Introducing Pi Network: Everything You Should Know About

• Pi Network aims to build a cryptocurrency platform that is accessible to everyone.
• Instead of expensive infrastructure, Pi can be accessed over smartphones which catapult its mass adoption.

Pi network and cryptocurrency are the next steps in the evolution of finance. It’s the first digital currency that’s available for everyday people with smartphone access. This represents a major step in the wide adoption of cryptocurrency globally. Its energy-efficient consensus protocol is a key factor that makes it stand apart. This network aims to develop a platform that provides a comprehensive peer-to-peer ecosystem.

About Pi Network

The PI cryptocurrency claims to benefit its users with a cryptocurrency that possesses all the functionalities of Bitcoin (BTC) while addressing its limitations. This network offers a free cryptocurrency that can be mined with the help of a smartphone. Because of this feature, it is accessible to a wide variety of people.

This crypto’s popularity is enhanced by its several essential features, including active user engagement, subscription, and a well-planned roadmap. It is considered a cost-efficient option to get involved in a decentralized ecosystem.

Unique Features of Pi Network

Mining

Its Stellar Consensus Protocol (SCP) is proven to be more energy-efficient than the proof-of-work (PoW) protocol that’s used by many cryptocurrencies. Users with the Pi Network app on their smartphones can use it to mine PI coins. It can be done by only pushing a button once every 24 hours, which determines their active participation in the network.

These methods allow mining with low battery consumption and reduce performance concerns. Pi Network enables recommendation systems in which both the user and the friend can receive a referral bonus.

Security Concern

To maintain its integrity, the network uses an encrypted security protocol. Users are asked to validate their identity via social media accounts and go through a KYC process. This enhances network security and privacy along with protecting it from hacking and other fraudulent activities. Governance

This Network places a high value on the cultivation of an active user community. Users are encouraged by referral rewards and other schemes to invite their friends and relatives to join the Pi network. These inclusive features allow them to earn additional Pi coins.

Tokenomics

This network uses Pi coin as its native token. Users can earn Pi coins through the mining process. Token holders can use Pi coins in transaction fees along with performing transactions on marketplaces and applications built within the Pi ecosystem. Its coin supply system is governed by activities and behavior over the network which get distributed as rewards. 

Users joining Pi Network by creating a Pi account, are assigned a predefined number of coins. This assigned amount of Pi coins is mined in a certain period. It determines that users can only mine this many tokens in a lifetime. This allocation is made for the initial 100 million users on the network. A reward system is also there for users who refer new members to this cryptocurrency project.

Conclusion

Pi network serves as a unique cryptocurrency platform that doesn’t rely on many hardware devices and costly infrastructure. It’s also accessible to normal people, as it can be accessed via mobile devices and enables a full Web 3.0 experience. It also leverages its community by providing a user-friendly platform that helps developers to build decentralized applications (dApps). Users should wait till its full development to leverage its enhanced benefits.