Pi Network: what is the latest prediction for Pi coin?
Pi Network (PI) is causing a stir in the cryptocurrency community, even before it has fully launched. The project has been in development since 2018 and remains in testing mode. But there are already predictions for the Pi Network value when the cryptocurrency goes live.
Some users view Pi as a way to get involved in a cryptocurrency from the ground up and profit in the future, in the same way that early bitcoin (BTC) adopters have racked up massive gains from mining and holding the coin. Others, meanwhile, have likened Pi to a multi-level marketing (MLM) scam that holds no value.
But what is Pi Network and how does it work? Have you heard of its native coin and are you looking to find out more about how to buy a Pi coin as a potential investment?
This article provides an overview of what the Pi Network aims to achieve and how the Pi cryptocurrency prediction is already taking shape.
What is Pi Network?
Pi Network is a digital currency project that aims to keep crypto mining accessible. It is based on the view that the centralisation of the first generation of cryptocurrencies like bitcoin has put them out of reach of everyday users.
While early bitcoin adopters could mine the digital coin from a regular computer CPU, the process of mining – validating transactions on its distributed record, or blockchain – has been taken over by massive mining pools with specialist hardware.
The project, developed by a team of Stanford graduates, aims to redress the balance, enabling users to mine coins from its smartphone app.
With branding based on the number π, Phase 1 of the project launched in 2019 on Pi Day, 14 March, with its free PI mining app. By June 2019, the network had more than 100,000 active users, and a year later when Phase 2 launched there were more than 3.5 million. The app started running ads in May 2020 to provide a source of financing for the project. The user base reached 18 million at the end of May 2021, having crossed the 12 million mark in February.
18+ Million Engaged Pioneers!
Mine at a higher rate while you can. The mining rate may halve or fall to zero at Mainnet and when Pi reaches 100m engaged Pioneers. Don’t miss out! pic.twitter.com/CFq3dCByDs
— Pi Network (@PiCoreTeam) May 31, 2021
The Pi coin is the cryptocurrency that runs on the Pi network, and as with other cryptocurrencies such as BTC, Pi crypto was designed to undergo regular “halving” to protect its scarcity. Halving is when the number of coins that a miner receives for processing new transactions is reduced by half when a certain milestone is reached.
Pi’s mining rate halved from 1.6 π per hour when it reached 100,000 users, halved again to 0.4 π per hour when it reached 1 million and will halve again to 0.2 π when it reaches 10 million. It will continue to halve, with documentation showing the plan to reach zero at 1bn users.
However, it could bring that forward to 100 million or even when the coin moves from the testing phase to go live, which is known as moving from testnet to mainnet, according to the project’s Twitter account.
During the current second phase of the project, users can volunteer to test out Pi Node desktop software on their computer. But when will Phase 3 launch – will it be in 2021? According to the developers, the start of the third phase depends on the progress made in the second phase.
Unlike nodes in networks such as Bitcoin that use proof-of-work (PoW) protocols, Pi Nodes use an algorithm based on the Stellar Consensus Protocol (SCP). Pi Nodes validate transactions on a distributed ledger and reach a consensus on the order of new transactions that the ledger records.
Under the SCP, PI Nodes form security circles, or groups, of three to five trusted people known to each of the networks’ users. Security circles build a global trust network that prevents fraudulent transactions, as transactions can only be validated on the shared ledger if the trusted nodes approve them.
Pi coin remains in pre-release mode
During the first quarter of 2021, developers were able to interact with the Pi testnet. The project introduced a new Pi Brainstorming app in the Pi Apps Platform to allow users to propose app ideas, join projects and engage other users.
During the second quarter, the core Pi Network development team focused on building the Pi Utilities Platform, including enabling third-party apps with the wallet. On 10 April, Pi Network introduced its Pi browser app, after launching a Pi wallet app on 1 April. The wallet enables developers to test transactions on the Pi Testnet but does not enable real Pi transfers.
