What is Pi Network? What is the value of 1 Pi Coin?

Pi Network has gained attention in recent years as a new trend in the cryptocurrency market, offering a unique approach to mining through a mobile app and attracting a large community. Let’s join AZC News to learn about Pi Network in this article.

What is Pi Network?

Pi Network is a cryptocurrency project created by a team of former Stanford University graduates. The project’s mission is to make cryptocurrency more accessible to the public.

The core development team includes two Stanford PhDs and one Stanford MBA, all of whom have extensive experience in building blockchain communities at Stanford.

Pi Network was initiated in 2019, but its mainnet (the official network) was launched in December 2021. Currently, Pi has not yet been listed on official cryptocurrency exchanges.

One distinctive feature of Pi Network is that it can only be mined using mobile devices.

Within Pi Network, there are four types of users:

• Pioneers: Users who actively use the Pi Network mobile app daily.
• Contributors: Users who use the app and create trusted networks of Pioneers.
• Ambassadors: Individuals who introduce the Pi app to others and help them become new users.
• Nodes: Users who are both Pioneers and Contributors.

How Pi Network Works

The operation of Pi Network is straightforward. Users need to download the Pi Network app on their mobile devices and register for an account. Afterward, they can press the “Start” button daily to mine Pi. The mining process continues even when the user’s device is not connected to the internet.

One important point to note about Pi mining is that the mining rate is inversely proportional to the number of participants. This means that as more people join, the amount of Pi earned per hour decreases. The current mining rate in Pi Network is 0.0095 Pi/hour, which is considered quite low if you don’t have a large network of connected users.

Users can increase their earnings by inviting others to join the Pi Network community, thus increasing their hourly Pi earnings.

After 3 days of mining, participants can increase their earnings by creating a security circle, which also contributes to the overall network’s security. Longer-standing members of the network have higher mining rates compared to newcomers.

Impressive Pi Network Statistics

Although Pi Network has not yet been listed on official exchanges, it has achieved significant milestones, including:

• 47 million members participating in mining.
• A substantial social media following with 2.6 million followers on Twitter, 1.5 million on Facebook, and 1.22 million subscribers on YouTube.

These statistics, as of the time of writing, make Pi Network one of the largest cryptocurrency-related communities in terms of user engagement.

Related: Top 5 Countries Creating Pi Network’s Success

Is Pi Listed on Exchanges?

Despite numerous rumors and speculations about Pi Network’s token listing, Pi has not yet been officially listed. However, some exchanges have listed Pi Network in the form of IOUs (I Owe You). This means users can buy Pi Network tokens on these exchanges, and once Pi gets officially listed, the exchange will deliver the purchased Pi tokens to the users.

The current price of Pi Network in HTX is approximately $37

What is the Real Value of 1 Pi Network Coin in USD?

Although Pi Network is predicted by the community to reach 3140 USD or 314 USD, the current trading price of Pi Network on exchanges such as Bitmart and HTX about 36 USD, and OTC (over-the-counter) trades are ranging from $30 to $40 per Pi.

After KYC (Know Your Customer) verification is completed, users can transfer Pi between wallets within the Pi ecosystem, which is currently the only means of Pi Network trading. Pi Network will be a long-term cryptocurrency project, so follow to AZC News to update more information about PI Network