Pi Network is a new cryptocurrency project that aims to make digital currency mining accessible to everyday people. Most cryptocurrencies like Bitcoin require expensive, specialized hardware and a lot of electricity to mine new coins. Pi Network uses a new consensus algorithm called the Stellar Consensus Protocol (SCP) that allows people to mine coins with only their mobile phones.
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The Pi Network project was founded in 2019 by a team of Stanford PhDs. The goal of the project is to make cryptocurrency mining so easy and eco-friendly that people around the world can participate. The mining process involves downloading a mobile app and pressing a button once a day to start “mining”. By mining, users earn Pi coins that can potentially become very valuable if the network succeeds and Pi coins are listed on major exchanges.
Pi Network is currently in beta testing and the mining rate is high, so users can earn a fair amount of Pi every day just by tapping the lightning button in the app. During the beta, the mining rate will be high to encourage many people to join the network. Once the network is live, the mining rate will decrease over time as the network grows. The mining rate started at around 0.4 Pi per session during beta testing in 2019 and has declined to 0.16 Pi per session as of early 2021.
Pi coins are currently worth nothing since the network is still in testing. The founders and community hope that if enough people mine Pi during beta testing, the coins will gain value and eventually become worth as much or more than major cryptocurrencies like Bitcoin. If Pi Network succeeds, early miners could make a profit. However, there is also a chance that Pi never becomes valuable or exchangeable. The project is a work in progress and there are many challenges to overcome before Pi coins gain mainstream value.
The Pi Network founders aim to distribute Pi mining power evenly around the globe and give more people the opportunity to own cryptocurrency. Pi’s consensus protocol is also designed to be more energy efficient than Bitcoin’s, which requires massive amounts of electricity to secure the network. Whether or not Pi Network ultimately succeeds, the project introduces some innovative concepts in cryptocurrency. Pi Network is an experiment that could shape the next generation of digital money.