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PI NETWORK : AN AFFORDABLE CRYPTO CURRENCY FOR EVERYDAY USERS

INTRODUCTION : Pi coin or PI is a type of Crypto currency that runs on the Pi network. Crypto currency is a digital currency in which transactions are verified and records are maintained by a decentralised system using Cryptography, rather than by any decentralised authority.

WHAT IS PI NETWORK? :

Pi network is a digital currency project that aims to keep crypto currency mining accessible as the centralisation of first generation currencies like Bitcoin, has put them beyond the reach of everyday users. The Pi network, developed by a team of Stanford graduates, enables the users to mine coins using its mobile phone app, validating transactions on a distributed record.

PI NETWORK CRYPTO :

Pi network is an experiment to create the first digital crypto currency that can be mined on a mobile phone. It was created by three Stanford University graduates Dr. Nicolas Kokkalis, Dr. Chengdia Fan and Vincent Mcphillip. It was an attempt to create a decentralised open source blockchain that is eco-friendly. While Bitcoin is built on Proof-of-Work Consensus protocol, Pi is built on the Stellar Consensus Protocol ( SCP). The Stellar Consensus Protocol requires several nodes to cast ballots on transaction validity and this process requires less computing power compared to Bitcoin’s Proof-of-work consensus protocol. As a result, less carbon is emitted and thus there will be less environmental damage. Launch date of Pi network launch date was 14th March 2019 and just after seven months Pi Network recorded over 5,00,000 installs, with active users spread over 180 countries. Pi network’s aim is to create a social crypto currency, secured and backed by everyday people, which can be mined on mobile phones.

PI NETWORK PRICE :

not Pi is not free money! The current price is $0.007904 per Pi. Pi to INR rate today is 1Pi is equivalent to 25.41Rs.

HOW TO BUY PI COIN OR INVEST IN PI NETWORK WALLET? :

The Pi coin, owing to its environmental friendliness, has become one of the most popular altcoins out there, and its low-energy mining through phones has become quite popular. A simple step by step guide to buying Pi coins in 2022 has been given below-

  • Open an account with a broker like eToro, Binance, Coinbase, etc. Select an user friendly platform with an easy-to-use interface.
  • Upload ID. Upload a copy of your passport or driver’s licence to verify your identity.
  • Deposit funds with debit/credit card or e-wallet.
  • Buy crypto currency commission-free.

However, you can also simply mine the Pi coin on your phone or laptop through their apps. The app requires you to confirm that you are not a robot by signing in everyday and restarting the mining process. It us mention-worthy that like any other tradable asset, the Pi price will change throughout the day. It is also important to remember that Pi, like other crypto currencies, operates in a highly speculative and volatile arena.

FUTURE OF PI CRYPTO CURRENCY :

Both the cryptocurrency-data provider CoinMarketCap and algorithm-based forecasting site Wallet Investor, list the current value of $0.007904 for Pi coin. Depending on the number of Crypto currency users and exchanges that adopt Pi, the bullcase should see the coin’s price launch at $0.16 and reach $1 a year later. In the long term, price could rise to $5 in 5years’ time.

CONCLUSION :

Digital currency is gradually taking the world by storm. If you believe in Blockchain technology, Crypto currency is a great long-term investment. Bitcoin is seen as a store of value and many people think that Bitcoins can replace gold in future. Pi coin is also gaining huge popularity. However, before investing, make sure you understand all the pros and cons of what you are investing in.

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