What is Pi Network?

Pi Network is a cryptocurrency project that aims to create a decentralized and user-friendly digital currency. Launched in 2019 by a team of Stanford graduates, Pi Network allows users to mine its native cryptocurrency, Pi, using a mobile app. Unlike traditional cryptocurrencies that rely on proof-of-work or proof-of-stake mechanisms, Pi Network employs a consensus algorithm called "Proof-of-Contributorship." Users contribute to the network by simply having the Pi Network app open on their mobile devices, earning Pi over time.

The project emphasizes accessibility and aims to involve everyday users in the cryptocurrency ecosystem. It's essential to note that Pi Network is still in its development phase, and the value of Pi is uncertain.

Pi Network (PI) history There are several phases of the Pi Network project. Phase 1 was launched on 14 March 2019, Pi Day. It's quite logical because the network's branding is based on the number π. By June 2019, the network had more than 100,000 active users.

Phrase 2 started a year later when the number of active participants totalled 3.5 million. The first Pi ads were launched in May 2020 to finance the project. In less than half a year, on 25 November, the total number of active users engaged in the Pi Network reached 29 million. Just like Bitcoin, with the purpose of protecting its scarcity, Pi coin was designed to undergo halving, when the number of coins a miner receives for processing new transactions is reduced by half. Halving generally takes place when a certain milestone is reached. For example, the mining rate of the Pi coin halved from 1.6 π an hour when it reached 100,000 active users in the network.
The next time, halving to 0.4 π was recorded when the number of users reached 1 million. Halving to 0.2 π took place when the milestone of 10 million users was reached. As part of the Pi project's Phase 2, users can test Pi Node on their computers, as well as Pi Wallet and Pi Browser, which was officially released on 1 April 2021. The launch of Phase 3 was announced on 29 December 2021.

Pi network road map

According to the Pi roadmap, the network held its first hackathon #BuildPi2gether: To welcome more developers To contribute ecosystem apps To improve the network's functionality To serve consumers and commerce products. As a result, Pi awarded $100,000 and 100,000 Pi coins to the best projects in each category. Pi still remains in the pre-release mode. So, if you're wondering if you can buy a Pi Network coin for your portfolio or “Can I sell my Pi Network?”, currently, it's not possible. Users who have mined the Pi coin only have a chance to withdraw or exchange coins during Phase 3, when the cryptocurrency moves to a decentralised blockchain. While the cryptocurrency remains in the testing period, users can't transfer Pi coins. It's done to prevent fake accounts from accumulating Pi coins. Users can honour wallet balances only when the cryptocurrency shifts from the testnet to the mainnet and when the blockchain network is fully deployed. Currently, the Pi coin isn't available to trade on any cryptocurrency or exchange platform. While the Pi coin is in Phase 3, the cryptocurrency's holders can only use the coin to buy products and services on Pi's peer-to-peer marketplaces while taking control of their public and private keys. The Pi holders can't spend the cryptocurrency without these keys. To start mining Pi coins, one needs to install the Pi mining app, which works as a cryptocurrency wallet connected to a user's smartphone or Facebook account.

Like other public blockchains, the Pi blockchain allows external wallets to hold Pi coins and submit transactions directly to the Pi blockchain. However, these procedures are impossible because the developers haven't released the source code yet. Early adopters anticipate the future price of the Pi Network to increase after Phase 3. Even though the coin's mining rate has been reduced by halving, one can still increase the Pi mining rate by connecting with other active miners.

According to the Pi project's developers, personal networks enhance the security of the Pi Network by bringing in family and friends. Some may feel sceptical, claiming that such a structure of the Pi Network could be a pyramid scheme. However, unlike the MLM scheme, the Pi Network users can only earn coins from the direct networks of their connections. At the end of 2021, the organisation started releasing tech and product updates to improve the Pi Ecosystem.

The KYC App Pilot is listed among the innovations that have been deployed on a limited basis. The purpose of using the KYC App Pilot is to improve the app's usability, enhance machine automation and start the verification process of the Pi holders. As part of the innovation and improvement process, the Pi Block Explorer has also been released. With its help, Pioneers can see transaction history, the sender, receiver and the number of Pi coins deployed. Pi Wallet also underwent a major update, as part of which Pioneers started receiving notifications about the payments they've received on the blockchain.
The Pi Wallet update also included bug fixes for Android users who couldn't check their wallet passphrase. Even though you cannot buy Pi Network coins on the major cryptocurrency exchanges, some observers have already started making Pi Network price predictions. Let's see the Pi Network value predictions when it starts trading.

