What is Pi Network? What will the future of Pi coin be like?
Pi Network (Pi coin) plans to deploy mainnet in 2024 after many postponements, making users excited.
What is Pi Network (Pi coin)?
Pi Network is a social network and cryptocurrency development platform that allows mobile users to mine Pi coins without draining battery capacity or harming the environment. The project plans to create a popular, utility application platform where developers can provide real-life applications and products to users by exchanging Pi coins.
Pi Network was started in December 2018 and officially launched on March 14, 2019 (Pi day). With more than 47 million active users and a new mining mechanism, Pi Network is trying to give governance to the community. Currently, the project has about 35 key members with in-depth experience in cryptocurrency and blockchain globally.
Pi Network's Twitter page reached 2 million followers on November 15, 2023, currently at 2.8 million. On January 6, the project launched the "development ambassador" campaign, calling on investors to become pioneers and have the opportunity to receive a reward of 1,000 Pi coins. Until March 31, participants can invite developers to create and list unverified mainnet applications on the user interface of the Pi Network ecosystem.
On January 11, the project's homepage announced that it would update the server to upgrade some system and application functions. This may hinder investors' participation in the "development ambassador" campaign. The platform announced that it will implement the transition to the Open Network phase of the mainnet in 2024 with three conditions:
Complete all preparations for Open Network in terms of technology, products, business and legal according to Pi Network's consistent strategy.
Achieve network goals in KYC, migration and utility creation.
Appropriate market and world context.
See more: Pi announces mainnet 2024
Features of Pi Network
Blockchain and special protocol: The platform uses an adapted version of the Stellar consensus protocol (SCP) to confirm transactions, providing decentralized, low-latency, reliable, and enhanced control security. This method helps minimize negative impacts on the environment because it does not require the use of hardware during the mining process.
Ability to mine Pi coin on mobile phones: The project provides a method to mine Pi coin that does not affect battery capacity and the environment. The platform's exclusive KYC technology helps minimize the negative effects of traditional mining methods such as Proof-of-Work or Proof-of-Stake.
Fairness: The system ensures fairness in the process of distributing Pi coins to miners at the same rate and based on investors' contributions. The ratio of Pi coins allocated will decrease as more people participate, creating rarity and maintaining the value of the cryptocurrency.
Web 3 and dApps: Pi Network provides a comprehensive Web 3 experience, allowing developers to build decentralized applications (dApps) for millions of users.
Scalability: The project plans to expand its features and operating regions globally. The platform promotes integration and mobile application development, creating motivation to popularize the brand in the future.
Tokenomic
Token name: Pi
Symbol: PI
Maximum supply: 100,000,000,000 PI
Self-reported distributed supply: 68,000,000 PI
Token allocation
Team: 20%
Community: 80%
Pre-mainet mining reward: 20%
mainet mining reward: 45%
Liquidity pool reserve: 5%
Platform reserve (sponsorship, event organization...): 10%
