PI
by BSC News
January 25, 2023
A look at the most important five facts about Pi Network.
Pi Network is trending in the crypto space. The mobile mining initiative established by two Stanford University academics, Nicolas Kokkalis and Chengdiao Fan, has raised the expectations of many Decentralized Finance (DeFi) enthusiasts.
By allowing Pioneers to mine the native Pi currency freely, there is optimism that the network will raise millionaires in the nearest future. However, the protocol remains in its enclosed mainnet, building its framework for open mainnet launch.
While we await the open mainnet launch, BSC News has curated some of the top five facts about the Network to address the confusion among Pioneers in the DeFi industry.
Contrary to various reports and claims from Pioneers, $Pi is a coin, not a token. This is because the protocol has its native Pi blockchain. Like BNB Chain and Ethereum networks, the Pi blockchain is backed by the Pi Coin.
A token resides in an existing blockchain, while a coin is built in its blockchain.
On January 6, BSC News reported Pi Network’s response to unauthorized $Pi listings on Centralized Exchanges (CEX). The protocol urged users to avoid purchasing the coin on any exchange because Pi Network is still in an enclosed mainnet.
Since Pi Network is in an enclosed mainnet, $Pi cannot be traded on any DEX or CEX. Trading is only possible after the open mainnet goes live.
You can only have the $Pi coin by mining through the mobile application. As stated above, $Pi cannot be traded on any exchange.
Like other top networks in the industry, developers would be able to build their Decentralized Applications (dApps) on the Pi blockchain. Builders have already shown interest in utilizing the decentralized blockchain by participating in the Pi Hackathon.
Mining Pi is free of charge. Interested users only need to download the application on IOS or Android to start mining the cryptocurrency.
Pi is still in its enclosed mainnet, focusing on mass KYC and ecosystem building. The hackathon event is part of ecosystem building, inviting teams and developers to showcase their ideas on the blockchain. As for KYC, the Pi Core team is continually making efforts to expand the solution powered by machine automation and human verification to its large user base.
Pi Network is a novel cryptocurrency and developer platform that allows mobile users to mine Pi coins without draining the device’s battery. Pi’s blockchain secures economic transactions via a mobile meritocracy system and a full Web 3.0 experience where community developers can build decentralized applications (Dapps) for millions of users.
Related News
Latest News
3h : 14m ago
Nigeria Appoints Pro-Crypto Leader to Head SEC
6h : 20m ago
BNB Chain Shows Strong Growth in Q1, 2024 Report: Key Details
8h : 22m ago
Ethereum Spot ETFs Is Likely to Face SEC Denial in May: Reports
April 24, 2024
Chainlink Launches Cross-Chain Interoperability Protocol (CCIP) for General Availability
April 24, 2024
Hong Kong Bitcoin and Ethereum Spot ETFs Get Approval to Begin Trading on April 30
April 24, 2024
US DOJ Wants 3-Year Prison Sentence for Binance Co-Founder CZ
April 23, 2024
Binance’s 53rd Launchpool Project: What is Renzo Protocol?
April 23, 2024
Texas' Blockchain Association and the Crypto Freedom Alliance Sue US SEC
More News