PI

Pi Network Token Explained: Everything You Need To Know

by BSC News

August 8, 2023

chain

Over 3 Billion Pi are in circulation, representing a substantial value below the reserved allocation for Pioneers who have migrated to mainnet.

Pioneers are actively contributing to the Pi Network’s vision. They are driving the project forward by participating in the KYC applications and engaging with Testnet Decentralized Applications (dApps)

While the wait for Open Mainnet continues, questions about the Pi Network native asset linger in the heart of Pioneers. This article uncovers the frequently asked questions about the asset. 

Pi Supply and Mainnet Metrics

According to the Pi Network’s blockchain explorer, 1.97 Billion $PI have been migrated to mainnet, with 1.29 Billion $PI locked up by Pioneers. The mainnet's maximum total supply, as seen in the protocol’s whitepaper, is 100 Billion $PI. With this, the mobile mining blockchain aims to stimulate growth and eliminate concerns about supply unpredictability. 

“Hence, given the current network size of over 30 million Pioneers and the expected volume of transactions and activities in the future, the Mainnet supply model has a clear maximum total supply of 100 billion Pi, allowing incentivizations of continued growth and new contributions while removing the concerns about the unpredictability of the supply,” Pi Network documented. 

From the maximum supply, 80% is held by the Pi Community, and the core team controls 20%. As seen in the mainnet metrics, many Pioneers still need to migrate to mainnet or complete KYC. With this in mind, approximately 3 billion PI are in circulation, although 80 billion PI have been reserved for the community.

The Value of Pi

The Pi coin (π) currently has no monetary value, valued at 1π = 0.00 USD. Its value will be defined when Pi balances of KYC-ed accounts are moved to mainnet, and dApps for buying goods and services are launched. 

Contrary to several speculations, no one can predict the value of Pi; the market will determine it. Once the Open Mainnet stage commences, exchanges may list Pi, allowing you to trade Pi for fiat currencies. 

Can You Buy or Sell Pi?

As of now, buying and selling Pi in Enclosed Mainnet violates Pi network policy, and the Core Team can act against violators. However, Pioneers can use Pi within the Pi Network for P2P transactions to buy or sell goods and services. 

Official Pi Network apps are in the testnet phase and will be launched for public interaction soon. The ability to buy or sell Pi will only come with Open Mainnet, depending on progress with KYC, migrations, and ecosystem development.

Is Pi Listed on Any Exchange Yet?

Pi remains in Enclosed Mainnet, with no external connectivity allowed. It's essential to note that the Pi Network isn't affiliated with any exchange listing, and participation in unauthorized listings could result in losses.

Conclusion

The Pi Network is an evolving project with its community playing an essential role. While Pi has no monetary value at this stage, it shows promise as a currency for the future with the development of the Pi ecosystem. 

Pioneers must adhere to the rules and responsibilities within the Enclosed Mainnet and await the Open Mainnet to unlock the potential of the Pi coin fully. 

What is Pi Network?

Pi Network is a mobile mining blockchain with an application that lets people earn Pi coins by doing simple tasks on their phones. However, the project remains in its development stage with delivery of an open mainnet still a matter of speculation, with no launch date confirmed. 

With this in mind, the protocol remains in its testnet stage and will apparently go live when many users (Pioneers) complete the mandatory KYC procedure while the core team works on developing its ecosystem.

Pi Network is also reported to be under investigation by authorities in Vietnam and users should exercise a high degree of caution when interacting with the project and ensure they have conducted sufficient research before doing so.