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Highlights
- The Pi Network is one of the relatively new networks which boasts offering its users the mining of a digital currency on mobile phones.
- Its user base has sprung up to 25 million worldwide.
- Moreover, the network is ecofriendly, unlike conventional crypto mining which makes use of a vast amount of computing resources.
A digital currency project which is quickly catching the attention of crypto investors is the Pi Network.
Founded in 2018 by a group of Stanford graduates, the Pi Network provides solutions to mint profits by mining crypto coins just by using a mobile phone app and validating transactions on a distributed record.
Must Read: Five apps to get you started with crypto mining
All one needs to do is to download the app, and click it once a day.
Its digital currency project focuses on keeping cryptocurrency mining accessible even to ordinary investors as the centralisation of major first-generation cryptos like Bitcoin has put mining out of the reach of common users.
Source: Copyright © 2021 Kalkine Media
How does Pi Network work?
The Pi Network makes use of the SCP algorithm, i.e., its network is based on the Stellar Consensus Protocol, wherein it gives the node to validate transactions on a distributed ledger, thereby reaching a concord on the order of new transactions that the ledger records.
Related Read: Why to get acquainted with 10 blockchain platforms in 2021?
The app serves a dual purpose, first, it allows its users to access and grow their Pi holdings, and secondly, it serves as a wallet to host one’s digital assets.
Is Pi Network safe?
Pi nodes create security circles of three to five trusted people known to each of the networks' users, thereby establishing a global trust network that helps in the prevention of frauds and fictitious transactions.
It is pointed out that transactions of the Pi Network can only be confirmed on the ledger records if they are approved and confirmed by trusted nodes.
Do Read: What is Bitcoin mining? Why is it not yet ESG compliant?
Is Pi Network eco-friendly?
Generally, crypto mining makes use of huge quantities of energy and computational power. On the other hand, the Pi Network consumes minimal battery power, while mining is simple and eco friendly.
Related Read: Blockchain’s growing impact on energy consumption
The growing popularity of Pi Network
The Pi Network had 100K users in June 2019. Its user base increased to over 3.5 million in 2020 and to 14 million in March 2021.
Now, in September 2021, the network boasts 25 million users, reflecting growing trust and acceptance among its customer base.
Bottom Line
The Pi Network has huge potential. By making use of the mobile phone app, its users are growing rapidly, which would eventually take the network’s value towards the higher side.
