Pi Coin Network:
The Next Bitcoin?
Newest Estimation Shows Possible Worth at $200
Cryptocurrency has been one of the most talked about subject in the investment sector. The need for a safe form of online payment, the implication of the decentralized block chain technology and unregulated market has driven much interest. The forefront of cryptocurrency currency is Bitcoin, which worth recently skyrocketed to its all-time high at over 50k apiece. This has set the stage for hundreds of different types of coins to emerge trying to get a part of the cryptocurrency market pie.
Most recently, some reader have mentioned a new cryptocurrency investment opportunity called PI Network Digital Cryptocurrency. After receiving multiple questions, below is compiled research on this Cryptocurrency.
Where did this PI Coin come from?
Pi Network’s launched was credited to three Stanford University alumnus namely:
Dr Nicolas Kokkalls as the Technical Lead for PI. He holds a Ph.D. in Computer Engineering and a Master’s in Management Science and Engineering from Stanford University. He did his research in Social Computing as a PHD scholar and is currently teaching a course on Designing Decentralized Applications on Blockchain.
On the Pi Network homepage, Nicolas Kokkalis describes himself as follows: “I am a strong believer in the technical, financial and social potential of cryptocurrencies, but disappointed with the current limitations. I am committed to bringing the power of blockchain to many people by improving experience and building value for everyone. I am working on this project with a user-centric to island philosophy”.
Dr Chengdiao Fan as Head of Product for PI. She holds a PhD in Computational Anthropology Sciences from Stanford University. There she learned to harness social computing to unlock human potential on a global scale.
Her research projects and published papers include designing software systems to improve productivity, scale social communications and surface untapped social capital for people. She also founded a startup that builds an email productivity platform that scales conversations by crowdsourcing.
Vincent McPhillip as Former Head of Community. Alumnus of Stanford University Graduate School of Business and BA in Political Science from Yale University. Vincent wants to give people around the world the opportunity to prosper financially with a strong focus on community wellness.
He started teaching Crypto workshops to develop a greater understanding of how people could use cryptocurrency to transform their lives for the better. As of February 2021, Vincent has left PI Network and is no longer on the Core Team.
APP Overview
This process to get Pi coins can be done from any Apple or Android Device.
Download the free app either from google play or apple store.
Release Date
March 14th, 2019
Platforms
Google Play, Apple Store
Instructions:
You would need an invitation code when installing the app, you can use (sacredpi314), be sure to add valid name and phone when signing up. This is for security against bots and claiming full authentication for your crypto.
App Features
After downloading the Pi Network app, you need to confirm that you are a human by pressing a lightning symbol on the app at 24 hours intervals. This will initiate the mining process at a predetermined rate on your mobile device. You are free to exit the app after that action without discontinuing the mining (distributing) process. Mining process for PI is not the same as bitcoin and is more like distributing Pi Coin.
In addition, to earning the coin yourself, users are encouraged to refer their friends and family to the program to earn more over time. You can increase the rate of the mining process by bringing in more new users.
Concerns?
The app itself is free, not requiring any funds or purchases. However, many of you probably heard the saying, “If you’re not paying for the product, you are the product.” Although it is a free app, it does use the valuable time and data of their customers.
The app is similar to Multi-Level Marketing since it includes direct promoting and provides increased potential benefits to early users (i.e. earlier users mine at an increased rate). MLM is widely used since they provide a fast way for a company to grow exponentially in a short amount of time.
The developers’ objective seems to be mass adoption and wide distribution on pre-minted tokens to their user base. In addition, they are heavily marketing the academic credentials of their founders. Always remember to do your own research before investing!
So, Why Pi?
The founders of the company are educated and worked at Stanford. This credential allows us to know that there are knowledgeable people behind the business strategy. The published white-paper outlines their plans.
One of their aims is to have a cryptocurrency that was highly convenient with intuitive mining and fair distribution. The claimed that Pi is the, “first digital currency you can mine on your phone”. They also claim that the Pi app doesn’t drain the battery or use more data than is necessary since the app simulates a faucet allowing you to not have to connect to the internet for 24hrs.
One of their other aims is to have others build apps on PI network to benefit from PI network users’ attention. To quote their former Head of Community, “Over time, we will build a peer-to-peer marketplace atop Pi that will allow members to barter goods and services, without intermediaries”. They ran a pilot in 2020 for people to exchange goods and services using Pi. This is an important point. Money only has value when you can use it to exchange for products and services. If the Pi coins can be exchange in a marketplace for products, value is added.
They also have had significant growth. They have 70 employees as of 2021, over 6 million users and still expanding. Many of the current crypto companies work very hard on the underlying technology leaving the user interface experience as an after-thought. As cryptocurrency becomes mainstream, companies would need to focus on the user experience and highlight functionality over technology. Pi’s founders are focusing on increasing mass adoption of their simplified new decentralized application that will become an important part of the global economy.
How Much is it WOrth?
Right now,
Pi’s holders will be able to turn Pi into “real” money when they either purchase goods and services on Pi’s marketplace or exchange Pi for fiat currency.
It seems like the team at Pi is laying the infrastructure for this digital currency and marketplace by distributing the currency, building the community, and developing the technology to ensure its security.
As of right now Pi user are most excited for the Phase 3, Mainnet Stage, of Pi development. In this phase, Pi will be able to be traded and exchanges can choose to list Pi. With time and attention, the Pi coins may one day be listed on cryptocurrency exchanges like Coinbase and Binance.
Recently, there has been videos and article showing Pi coin estimation at $200 dollars. This is not true. At this point, Pi coin has no value. With mass distribution and acceptance, one day Pi might really reach this value. Hey, you never know!
Disclaimer
Do your Own Research
I’m not a certified financial planner/advisor, legal or tax advisor or a broker/dealer. All investment/financial opinions expressed are from the personal research and experience of the owner of the site and are intended as educational material and does not constitute financial, accounting, or legal advice. It is very important to do your own analysis before making any investment based on your own personal circumstances. Although best efforts are made to ensure that all information is accurate and up to date, occasionally unintended errors and misprints may occur.