Pi is a relatively new (as of 2019) decentralized cryptocurrency that is undergoing a development phase – it is immutable for now. On the official website of the Pi Network project, we learn that Pi is the first digital currency that can be mined using a mobile phone. Although the authors have exaggerated this claim a bit, the truth remains that the possibility of mining it using a mobile phone is its main advantage, making it easily accessible to a wide range of interested parties. It is because of this feature that the number of Pi miners is growing very rapidly and has already crossed the 60 million users mark in the world as of August 2024.
The Pi Network continues its development and in 2023 launched a test phase called “Testnet” where users can use and test decentralized applications (dApps) and transactions within the network. The aim of this move is to prepare for the official launch of the main network (Mainnet), which is expected to take place in 2024. This transition could have a major impact on the value and usability of Pi, as it would enable trading and integration with other blockchain platforms.
In the world of cryptocurrencies, Pi is still a highly debated topic and a source of widely differing perspectives. Some outright label the entire Pi Network as a scam, while others attribute to it a future comparable to the fate of Bitcoin. Similarly, opinions on the future value of Pi vary widely, ranging from zero to optimistic estimates of around $200 per Pi.
If we assume that the truth lies somewhere in the middle, there is no reason not to at least give Pi mining a try. Not counting the three seconds of time per day to confirm mining, the additional cost of mining Pi is zero – the amount of currency mined is not dependent on the power of the device (phone), but the rate of mining increases significantly with the number of other miners the user brings to the mining site with their recommendation.
In addition, the Pi Network also focuses on creating an ecosystem that allows users to use their Pi not only to trade, but also to purchase goods and services within the network. This move could contribute significantly to the adoption and practical use of Pi in everyday life.
As cryptocurrencies become increasingly mainstream and part of everyday life, the Pi Network has the potential to become a major player in the digital currency market. However, it is important to be cautious and informed as the cryptocurrency market is still very volatile and full of risks.