I am just going to do a quick introduction of pi coin. I have been in pi network for some months now , i will say the purpose of pi and its aim in the market.
Pi coin is a digital currency project that aims to keep crypto mining accessible as the centralisation of the first generation of currencies like Bitcoin has put them out of reach of everyday users. The Pi Network, developed by a team of Stanford graduates, enables users to mine coins using its mobile phone app, validating transactions on a distributed record.
Pi Coin is the cryptocurrency that runs on the Pi network, and as with other cryptos such as Bitcoin, PI was designed to undergo regular “halving” to protect its scarcity. Halving is when the number of coins that a miner receives for processing new transactions are reduced by half when a certain milestone is reached.
Pi’s mining rate halved from 1.6 π per hour when it reached 100,000 users, halved again to 0.4 π per hour when it reached 1 million and again to 0.2 π when it reached 10 million. It will continue to halve, reaching zero at 1 billion users.
During the current second phase of the project, users can volunteer to test out Pi Node desktop software on their computer. But when will Phase 3 launch – will it be in 2021? According to the developers, the start of the third phase has not been predetermined but depends on the progress made in the second phase.
For now pi coin its still in its pre release phase and recently the pi wallet was introduced and its still in test node and soon it would be in the market.
Once the phases are complete it would be released into the market just like bitcoin.
Many people are currently mining pie but its hard to mine now compare to its starting phase.