The Pi Network is a decentralized cryptocurrency project that aims to make crypto more accessible to the masses. Developed by a team of Stanford graduates in 2019, it allows users to mine digital currency via a smartphone app. The project’s main goal is to democratize currency and enable real cryptocurrency transactions.
The Pi Network has gained a significant user base worldwide, known as “Pioneers,” who have been accumulating “Pi coins.” These coins are the actual digital network currency but remain inaccessible due to the ongoing development phase. To get Pi coins, users must mine them through the app, which is free to download and use.
However, the coins obtained in this way currently have no value, as they cannot be exchanged for any other currency or commodity. In contrast, Pi IOU tokens are available on centralized crypto exchanges like CoinW, HTX, and BitMart, with prices fluctuating between USD 60 and 90 in recent weeks.
To participate in the network’s development phase, users must complete a KYC (Know Your Customer) verification process, which requires providing government-issued IDs and doing a liveliness check. The Pi Network Mainnet launch is expected to happen by the end of 2024, enabling users to transfer their minted Pi coins to the main network and perform transactions using the Pi coins.
Investing in Pi IOUs comes with notable risks due to speculative nature and varying conversion policies between exchanges. It’s essential for investors to stay updated on the Pi Network and trade cautiously.
Key Takeaways:
* The Pi Network aims to democratize currency and enable real cryptocurrency transactions.
* Users can mine Pi coins through a smartphone app, but they currently have no value.
* Pi IOU tokens are available on centralized crypto exchanges with fluctuating prices.
* KYC verification is required for users participating in the network’s development phase.
* Investing in Pi IOUs comes with risks due to speculative nature and varying conversion policies.
Source: https://www.sify.com/cryptocurrency/the-life-of-pi-network-faqs-and-everything-else-you-want-to-know