Pi Network is popular in the cryptocurrency world. The mobile mining project launched by Nicolas Kokkalis and Chengdiao Fan, two Stanford University researchers, has increased the hopes of many Decentralized Finance (DeFi) supporters.
There is hope that the network will produce billionaires soon by allowing Pioneers to freely mine the native Pi currency. The protocol is still developing its architecture for the launch of an open mainnet while operating in its closed mainnet.
In order to clear up the uncertainty among Pioneers in the DeFi industry as we wait for the open mainnet debut, BSC News has compiled some of the top five facts about the Network.
1. Pi not a Token
$Pi is a coin, not a token, despite numerous rumors and assertions made by Pioneers. Due to the protocol’s inherent Pi blockchain, this is possible. The Pi blockchain is supported by the Pi Coin, similar to the Ethereum and BNB Chain networks.
A coin’s blockchain is developed, whereas a token is located in an existing blockchain.
2. No Trading of $Pi on CEX Yet
In reaction to unlawful $Pi listings on Centralized Exchanges, Pi Network responded on January 6 according to BSC News (CEX). Due to the fact that Pi Network is still in an enclosed mainnet, the protocol advised users from buying the coin on any exchange.
Pi Network’s mainnet is contained, so $Pi cannot be traded on a DEX or CEX. Trading is possible after the open mainnet goes live.
3. Pi Coin Can Only Be Acquired through Mining
The only way to obtain the $Pi coin is through mobile application mining. $Pi cannot be exchanged on any exchange, as was already said.
4. Developers Can build on the Pi Blockchain
Developers would be able to create their Decentralized Applications (dApps) on the Pi blockchain, just like other leading networks in the sector. By taking part in the Pi Hackathon, builders have already expressed an interest in using the decentralized blockchain.
5. Pi mining is cost-free
To begin mining the cryptocurrency, interested users only need to download the program onto their iOS or Android device.
Pi is still on its closed mainnet and is concentrating on widespread KYC and ecosystem development. The ecosystem-building hackathon event invites teams and developers to present their blockchain-based concepts. Regarding KYC, the Pi Core team is always working to make the solution, which is driven by automated machines and human verification, available to its sizable user base.
What is Pi Network?
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.
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