What is Pi Network? IT World #PiNetwork
Channel: IT World
Date: 2021-08-12

Pi Network (PI) is causing a stir in the cryptocurrency community, even before it has fully launched. The project has been in development since 2018 and remains in testing mode. But there are already predictions for the Pi Network value when the cryptocurrency goes live.

Some users view Pi as a way to get involved in a cryptocurrency from the ground up and profit in the future, in the same way, that early bitcoin (BTC) adopters have racked up massive gains from mining and holding the coin.

But what is Pi Network and how does it work? Have you heard of its native coin and are you looking to find out more about how to buy a Pi coin as a potential investment?
What is Pi Network?
Pi Network is a digital currency project that aims to keep crypto-mining accessible. It is based on the view that the centralization of the first generation of cryptocurrencies like bitcoin has put them out of reach of everyday users.
While early bitcoin adopters could mine the digital coin from a regular computer CPU, the process of mining – validating transactions on its distributed record, or blockchain – has been taken over by massive mining pools with specialist hardware.
The project, developed by a team of Stanford graduates, aims to redress the balance, enabling users to mine coins from its smartphone app.
With branding based on the number π, Phase 1 of the project launched in 2019 on Pi Day, 14 March, with its free PI mining app. By June 2019, the network had more than 100,000 active users, and a year later when Phase 2 launched there were more than 3.5 million. The app started running ads in May 2020 to provide a source of financing for the project. The user base reached 18 million at the end of May 2021, having crossed the 12 million mark in February.

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#pinetwork #pibitcoin #bitcoin #itworld