Pi network is a cryptocurrency project whose goal is to make crypto mining accessible to all users. The centralization of first-generation digital currencies such as Bitcoin has made them inaccessible to everyday users. Thus, a Pi miner will enjoy the benefit of improved accessibility, unlike a Bitcoin miner.
The Pi network was developed by graduates from Stanford University, and it allows users to mine coins from its mobile app. The transactions are validated on a distributed record during mining. Pi is powered by blockchain technology.
Phase 1 of the project was started in 2019 on Pi day, 14 March, and a free Pi mining phone app. As of June 2019, the Pi network platform had attained over 100,000 active users. The project was more popular in August 2019, as shown in the following chart:
Pi Network Price Prediction 2021-2028 1
‘PI Coin’ query trend via Google
Phase 2 of the project was launched a year later, and the Pi network platform attained over 3.5 million users. The Pi app started to run ads on the Pi network in May 2020, and these ads provided funds for financing the Pi network project. In March 2021, the Pi network had attained 14 million users after crossing the 12 million mark in February.
The Pi network platform provides an infrastructure on which Pi Coin runs. Just like other cryptos such as Bitcoin, there is a need to protect its scarcity. That’s why it goes through a regular “halving” process. The number of coins a miner gets for processing new transactions is reduced by half after reaching a milestone.
After the Pi blockchain attained 100,000 users, mining Pi coins was halved from 1.6 π per hour. It was again halved to 0.4 π after its user base reached 1 million, and again to 0.2 π after reaching 10 million. This trend is expected to continue to reach 0 after reaching 1 billion users.
Expected mining rate
Expected mining rate, Source: Capital.com
During Pi cryptocurrency mining, the Pi node uses a consensus algorithm based on Stellar Consensus Protocol (SCP) to validate transactions and reach a consensus with other Pi nodes. Some Pi users see it as a way to take part in crypto from the ground up and earn profits in the future.
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