Pi Network Good news for Crypto Miners 2022
Pi Network, a massive, open community powered by the world’s most widely distributed cryptocurrency that delivers accessibility and enables a robust ecosystem for members, merchants and developers alike, announced today that the identity verification of over 1 million of its members has been completed using its new native Know Your Customer (KYC) solution, Pi KYC.
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Pi KYC is a unique and proprietary approach that combines machine automation and crowdsourced, hyperlocal human verification to accomplish secure, accurate and efficient KYC. It was born out of a lack of scalability, financial accessibility and global reach from other third-party market solutions.
While Pi KYC employs the latest cutting-edge machine automation that tackles tasks such as image processing and fake ID detection, the process is a community collaboration at its core. Human verification is undertaken by peer-vetted and -approved individuals who check the redacted data of other members and are sourced from the KYC’ed members of the Pi community itself. The Pi KYC system now boasts a robust, self-sustaining human validation workforce in 203 countries and regions — areas that represent about 92.6% of the global population. The network is continually expanding its number of human validators and recently surpassed 125,000 daily active validators all across the world validating KYC applications. These KYC validators are now able to verify members’ identities at a rate of over 90,000 people per day. All are compensated in Pi, the native cryptocurrency. In addition to serving the traditional business purposes of KYC, this multi-pronged solution works to prevent individuals from hoarding Pi by creating fake accounts, and upholds the core principles of the Pi cryptocurrency mining mechanism: fairness and meritocracy.
“The requirement for KYC by many decentralized applications and crypto-related products and its financial cost in fiat currencies are barriers to entry in the Web3 and crypto space for a vast majority of ordinary people around the world. Pi’s KYC solution solves this through a scalable, accessible, and ‘home-grown’ solution,” said Dr. Chengdiao Fan, Founder and Head of Product at Pi Network. “Given our cryptocurrency network’s uniquely massive and widely distributed community, a native KYC solution free of fiat cost for all members is one of our great efforts to deliver on our promise of fairness, inclusivity and utility.”
In contrast with other blockchains, Pi Network has been building and growing its community long before publicly launching the Mainnet blockchain. Since March 2019, the community has been making various contributions to the growth and security of the network, and in the process, mining Pi on their mobile phones through a novel, environmentally friendly mining mechanism. The network is now in the process of migrating its members to the mainnet blockchain for which KYC verification is a prerequisite. Migrating the Pi balances from the mobile phone app, where they are currently recorded, to the blockchain, while various apps are also set to transition from testnet to mainnet, will enable the peer-to-peer ecosystem to materialize. These apps will be able to tap into a large network of users who have passed KYC and are crypto-ready with cryptocurrency in hand to spend for various services.
“Pi KYC is a perfect representation of how the entire Pi ecosystem works: a native, decentralized community where labor is exchanged, and real utility created, for Pi cryptocurrency and no fiat is involved,” said Dr. Nicolas Kokkalis, Founder and Head of Technology at Pi Network. “The scalability of our KYC solution performs as expected by its design. This spectacular speed and wide geographical coverage of KYC processing power as well as the rapid scaling to meet KYC demands are demonstrations of the decentralized crowd power of the global Pi community.
With crowd efforts of the whole network, members and validators, the Pi KYC solution will enable Pi Network to create the largest KYC’d and crypto-enabled social network in the world, making it the most socially equipped ecosystem for the Web3 era and ready for the development and deployment of future financial services and Web3 applications.
To join Pi Network, visit minepi.com.
#pinetwork
ABOUT PI NETWORK
Pi delivers on the true promise of blockchain: a massive, open community powered by the world’s most widely distributed cryptocurrency that delivers accessibility and enables a robust ecosystem for members, merchants and developers alike. Founded in 2018 by a team of early innovators in blockchain and social computing, with PhDs from Stanford University, Pi Network is a utilities-based ecosystem for third-party apps on a mobile web platform, with widespread (rather than concentrated) token distribution. The blockchain platform offers a mobile-first mining approach, with low financial cost and a light environmental footprint within the crypto space. The community boasts an engaged 35M+ members in over 230 countries or regions. For more information, please visit minepi.com.
The Pi network is a rather strange case in the world of cryptocurrencies. It has garnered quite a lot of attention and interest, and yet… you cannot buy it anywhere. The Pi coin has not been listed on any crypto or non-crypto exchange yet, and the only way to get it, at least for now, is to mine it.
Despite not having a price yet, the Pi coin has a lot of dedicated fans — the project’s simple premise and solid technical foundation have already attracted quite a few crypto enthusiasts. The Pi network has an active community, and its user base keeps on growing exponentially day by day.
