- The new base mining rate of PI coin became effective on May 1, 2022.
- The Pi Network was founded by Stanford graduates Nicolas Kokkalis and Chengdiao Fan.
- It claims to have over 33 million engaged pioneers on its platform.
The Pi Network crypto, launched in 2021, has been drawing people’s attention over its prospective price. The Network has been riddled by various uncertainties and speculations since its launch.
What is Pi (PI) Network crypto?
The Pi Network, founded by Stanford graduates Nicolas Kokkalis and Chengdiao Fan, is novel virtual developer platform that allows people to mine PI coins through their smartphones.
The project claims to be environment-friendly, which may help attract more climate-conscious investors to its fold. It could be especially beneficial because the crypto market has often been criticized for its massive electricity consumption that can harm the environment.
PI coins can be mined without draining the smartphone batteries, reducing the environmental impact. The project claims to have more than 33 million Engaged Pioneers. Over the years, its ecosystem has added features like Brainstorm App, Pi Browser, Pi Wallet, Pi SDK, etc.
The project aims to empower the masses through economic benefits. The blockchain provides security solutions for mobile transactions besides a complete Web3 experience. It allows community developers to create decentralized applications (DApps) for its millions of users.
The PI Network uses an adaptation of the Stellar Consensus Protocol to validate transactions. The protocol offers unique decentralized controls, low latency, and flexible trust at a fraction of the environmental cost compared to other blockchain mining methods such as proof-of-work (PoW) or proof-of-stake (PoS).
Investors will have to wait for the PI coin price until it starts trading in a decentralized exchange. Currently, the only utility of the Pi Network app is in-app messaging and mining tokens. People are mining the coin, hoping to convert it to a real value in future. While some social media users claimed it could be a Ponzi scheme, although it doesn’t ask for money, others argued that it could be a pyramid scheme as it encourages users to invite more people to the platform.
Meanwhile, its new base mining rate became effective on May 1, 2022, as part of its reward issuance formula released in March. Users can see the new rate for mining. They could also boost the mining rate through activities like Po Lockups, App usage, referrals, etc.
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