Pi Coin Launched: Check Latest Price, What Is It And All You Need To Know
Pi Network, founded in 2019 by Stanford graduates Nicolas Kokkalis and Chengdiao Fan, aims to make cryptocurrency accessible to everyone.
After a two-year delay, the much-anticipated Pi Coin mainnet or operational blockchain network has finally been unveiled. The launch took place at 8:30 a.m. UTC (1:30 p.m. IST) on Feb. 20, marking its transition to a tradable asset.
Pi Network, founded in 2019 by Stanford graduates Nicolas Kokkalis and Chengdiao Fan, aims to make cryptocurrency accessible to everyone. Cryptocurrency, a digital currency based on blockchain technology, operates on a decentralised system where data is stored in blocks linked together, making it nearly impossible to alter.
Pi Coin’s launch has raised hopes for profit, particularly among the ones who underestimated the value of popular cryptocurrency coins like Bitcoin, which are now out of reach due to their high prices.
The Pi Network blockchain project allows users to mine crypto using a mobile application offering an alternative to the traditional mining concept. Unlike complex crypto assets like Bitcoin, Pi can be mined using just a phone app without the requirement of special equipment.
According to estimates, roughly 10 million users are waiting to move their mined coins to the mainnet.
“With millions of KYC (know your customer) -verified Pioneers and a thriving utilities-driven ecosystem, Open Network expands available opportunities, which allows Pioneers to connect Pi with external systems for use in real-world applications like never before,” Pi Network’s official account had announced on X (formerly Twitter) on Feb. 12.
How Does The Pi Network Work?
According to Forbes, Pi Network uses the 'Stellar Consensus Protocol' instead of Bitcoin's energy-heavy proof-of-work system. Users create trust circles by nominating three to five reliable contacts, forming an interconnected web of verified members. Pi Network rewards its users for various contributions to the ecosystem. These include base rewards for daily check-ins, additional rewards for expanding their trust circle, app usage and Pi lockups, among others to create a secure network.
What Is The Current Value Of Pi Coins?
As of 4:00 p.m., real-time data on Coin Market Cap showed Pi Coin trading at $1.28 per token. Its self-reported circulating supply was 6,308,350,348.76 Pi, taking the market cap to $9.01 billion, according to the data available on the Coin Market Cap website.
Steps To Acquire Pi Coins:
Download the Pi Network application on their mobiles.
Hit the lightning bolt icon to begin earning Pi.
After three days, you can add trusted contacts to boost your mining rate.
You can use referral codes on the app to increase your earnings.
Indulging in-app engagement features such as chats and polls to earn incentive
Cryptocurrencies have gained more legitimacy in the last few years, with El Salvador becoming the first country to adopt Bitcoin as legal tender. However, volatility, poor regulations and lack of legal protection still deter many people from embracing these digital assets.
