compete with other major coins such as Bitcoin, Ethereum, and Binance Coin. Pi Coin's success in competing with these coins will greatly determine its price in the market.
Currently, according to community sentiment, the price of Pi Coin is estimated to reach $53. We can see the Pi price chart based on community sentiment viathis link.
What Can We Expect from Pi Coin Price?
At first, many people might expect the price of Pi Coin to skyrocket after the mainnet launches. However, we have to be realistic that the transition from testnet to mainnet is not always smooth. There might be a period of high price volatility in the beginning, where the price of Pi Coin can go up and down drastically depending on market dynamics.
However, if Pi Network can maintain strong adoption, partner with more companies, and increase the coin's real-world usage, there is a high chance that the Pi Coin price will experience a long-term increase. For short-term predictions, the Pi Coin price will probably depend heavily on the market's reaction to the mainnet launch, with significant fluctuations.
Conclusion
The Pi Network mainnet launch is a crucial moment that will determine the future of Pi Coin. It will open the door for Pi Coin to be traded on the global market and used in real transactions, which will definitely increase the value and adoption of the coin. Although Pi Coin price prediction after the mainnet launch is full of uncertainty, we can expect that with a large community and wide adoption potential, Pi Coin could be one of the interesting cryptocurrencies in the future.
However, as with any crypto investment, there are always risks involved. Before diving in, be sure to do your research and consider the factors that affect crypto prices.
Risk Disclaimer : Cryptocurrency prices are subject to high market risk and price volatility. You should only invest in products that you are familiar with and understand the risks involved. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial advisor before making any investment. This material should not be construed as financial advice. Past performance is not a reliable indicator of future performance. The value of your investment may go down as well as up, and you may not get back the amount you invest. You are solely responsible for your investment decisions.