- It uses a POS consensus mechanism and an adaptation of the SCP for energy-efficient and environmentally friendly transaction validation.
- Pi Network has three main phases of development: Beta, Testnet, and Mainnet.
Pi Network is a decentralized, peer-to-peer digital currency based on blockchain technology. Its goal is to make digital currencies more accessible and user-friendly, with a focus on low environmental impact and a strong community-driven development process.
It uses a proof-of-stake consensus mechanism, an adaptation of the Stellar Consensus Protocol, and a developer platform that allows for easy integration of Pi’s SDK and user-authentication measures into other apps. The network is currently in its Testnet phase, with the Mainnet phase to come in the future, when it will be fully operational and listed on decentralized exchanges.
If you are interested in the future of Pi(PI) and would want to know the price analysis and price prediction of PI for 2023, 2024, 2025, 2026, up to 2030, keep reading this CoinEdition article.
What is Pi (PI)?
The Pi Network cryptocurrency is based on blockchain technology. It is intended to be a decentralized, peer-to-peer digital currency that allows users to conduct transactions without requiring a central authority. Because the network is based on a proof-of-stake consensus mechanism, users can earn rewards for holding and staking their Pi coins.
The project’s goal is to make digital currencies more accessible and user-friendly than other cryptocurrencies, making it easier for people to acquire and use them. To validate transactions, Pi’s blockchain employs an adaptation of the Stellar Consensus Protocol (SCP), which is an instantiation of the Federated Byzantine Agreement.
In comparison to traditional blockchain mining methods such as Proof-of-Work or Proof-of-Stake, Pi’s protocol offers decentralized control, low latency, flexible trust, and asymptotic security at a fraction of the environmental cost. To summarize, fault tolerance is achieved through a decentralized web of nodes that reach consensus through a trusted network of mobile users who validate their daily presence and vouch for the authenticity of others in the network to earn Pi. Because this method does not require energy-intensive mining hardware, the environmental impact is greatly reduced.
The robust ecosystem design of Pi Network is based on an intuitive and transparent model, allowing Pi coins to be used as a medium of exchange without token concentration. Fair distribution (everyone mines at the same rate), scarcity (the mining rate decreases as more people join), and meritocracy are key tenets (rewards are distributed based on contributions to the network).
Pi Network’s developer platform also has a number of appealing features for developers. Pi Network has pre-built infrastructures such as a crypto wallet, user authentication, notifications, deep linking, app interoperability, and many other functionalities in the pipeline as the world’s largest identity-authenticated user base.
Its App Engine operates on a platform similar to Apple’s iOS, but with a secure blockchain component. Community developers can integrate Pi’s SDK and user-authentication measures into their apps, allowing Pioneers to seamlessly integrate into the Pi ecosystem and move between different interoperable apps without logging in or providing additional contact information.
What is PI Browser?
The Pi Browser is your ticket to an improved web experience and access to a decentralized world. The browser functions as a general-purpose browser tool and acts as the main interface of the Pi Apps and Utilities Platform. It allows users to browse, interact and transact with decentralized applications (Dapps) connected through the Pi Network, available on mobile for iOS and Android. The Pi Network is accessible through the Pi Enclosed Mainnet, but will be opened for the Open Mainnet launch. At this time, it can only support Pi application creations but expects to be more accessible with improved SDK integrations and overall interoperability.
The Pi Browser has dozens of Pi Apps and a DNS system for .pi domains. Popular Dapps like the Pi Wallet, Pi Chats, Mining, Develop, KYC, and Brainstorm are accessible by their respective .pi URL field of the browser. The Pi Browser aims to build a more open and direct Pi Utilities platform where developers can create more Pi Apps for Pioneers to use and enjoy in the future. More applications and integrations are expected later as the Pi Network increases decentralization.
Can you create Pi Coin from PI Browser?
To create a Pi Coin Wallet using the Pi Browser, users should first download the Pi Browser app for their iOS or Android device, ensuring that it is developed by the “Pi Community Company”. Once the browser is downloaded, users should open it and sign in to their Pi Network account. They should then click on the wallet.pi icon, generate a new wallet, and receive a passphrase that will allow them to access their Pi Network wallet.
What is the roadmap of Pi (PI)?
The Pi Network has been divided into three main phases of development: Beta, Testnet, and Mainnet.
Phase 1: Beta, which began in December 2018, was focused on the launch of the mobile app and the onboarding of initial Pioneers. This phase also allowed for the iteration of many technical features and Pioneer experience by leveraging community input throughout the development process.
Phase 2: Testnet, which began on March 14, 2020, was focused on testing the connectivity, performance, security, and scalability of the blockchain. This phase also allowed Pi App developers to develop and test their apps against the Pi Blockchain. The Pi Browser and Pi SDK were also introduced to allow the community to create utilities and develop the Pi ecosystem.
Phase 3: Mainnet, which is not yet launched, will be focused on the launch of the fully operational network and the listing of Pi coin on decentralized exchanges. This phase will also see the launch of the open mainnet, improved SDK integrations, and overall interoperability, making it more accessible for users and developers.
Latest News of Pi (PI)
The Pi Network is still in its infancy, and the team behind it has yet to launch a fully operational network. The network is currently in testnet mode and has not yet been released to the public.
Pi Network made a press release statement that they are not released to the public yet.
Pi Network has been made aware of attempts by unauthorized third-party exchanges and potentially unknown entities to list or trade tokens that they claim to be Pi or derivatives of Pi, without the consent or involvement of the Pi Network team. As Pi is currently in the Enclosed Network phase of its Mainnet launch, it has not been approved for listing on any exchange or for trading.
The Pi Network team is not involved with any unauthorized postings or listings and does not endorse or support them. The network is not conducting any ICOs or crowdfunding, and any sales of Pi tokens are not authorized by the Pi Network team. The team advises all Pioneers and potential Pi users to avoid engaging with these unauthorized actors, as they may result in significant losses or damage.
The Pi Network team is working to have these posts and listings removed and is evaluating additional actions against these third-party actors and exchanges. It is important to note that transactions of Pi through an exchange are prohibited during the Enclosed Mainnet phase and doing so would violate Pi Network’s policies.
Analysts’ Views on Pi(PI)
Female trader and analyst, Kristina Keller has been saying that holding PI can pave the way for your bright future.
A PI Network moderator has been mentioning that PI network is an innovation.
Pi Coin (PI) Price Prediction
The Pi coin is expected to launch its mainnet soon, and many experts predict it will be listed on several decentralized exchanges by the end of this year. The price of Pi coin when it launches will depend on several factors including supply and demand, long-term usability, and how the combination of these factors affect clients’ willingness to invest in the project.
The Pi network is currently not available on the mainnet, with the current price of Pi coin below the $1 mark. However, the development team expects the smartphone minable coin to hit the public space this year. Some expected price gains for the coming years include $3 per coin by the end of 2023, $20 by the end of 2024, and $45 by the end of 2025, depending on the development of new use cases and a strong performance with a well-oiled marketing strategy.
The coin is projected to reach a maximum value of $45 in 2025, with a minimum of $1.61, and the goal of providing governance to the people and balancing the scarcity and availability of the crypto asset.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.