Pi Network, wey be one of the newest and most innovative cryptocurrency projects, dey prepare for its mainnet launch after years of development and several delays. Founded by Stanford PhDs Dr. Nicolas Kokkalis and Dr. Chengdiao Fan in 2019, Pi Network aim to make crypto ownership more accessible by allowing users to mine PI coins using their mobile phones.
The project has gained significant attention for its unique approach to crypto mining. Unlike traditional cryptocurrencies like Bitcoin, which require substantial computational resources and energy, Pi Network uses a mobile blockchain mining process that has minimal impact on device performance. Users can start mining by downloading the Pi app, applying an invitation code, and checking in daily to increase their mining rate.
However, the journey to the mainnet launch has not been without its challenges. The mainnet was initially supposed to be open to the public by the end of 2023, but it is still in its “enclosed” phase. During this phase, Pi coins cannot be traded or transferred outside the network, and users are testing and validating the system before it opens up to the broader crypto world.
A recent analysis by a community member highlighted several key points about Pi Network’s future. The analysis questioned the discrepancy in user data, where the core team claims 60 million pioneers but only 6.2 million accounts are visible. This raises concerns about verifying the actual number of users. Despite this, the community remains optimistic, believing that a more exclusive Pi Network could enhance its value.
The issue of inflation was also discussed, with concerns that the large number of Pi coins already transferred to pioneer wallets could lead to hyperinflation and negatively impact the coin’s value. However, the community argues that the maximum supply of 100 billion Pi is unlikely to be reached soon, especially with the decreasing mining rate.
As Pi Network prepares for its mainnet launch, the team has implemented a major technical upgrade to increase the migration speed to the mainnet. This upgrade optimizes the migration algorithm, making the process more efficient and allowing the network to handle more migration requests.
Despite the speculative nature of the project, Pi Network remains backed by a strong community and a team of Stanford graduates who are actively engaged with users. As the mainnet launch approaches, users are advised to remain cautious and do their own research before committing any resources).
