Pi Network

Overview of Pi Network

Pi Network is a cryptocurrency project that was first launched in March 2019. It is developed and maintained by three Stanford graduates: Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, and Vincent McPhillip. The unique aspect of the Pi Network is that it allows users to mine Pi cryptocurrency directly from their smartphones, with the intention of minimizing the electricity and computational power typically associated with cryptocurrency mining. It aims to remove the barriers to entry that many potential cryptocurrency enthusiasts face due to the cost of mining equipment and the knowledge required to mine. Pi Network also created its native mobile application available on iOS and Android devices enabling users to earn cryptocurrency for validating transactions on the blockchain.

Pros and Cons

Security

Pi Network uses the Stellar Consensus Protocol (SCP), a security protocol that ensures the safety of transactions and data within the network while sustaining a decentralized system. The SCP helps protect the network from “Sybil attacks,” where a user creates multiple accounts to take over the network. Additionally, Pi Networks mobile app, where mining occurs, needs no unnecessary data permission, ensuring user data safety. Each user on the network is asked to verify their personhood by adding security circles that include other trustworthy users in the network. This enhances the network's security by determining a common trust graph.

How Does Pi Network Work？

Pi Network operates by enabling users to mine Pi cryptocurrency directly from their smartphones without draining the battery life or utilizing significant computational power. This is done through the use of the Stellar Consensus Protocol (SCP) which secures transactions and data on the platform whilst also maintaining decentralization.

To clarify, Pi Network does not exactly “mine” cryptocurrency like Bitcoin does. Instead, it uses a Proof-of-Consensus algorithm where users vouch for each other as trustworthy. Through a system of committees and security circles wherein each user designates several others they trust, the network achieves a series of interlocking “security circles” that help to ensure the fidelity of transactions on the network.

Once you are connected to the network via the Pi Network application on your smartphone, you must regularly (at least once per day) validate your presence and provide the proof of trust links to other users you know and trust. In return for this, you receive Pi coins.

Exchanges to Buy Pi

Here are some DEXs that support trading of Pi Network (PI):

BitMart:

BitMart is a popular cryptocurrency exchange that supports a wide variety of cryptocurrencies, including Pi Network (PI). It offers a user-friendly platform and a variety of trading features, including margin trading and staking services. BitMart is currently the most popular exchange for trading Pi Network, with the highest trading volume and liquidity.

HTX (Huobi Global):

HTX (Huobi Global) is another popular cryptocurrency exchange that supports a wide variety of cryptocurrencies, including Pi Network (PI). It offers a user-friendly platform and a variety of trading features, including margin trading and futures trading. HTX is another option for trading Pi Network, though it has less trading volume and liquidity than BitMart.

Gate.io:

Gate.io is a global cryptocurrency exchange that supports a wide variety of cryptocurrencies, including Pi Network (PI). It offers a user-friendly platform and a variety of trading features, including margin trading and leveraged tokens. Gate.io is a less popular option for trading Pi Network, but it still has some liquidity for the asset.

How to Store Pi？

There are several ways to store Pi, each with its own level of security and convenience. Here are a few of the most popular options:

Pi Network Mobile App: The Pi Network mobile app is the simplest and most convenient way to store your Pi. However, it is not the most secure option, as your Pi is stored on the Pi Network's servers.

Pi Wallet: The Pi Wallet is a software wallet that you can install on your computer or mobile device. It is more secure than the Pi Network mobile app, as your Pi is stored on your own device.

Hardware Wallet: A hardware wallet is the most secure way to store your Pi. It is a physical device that you can plug into your computer or mobile device. Your Pi is stored on the hardware wallet itself, and it is not connected to the internet.

What Makes Pi Network Unique？

Pi Network has several unique features that distinguish it from other cryptocurrency projects:

1. Mobile Mining: Pi Network's protocol allows users to mine the cryptocurrency directly from their smartphones without excessive battery drain, making it more accessible to those without technical know-how or expensive hardware.

2. User-oriented Security Circles: Users strengthen the system's security by forming a security circle of trusted connections. This circle aids in validating transactions and establishing trust within the network.

3. Stellar Consensus Protocol (SCP): Pi Network uses the Stellar Consensus Protocol to secure the network. This tactic assists in protecting the Pi Network from potential attacks and maintaining a decentralized system.

Can You Make Money？

Currently, Pi Network's cryptocurrency is not yet tradable on any exchanges, meaning it has no established market value. However, the team does have plans for it to be exchangeable in the future. If Pi becomes a successful digital currency after it moves to Phase 3 (Mainnet), then those who have mined Pi coins on their smartphones could potentially benefit.