Now, the main question remains: will the Pi coin ever reach exchanges and give its holders an opportunity to cash out? And if that happens, what kind of price can users expect to receive for their freshly mined Pi crypto?
Please note that this article does not constitute investment advice.
PI Coin Details
Pi Coin Review
Pi Network Price Today
Pi Network Price Prediction for 2022 by Experts
Capital
Currency.com
DigitalCoinPrice
Other Crypto Experts
Pi Coin Price Prediction 2022-2027
Pi Coin Price Prediction 2022
Pi Coin Price Prediction 2023
Pi Coin Price Prediction 2024
Pi Coin Price Prediction 2025
Pi Coin Price Prediction 2026
Pi Coin Price Prediction 2027
Will We Ever Be Able to Buy Pi Coins?
Final Thoughts
PI Coin Details
Project name PI network
Stock Symbol PI
Asset Type Token
Network type Blockchain
Launch date 14 March 2019
Official Website https://minepi.com/
The Pi network project is quite unique. Not only has Pi risen to fame while not even being listed yet, but it also is well-known for being rather easy to mine. According to its developers, the Pi coin is the first cryptocurrency that can be mined entirely on one’s mobile phone. One just needs to download the Pi network app and get an invitation code from one of the existing trusted members.
To start earning the Pi cryptocurrency, open the app once every 24 hours and click on the lightning button to start mining. There are multiple ways to increase your mining speed: earlier members get higher rates, and you can invite trusted friends and family to join the Pi app for a small bonus. Additionally, after three days of mining, you can build your security circle to boost not only your earnings but also the overall security of the Pi network.
Each active miner you refer to the app will boost your earnings by 25%.
After three days of mining, you will be able to become a Contributor by inviting 3-5 people to join your trusted circle, which will increase your mining speed even further.
The Pi app does not drain your energy the same way many other mining applications do and is quite eco-friendly. It benefits from people vouching for each other as they help to secure its ledger.
The Pi network isn’t just a mining app: the project has grown to be a whole ecosystem of related services. There’s a test version of the Pi wallet, with its incredible payment speed of just 8 seconds. There’s also the Pi browser app, which allows developers to test and launch decentralized third-party Pi apps.
Users can also opt to become a Pi node; however, it involves a rather lengthy selection process and does not give any benefits as of now. Pi nodes validate transactions, so when the open mainnet is launched and the Pi coin is listed on exchanges, Pi node owners will be able to get a cut of transaction fees. If you believe in this project and its future, it can be a good idea to get your own node. Please note that running a Pi node requires using electricity. Recently, the number of active Pi nodes has exceeded 12,000.
Each person can only have one Pi account, and 25% of all Pi coins have been allocated to the Pi core team. The project has recently launched a closed mainnet, meaning only people within the Pi ecosystem can currently use Pi for trading, buying, and selling for now. In order to buy or trade Pi coins, one needs to pass the KYC verification first, the selection for which is random. The Pi network team is planning to have a mass KYC verification soon and expects its users to be done with it by the end of March 2022.
Pi Network Price Today
The Pi coin’s current price is $0 as it has not been listed on any cryptocurrency exchanges yet. While PI Network is not available for purchase, we recommend reading the article about cryptos that will explode in 2022.
Pi Network Price Prediction for 2022 by Experts
Since this cryptocurrency’s future is so unpredictable, many experts are very conservative in their Pi network price predictions. The Pi coin neither has a price history for us to analyze nor has it shown how it responds to the price movements of the crypto market and Bitcoin. There’s no market cap or all-time high for us to use in our price predictions, either.
So, what’s left? Well, in a case like this, most experts have no choice but to turn to pure speculation. We cannot even carry out a full-fledged fundamental analysis. To derive the true value of any asset, one has to evaluate its potential and existing use cases, the number of people using or holding it, its future potential, the team behind it, and so on. Depending on the asset, some of these factors will play a bigger role in determining the asset’s price than the others. In Pi’s case, there’s no way to determine the actual number of users that will be holding the coin once it goes live.
Here’s what some crypto experts think in regard to the expected value of the Pi network coin.
Capital
Capital mostly examines the viability of the Pi network open mainnet being launched in the future — and their outlook is extremely positive. Among the reasons why they think the Pi coin isn’t a scam, they list the expansion of the ecosystem, with its Pi browser and Pi wallet, and various activities the project’s team organizes for the community.
They don’t make an actual Pi coin price prediction and say that the value of the cryptocurrency will heavily depend on its popularity among investors — and it’s something that is impossible to predict.
