What do we know about its price?

The Pi Network crypto, launched in 2021, has been drawing people’s attention over its prospective price. The Network has been riddled by various uncertainties and speculations since its launch.

What is Pi (PI) Network crypto?

The Pi Network, founded by Stanford graduates Nicolas Kokkalis and Chengdiao Fan, is novel virtual developer platform that allows people to mine PI coins through their smartphones.

The project claims to be environment-friendly, which may help attract more climate-conscious investors to its fold. It could be especially beneficial because the crypto market has often been criticized for its massive electricity consumption that can harm the environment.

Also Read: NVDA to AMD: Will these 5 semiconductor stocks ride out supply crunch?

PI coins can be mined even after draining the smartphone batteries, reducing the environmental impact. The project claims to have more than 33 million Engaged Pioneers. Over the years, its ecosystem has added features like Brainstorm App, Pi Browser, Pi Wallet, Pi SDK, etc.

The project aims to empower the masses through economic benefits. The blockchain provides security solutions for mobile transactions besides a complete Web3 experience. It allows community developers to create decentralized applications (DApps) for its millions of users.

Also Read: Bitgert (BRISE) crypto rally continues, returns 290% gains YTD

The PI Network uses an adaptation of the Stellar Consensus Protocol to validate transactions. The protocol offers unique decentralized controls, low latency, and flexible trust at a fraction of the environmental cost compared to other blockchain mining methods such as proof-of-work (PoW) or proof-of-stake (PoS).

Also Read: Swvl Holdings (SWVL) stock zooms 45% after Zeelo acquisition

Bottom line:

Investors will have to wait for the PI coin price until it starts trading in a decentralized exchange. Currently, the only utility of the Pi Network app is in-app messaging and mining tokens. People are mining the coin, hoping to convert it to a real value in future. While some social media users claimed it could be a Ponzi scheme, although it doesn’t ask for money, others argued that it could be a pyramid scheme as it encourages users to invite more people to the platform.

Meanwhile, its new base mining rate became effective on May 1, 2022, as part of its reward issuance formula released in March. Users can see the new rate for mining. They could also boost the mining rate through activities like Po Lockups, App usage, referrals, etc.

Also Read: What is Secret (SCRT) crypto and why is it drawing attention?

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.