PI Technical Analysis

PI Network is currently in Phase 3, which began in December 2021 when the Pi mainnet was launched. It's important to note that the mainnet is presently in an enclosed network period, where it is protected by a firewall to prevent any undesired external connectivity. The developers of the Pi Network are yet to provide details on the number of coins that will be in circulation when the project is officially released. The maximum supply is yet to be announced.

Pi Network Technical Analysis According to data from 6 December 2023, the overall sentiment for Pi Network's value prediction is neutral. Technical indicators suggest that Pi Network's 200-day SMA is expected to increase in the coming month and reach $32.72 by 4 January 2024. The short-term 50-Day SMA is projected to reach $36.26 by the same date. The Relative Strength Index (RSI) momentum oscillator currently stands at 52.27, indicating a neutral position for the Pi market. Pi Network Price Prediction Since the cryptocurrency hasn't been formally released yet, many experts feel conservative about the Pi coin's price prediction. The Pi Network doesn't have a price history either, which makes it difficult for us to analyse how its price responds to the crypto market's movements.

What should we do in this case? Most experts tend to turn to pure speculation. It's even impossible to carry out a full-fledged fundamental analysis. To speak about the Pi coin's price prediction, we need to evaluate the cryptocurrency's current and potential use case, mind the number of people that already hold Pi coins, the team of developers standing behind it, the Pi Network's future potential, etc. In Pi's case, there's no way we can predict how many users will hold the coins when the Pi Network goes live. Not so many platforms are ready to discuss the Pi Network price prediction.

Expert predictions of future price of Pi Network.

However, some crypto experts have already started to share their opinions about the expected future value of the Pi Network. Let's consider several Pi coin price predictions for 2024-2030. Pi Network (PI) price prediction for 2024, 2025 and 2030 The current price of Pi Network has been displayed publicly on a few crypto exchanges, including Huobi, which began trading Pi on 29 December 2022. However, the Pi Network is still in its Enclosed Mainnet period; during this time, Pi transactions through exchanges are forbidden. While there is a lot of speculation about the Pi Network value prediction, no one can predict it with certainty.

Currently, millions of active miners and users are securing the Pi Network in beta mode, making it a fully programmed space that is poised for growth once the network finally goes live.

We think that the Pi coin will only gain its true value when the Pi Network launches its open mainnet to the public. If this becomes a reality, the Pi project will undoubtedly bring its innovations to the table. CoinDataFlow Pi Network Value Prediction for 2024, 2025, 2030 and 2040 CoinDataFlow provides a Pi Network price prediction based on Bitcoin's growth pattern. It estimates the Pi coin's price will reach a low of$31.71or a high of $35.80 in 2023. In 2024, the Pi coin is estimated to reach a high of $70.51. CoinDataFlow estimates the 1 Pi Network price will reach $227.81 in 2030 and $256.27in 2032. Crypto Investor Pi Network Price Prediction for 2024, 2025, 2030 and 2040

According to Crypto Investor Pi Network price prediction, the PI coin might be exchanging at around $139.05 before the end of 2023. Reddit Community Pi Network Value Prediction for 2024, 2025, 2030 and 2040 Reddit Community estimates the PI coin should have long-haul benefits. The Pi Network price might arrive at the objective of over $50 by the end of 2023. Crypto Ground Pi Network Price Prediction for 2024, 2025, 2030 and 2040 Crypto Ground estimates the Pi Network has a promising future. The Pi coin's price might skyrocket to $92.79 by 2026.

CoinSwitch Pi Network Price Prediction for 2024, 2025, 2030 and 2040 CoinSwitch estimates the Pi coin's price may go up to $185.26 by 2026. General Pi Network (PI) Future Value Predictions The Pi Network's future depends on the process of its transition from the Testnet to Mainnet operations and the adoption of the app in the Pi Network ecosystem. Pi Network value predictions might show an extremely impressive potential. The cryptocurrency could be decent and open the door to delve right in and contribute to how the high Pi Network can go. The future price of the Pi coin remains uncertain.

The Pi Network aspires to make blockchain technology more accessible by allowing anyone to mine crypto. However, the platform has been plagued with controversies. The incentive structure heavily favours recruitment, and miners are compensated in a native cryptocurrency that holds no real value. Investors are advised to exercise caution when dealing with this type of speculative cryptocurrency venture.

PI Price Prediction Today Pi Coin has the potential to reach $100 in the future, but there is also the possibility that it may hold no value at all. The value of Pi Coin will be influenced by various factors such as user adoption, demand, and the state of the cryptocurrency market. As always, do your research before you decide to invest. Never invest more than you can afford to lose.

Credits:
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