Currency.com
Currency.com does not make any Pi coin price predictions: they emphasize how impossible it is to predict Pi’s value. They also warn users about putting too much trust in this crypto, as the dev team has declined to answer all of their questions, including important ones such as “Will user data be used for financial gains?” While that does not necessarily mean the project is a scam, it is not the best sign.
DigitalCoinPrice
The only source we’ve found that has made a legitimate Pi coin price prediction is DigitalCoinPrice: they think Pi will hit $0.009 by the end of 2022 and reach $0.015 in 2025.
Other Crypto Experts
Since Pi hasn’t been listed anywhere yet, data-based prediction services like Trading View do not make any actual price predictions for the coin. However, curiously enough, Wallet Investor lists Pi’s actual price as $0.007077 and gives a one-year price prediction of $0.000001. The website makes it clear that these figures haven’t been updated since 2017 and that further data is needed to make a more accurate forecast.
CoinMarketCap also lists the same current value of the Pi coin and even has a current supply number, with 0 Pi coins being in circulation.
Pi Coin Price Prediction 2022-2027
Currently, it seems likely that the Pi network will start getting listed on exchanges in the second half of 2022. If that does indeed happen, then we will finally see the price of the Pi coin rise above $0 for the first time.
Usually, when such a famous and well-known project becomes listed for the first time, its price skyrockets in the first few days or weeks. As people rush to buy into the new possible big thing, the high demand will push the market cap and the Pi value up. However, such price rallies rarely last long: in many cases, the cryptocurrency crashes a few days after the initial mooning due to people trying to sell off their coins in order to make a quick profit.
The question is, will the same happen to the Pi coin?
In our Pi network price prediction, we took a look at both Pi’s strengths and weaknesses and the price history of cryptocurrencies with similar use cases. Additionally, we also had to consider what will happen to the crypto market in the future and how Pi might fit into the crypto sphere in the coming years.
Please note that this is all pure speculation. We’ve made this Pi network price prediction based on the assumption that the cryptocurrency is going to launch an open mainnet in June 2022 as planned.
Pi Coin Price Prediction 2022
According to our assumption that Pi’s price will follow the same trends that many other altcoins do, this cryptocurrency will have a rally in the second half of 2022. If the open mainnet is launched as planned, we might see the Pi coin being listed on exchanges in July 2022.
Pi Coin Price Prediction 2023
2023 might be the year that the crypto industry rebounds and recovers from the current bear market. The Pi coin is likely to follow any market booms that occur, so 2023 might see its price rising to new all-time highs.
Additionally, the general hype for crypto can greatly benefit the Pi cryptocurrency. It is beginner-friendly, free to mine, and is connected to the pi number — if the hype occurs in early spring of 2023, its team can advertise quite effectively on Pi Day.
One more thing to note when making any future Pi coin price prediction is that it can be quite lucrative for businesses to invest in and adopt — for example, it fits the criteria Elon Musk has set for a cryptocurrency that can potentially become a payment medium in Tesla.
Pi Coin Price Prediction 2025
What will Pi be worth in 2025? If all goes according to plan, then the cryptocurrency will likely remain roughly at the same price level for a while, just as many altcoins do. Under this scenario, Pi will only rise when the market is booming or when it gets pumped by the community or the devs.
Of course, on the off chance that it gets noticed by a celebrity or a big business, Pi’s price might rise exponentially, potentially even going over the $1. That (at the current estimated circulating supply of 40M, which will only increase with time) would put its market cap roughly at the same number as the current market capitalization of XRP.
Pi Coin Price Prediction 2026
Our Pi coin price prediction for 2026 is that the cryptocurrency will manage to reach highs it has not seen before. After all, we expect that this project is going to garner more attention as years go by, so it is only natural that its price will rise.
The fact that the Pi network has adopted a mobile-first approach will definitely benefit it in the future: the digital world is slowly switching away from using PCs to tablets and smartphones. Even though it is nearly impossible to make an actual Pi coin price prediction and name the Pi coin’s future price, we can tell that it does have some potential to become one of the leading digital coins.
Pi Coin Price Prediction 2027
What’s going to happen to the Pi network in five years? Well, only time will tell. If all goes well and the coin not only gets listed as planned but also survives the crashes that are bound to follow its earlier rallies, then this digital currency has a chance to survive till 2027 and even become profitable for all its holders. Considering Pi mining is free, everything you make from selling the cryptocurrency can technically be a profit.
However, there’s a big chance that Pi mining might become unprofitable that far in the future. After all, anyone that has ever tried to mine coins knows that the process has diminishing returns. We doubt that even the relatively low initial investment costs one needs to pay to mine the Pi coin will be able to offset the halvings, inflation, and the rising number of miners.
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