There are more than five-thousand Cryptocurrency Risk around the world, and the digital finance industry is lined by the trends of these. Developed by Blockchain, a distributed ledger technology, cryptocurrencies have become a very suitable replacement for the fiat currency system and have been serving with its unique features. When Bitcoin, Ethereum, and Cardano are the most popular of the names in the cryptocurrencies, recently, a new coin system added up here as well, which has been gaining popularity for quite some time - Pi coins. Innovation of this chain started just eleven months back, and ever since then, with outstanding applications, it has the potential to make the top charts.
What are Cryptocurrencies?
In a decentralized network system under the supervision of blockchain, a certain virtual currency system that emerged back in 2008, encrypted differently from each other, is a cryptocurrency. Cryptocurrencies are generally anonymous, and the network confirms that a transaction taking place in a crypto network is protected from third-party activities. These encrypted coins are all unique and used for exchanging assets on virtual finance platforms. The consensus mechanism helps one to mine crypto, and specialized wallets are used to store these.
What is Pi Coin?
Pi is completely a new cryptocurrency, fresh out of the batch, and still is a project in progress. This circulates under a network that was named all the same and works with the halving mechanism like Bitcoin for the circulation to be free flow and lessening the chances of scarcity. The currency still has not entered the mainnet from the testnet and yet has the possibility of going berserk. But, there are certain promises in the project. For starters, it does not work with a Proof-of-Work consensus but with a completely new algorithm called Stellar Consensus Protocol. Those who know about the Stellar project can easily see that this promises a vast range of eco-friendly tokens, and the applications will follow that lead as well.
The Pi Networks
Now, we can see something newfound about the network system here as well. Pi networks are allowing the users to mine cryptocurrencies from their mobile phones using validated applications. In most cases, the energy consumption is so high that the system to mine crypto needs high power availability. The network mostly allows two to five people to connect at a time under each node, making it a private chain for more safety. Introduced by a group of Stanford graduates, the Pi network inhibits any fraudulent transactions from taking place, as networks are highly supervised by the nodes' approval program.
The Pioneers
This is a good opportunity for those who want to join the network for mining as they do not need to contribute any money but their time only and that too by their mobile phones only. The network intends to give better opportunities to people to have more prominent access to cryptocurrencies. Currently, there are 33 million Pioneers who are contributing relentlessly to growing the network from one phase to another. The pioneers present in the system and actively participating in the program are guaranteed to pass the KYC, work in the manner and develop applications under the network system. This offered these pioneers a great opportunity to do booming business under a trusted network.
The Pre-release Mode
As the project has not launched, anyone wondering about buying cryptocurrencies under this network cannot do so. Starting on 14th March 2019, the Pi project reached its phase two in March 2020 and joined the testnet to achieve real-time validation to complete as a real cryptocurrency system in May 2020. Then only, the system had almost 20 million users or Pioneers. As currently, the network is about to reach phase three, they are bidding more time for the prices to hit high. By making the private networks more validated, they also had a chance to include the KYC App pilot and Block Explorer to make the system more secure.
Price Prediction
As the coin system has not yet entered a complete decentralization process, the price prediction at this moment is quite a tough deal. Although, by the specialized inspection of CoinMarketCap and Wallet Investor, the current value is 0.007077.
In this Bitcoin Era, Cryptocurrencies are the gateway to more secure and advanced investment plans. To make the process precise, one needs to allocate systems that are more helpful for us and the whole environment, and Pi, even if it is in progress, sounds promising.
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