Pi Network has become one of the most popular projects in the cryptocurrency community right now, especially since it offers a completely new model for mining on smartphones, unlike what we are used to with Bitcoin or Ethereum, which require huge equipment and high energy costs. The project was founded in 2019 by a team of Stanford graduates, and their goal was simple: to make cryptocurrencies available to everyone without complications.
How does Pi Network work?
The app is easy, all you need to do is download it on your phone, and log in once a day to start mining Pi. Without huge resources or draining your device's battery. The idea here is based on a new concept of trust between users, where users build "safety circles" of friends and trusted people to secure the network and confirm transactions. The stronger and more widespread the network, the more valuable the currency becomes.
Project development phases
Pi Network has gone through several stages, each stage being a step forward towards making the currency tradable:
Phase 1: Here the focus was on building the user base and optimizing the application.
Phase 2: Testing the network on what is known as the testnet to verify security and performance.
Phase 3: Launching the Mainnet, which is the phase that will allow the application to become fully decentralized and start trading the currency on the platforms.
Pi Network Market Opportunities
The beauty of Pi Network is that it gives people the opportunity to enter the world of cryptocurrencies without the need for huge capital or prior mining experience. The mining process is easy and environmentally friendly, however, the biggest challenge remains the transition to the main network and proving its worth in the market.
What can we expect from Pi Network?
The project has a huge potential, as the network already has a huge user base. But we have to wait for the transition to the main network to see the real value of the coin in the markets. There are challenges of course, especially regarding regulation and legislation, but nevertheless, the success of Pi Network will mean redefining the idea of cryptocurrency mining completely.
If you are an investor and risk enthusiast, Pi Network is worth paying attention to and monitoring; you may indeed be looking at a project that could create a new revolution in the field of digital currencies.
