Bitcoin mining was sought as an alternative for so long and the Pi development team finally came up with the idea of launching a Pi Network. Talking about this project, this project was initiated with the aim of making mining accessible to all users with a mobile device and promoting making digital currency an everyday payment method. Reports say that the launch of this network will occur at the end of this year. To know more about the platform, how it works, and how it gained attention, read on!
Pi and Its History
The word Pi was taken from the from the mathematical constant, Pi. initially, the Pi had an enclosed status due to the mainnet. This is where a blockchain protocol is fully developed and deployed. Pi coin holders have unauthorized IOUs and some price data websites have started listing a Pi coin price in early 2023 to track this informal market but these prices need not be accurate when the coin launches on the open market.
On X, the Pi Network posted that Pi has not been listed on any exchange and that Pi is currently in the enclosed network and is, therefore, not approved by Pi Network for listing on any exchange or for trading.
This project was initially launched in 2019 and is still in progress. This made many doubt whether this was fake or not. Several hackathons were conducted in 2023 where participants have been developing gaming, DeFi, and metaverse apps to operate the Pi ecosystem.
The project now has over 55 million app users who have been able to complete KYC (Know Your Customer). Pi network relies on its community of users to validate transactions and secure the ledger. This brought so much attention to the platform which shows the significance and future growth of the platform.
Working on the Pi coins and Application
Pi does not operate on proof-of-work where transactions are validated in order to add new blocks. In this network, the blockchain validates transactions by operating SCP, Stellar Consensus Protocol, which is algorithm-based.
Pi also launched a mobile mining app that allows users to operate nodes and form security circles with three or five people. This is an attempt to create a global network while preventing fraudulent transactions.
The Pi app allows users to mine the Pi coin from their mobile devices. The users have to download the app to start mining. After the installation, they have to create an account and log in daily to press a button that activates the mining process. This app also has social features such as inviting friends and building a security circle which will enhance their mining rate.
The testing phase of this app was conducted prior to the launch and the Testnet nodes did not receive mining rewards as the developers aimed to determine the most suitable mechanism for incentives based on the data they could collect.
Launch of Pi Mainnet
The beta version of the Pi Network platform was released in December 2018 and the Testnet was launched in March 2020. This mobile app quickly gained popularity among users who wanted to mine coins before the project’s full launch so that these users could sell pi coins in accordance with the launch or even use them for purchases when the coins finally went live for trading but several delays occurred and Pi didn’t go live fully which raised questions about whether it is a scam or another pyramid scheme.
In December 2021, the mainnet was launched after it was enclosed with a firewall to prevent external connectivity. The second version, V2 was released on December 2023 following V1 which was released on October 31st, of the same year.
Pi Network Launch Updates
The launch of Pi was announced in 2024 and now it’s November already! The Pi core team mentioned that the wait will be over as the mainnet is entering its final weeks. With Pi’s approach to making mining more user and mobile-friendly, it gained massive attention and even got a substantial following on social media platforms like X. thee open mainnet to be launched soon, will enable Pi coins ($PI) to be traded for other cryptocurrencies and fiat money.
Pi is predicted to have completed 1000 mainnet-ready apps by the time of full launch. The Pi Incubator, launched on September 13, 2024, also was a big step taken by the team that helped with its wider adoption. Among the followers of Pi on social media platforms, most have passed the Know Your Customer checks, and over 10 million people migrating to the beta mainnet.
Pi also announced the introduction of Pi node version 0.5.0. This prepares nodes for the mainnet by allowing nodes to switch between blockchains. These nodes act as a means of communication across the Pi network and help make the network more decentralized. This again, raised hopes among users and many even posted online on how the Pi is an absolutely trustworthy application-to-be.
The launch of the Pi Network, although uncertain if it will be released this year, users still could wait for the launch of the application by the start of next year. In my opinion, this application is worth waiting for as this will open many opportunities and will also help save energy considering bitcoin mining takes up a lot of area, money, and energy to work on.