Pi Q2 Update & Plan.
After the successful release of the Pi Wallet & Browser in Q1, Core Team has been focusing on building the Pi Utilities Platform for Q2, including enabling third-party Pi apps with the Pi Wallet. Many more updates –
Read the full update in Pi app. pic.twitter.com/TE0V8pW9uf
— Pi Network (@PiCoreTeam) May 24, 2021
If you are wondering about the current worth of Pi coin, it is not yet available to buy on any of the cryptocurrency exchanges or trading platforms and has no tradeable value. Users that have mined the Pi cryptocurrency will only be able to withdraw or exchange their coins during the third phase of the project, when Pi moves to a completely decentralised blockchain.
Pi cannot be transferred during the testing phase. According to the project website, this is to prevent fake accounts from accumulating coins. Pi wallet balances are expected to be honoured when Pi shifts from the testnet to mainnet, when the blockchain protocol comes out of development and is fully deployed.
Once Phase 3 launches, holders will be able to take full control of their private and public wallet keys and use the coin to buy products and services on Pi’s peer-to-peer marketplace or exchange it for fiat currency. Without the keys, users cannot transfer or spend the currency they hold.
The Pi mobile app acts as a cryptocurrency wallet, linked to a user’s phone number or Facebook account. As with other public blockchains, the Pi blockchain will allow external wallets to hold Pi coins and transact with them by submitting transactions directly to the blockchain. However, unlike other blockchains, its developers have not yet released its source code.
Early adopters are accumulating Pi crypto in anticipation that the price will rise sharply after Phase 3 goes live. Although the coin’s mining rate has been reduced by halving, users can increase their mining rate by connecting with other active miners. New users can only join the Pi Network if they have a referral code from another user.
The project’s developers claim that the security of the Pi Network is enhanced by personal networks, encouraging users to bring in friends and family – which is prompting scepticism that it is a multi-level marketing (MLM) or pyramid scheme. However, it is worth noting that users can only earn coins from their own direct networks – not from their connections’ networks, as with an MLM scheme.
In the meantime, the developers have increasingly warned users that “scams claiming to involve Pi have recently popped up”.
New Mod Series: Watch Out & Protect Yourself From Scams
Welcome to another Mod Series. Today we will discuss various Pi scams and how to avoid them. As Pi Network grows, scams claiming to involve Pi have recently popped up. Stay safe.
— Pi Network (@PiCoreTeam) June 7, 2021
Some cryptocurrency observers have already started to make their predictions about the Pi cryptocurrency value. Let’s take a look at what the Pi price is likely to be when it does start trading.
Pi Network: Pi coin price prediction for 2021-2025
As with other digital coins at launch, the Pi cryptocurrency value is likely to start at a relatively low level against the US dollar and rise as its adoption grows. What do some of the price forecasts suggest?
On 3 August, Coin Data Flow estimated the price of Pi at $1.32-$1.35. It projected that the price could rise to $1.48 by 2025 if the coin grows at 1% of the average annual rate of bitcoin, or reach $224.89 if it has 100% of Bitcoin’s previous average annual growth.
On 18 March, Digital Coin’s Pi Network price prediction 2021-2025 projected that the coin’s price would rise from an average of $0.0107 in 2021 to $0.0127 in 2022, and $0.0212 by 2025. Over the longer term, it predicted the Pi price to average $0.0319 by 2028.
However, on 19 March, the website deleted all the information on its price estimates.
Algorithm-based forecasting service WalletInvestor had a Pi coin price prediction of $0.0132, with a downside of $0.00743. It too later removed the prediction.
Depending on the number of cryptocurrency users and exchanges that adopt Pi, the bull case could see the price of Pi reach $1 if it launches by the end of 2021, according to crypto exchange Changelly. Over the longer term, the price could rise to $5 by 2025, the website predicts.
Will Pi coin rise past $1 in the future? Follow Capital.com to be one of the first to discover the updated PI/USD price forecast once any further data becomes available