What is Pi Network?
Pi Network is a new crypto network that was purportedly founded on March 14, 2019. Like most cryptocurrencies, Pi Network was created with the intention of decentralizing finance in order to make financial tools available to a wider user base.
What is Pi Network? What is "Pi"
Pi is a new cryptocurrency for and by everyday people that you can “mine” (or earn) from your smart phone. Cryptocurrencies are new form of digital money that are maintained and secured by a community, instead of by governments or banks.
What is the future of the PI coin?
Currently, debate continues over whether Pi Network is a well-intentioned initiative or a scam.
If it is a scam, it is not a traditional one in the fashion of a Ponzi scheme because users are not investing their money, they are investing some time on their mobile phones.
Where the organisation has been criticised is for allegedly exploiting its community by selling advertising to reach these 33 million users, which it calls Pioneers. That figure comes from the Pi Network website and has not been updated since 14 March.
However, early adopters are accumulating Pi crypto in anticipation that the price will rise sharply after the network goes live. Although the coin’s mining rate has been reduced by halving, users can increase their mining rate by connecting with other active miners. New users can only join the Pi Network if they have a referral code from another user.
The project’s developers claim that security on the Pi Network is enhanced by these personal networks, encouraging users to bring in friends and family – fuelling scepticism that it could be a multi-level marketing or pyramid scheme. However, it is worth noting that users can only earn coins from their own direct networks and not from their connections’ networks, as with an MLM scheme.
Pi Network has continued to insist it is not running an initial coin offering (ICO) or crowdfunding sale, and coins that can be mined on the enclosed mainnet currently stay in the ecosystem.
On 12 March, the developers said that the Enclosed Network period will give Pioneers time to pass KYC verification, tweak the mainnet and add more apps. They did not say when the network will become open – only that “the Enclosed Network period is in line with Pi’s vision of a utility-based ecosystem and its iterative philosophy”.
While the price of PI has yet to be established, some cryptocurrency observers have already started to make a PI crypto price prediction.
Let’s take a look at what the PI price could be when it does start trading.