Token PI (Pi Network) has been listed on leading CEX markets and the price is continuously setting new highs every day. So what is Pi Network? Why is this project seeing such a strong price increase after listing? Let's explore this token in more detail through the article below!
What is Pi Network?
Pi Network is a cryptocurrency project developed based on a direct mining (mining) mechanism to generate PI tokens through a mobile application without consuming much energy like Bitcoin, Litecoin, ... This easy and cost-free mining has helped Pi Network become an accessible project, suitable for all users, even those without in-depth knowledge of blockchain technology.
The project was launched in 2019 by a group of former Stanford University students, including Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, and Vincent McPhillip. The project's goal is to create a decentralized ecosystem where PI tokens can be used to exchange goods, services, and support decentralized applications (DApps).
Mining PI tokens is very simple, users only need to install the Pi Network app and then start mining PI. During the mining process, users do not need to keep the app running continuously but can freely exit the app and do other tasks. With the Stellar Consensus Protocol (SCP) operating mechanism, the project has provided users with a very simple mining method without draining the phone's battery or causing lag when the app runs in the background.
As of now, Pi Network has attracted over 60 million users worldwide. This community plays an important role in building and developing the project's ecosystem, from verifying transactions to creating decentralized applications. The Pi team is currently aiming to build a Layer 1 ecosystem centered around the PI token, with PI as the core in the DeFi space for trading or earning, ...
Overview of the PI Token
Detailed Information
- Project Name: Pi Network
- Token: PI
- Blockchain: Pi Network
- Smart Contract: Update
- Circulating Supply: 6.041B PI
- Total Supply: 100B PI
Project Development Team
Vincent McPhillip (left), Chendiao Fan (middle), and Nicolas Kokkalis (right)
1. Dr. Nicolas Kokkalis - Chief Technology Officer (CTO):
- He is the founder and is primarily responsible for the technology of Pi Network.
- He has a Ph.D. in Computer Science from Stanford University, where he has taught about blockchain and decentralized applications.
- Nicolas Kokkalis has extensive experience in the fields of artificial intelligence (AI), machine learning, and distributed system design.
- LinkedIn: Nicolas Kokkalis
2. Dr. Chengdiao Fan - Head of Product:
- Co-founder of Pi Network, responsible for product strategy and user behavior research.
- She has a Ph.D. in Computer Science from Stanford University, with expertise in big data analysis and human-computer interaction.
- Chengdiao Fan is focused on building a user-friendly blockchain ecosystem to help Pi Network reach a global community.
- LinkedIn: Chengdiao Fan
3. Vincent McPhillip - Head of Community:
- One of the co-founders of Pi Network, he is responsible for building and developing the global user community.
- Vincent has an MBA from Stanford University and has worked in the fields of business strategy and market development.
- He focuses on connecting the Pi Network community, creating a strong and sustainable user network.
- LinkedIn: Vincent McPhillip
Where is the PI Token Listed?
- DEX: DODO
- CEX: OKX, Bitget, Gate.io, Onus, MexC, ...
Mining PI Tokens
- Direct mining on mobile: Users only need to download the Pi Network app, log in to their account, and click the "lightning bolt" button daily to start mining PI tokens.
- No continuous internet connection required: Users only need to connect to the internet when starting the mining session. After that, the app will automatically record the mining activity even without an internet connection.
- Increase PI token mining speed: Invite friends to join or build a trusted security circle of 3-5 users, these people will help verify transactions and enhance the network's security, while also improving your mining speed.
- Halving mechanism (Reducing mining rewards by half): Pi Network applies a Halving mechanism similar to Bitcoin. When the number of users reaches a certain milestone, the mining reward will be reduced by half.
Future Outlook for the PI Token
- Currently, the price of PI is trading at $2.6516 and has increased more than 4 times from its lowest point after being listed. From an investment perspective, our team believes that in the future, PI could be one of the leading projects that will attract new capital into the Crypto market, so we expect the price to continue rising to generate new liquidity FOMO into the market. However, at the moment, we will not make any decision regarding investing in this token!
- Followin' Pi Network applies the halving mechanism like Bitcoin, but currently the total supply of the project is a very large number of up to 100B PI. If the Pi Network project can leverage the power of the community to build a strong and deeply applied network and generate profits for users, then the PI Token could become a top player in the blockchain ecosystem. However, if their long-term strategy does not benefit the community much, the project will certainly quickly sink into oblivion.
- In summary, the future of Pi Network depends greatly on the ability to execute the commitments of the development team and the support from the user community. If successful, Pi Network could become a successful project in price marketing, but if it fails, it could only be a temporary phenomenon in the history of the Crypto market. As for investment, the team advises that you should observe this Token longer before making a decision, avoid rushing to ride the wave for a long time.
Summary
Above are the key information about PI Token that the team has researched in detail. Hopefully this analysis will positively support your investment journey. Note that this is just reference information, not investment advice.
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