After two years of waiting, the Pi coin mainnet is all set to debut. It will be a big moment for over 10 million eager users as they will be able to migrate their Pi coins from the testnet to the mainnet, signaling the cryptocurrency’s official transition into a tradable asset. The users from Iran, India and Indonesia are all set to get a positive impact of Pi Coin’s listing on the exchanges.
In 2019, Stanford graduates launched Pi Network, which has since gained recognition as a ground-breaking blockchain initiative. The idea behind Pi is that users can mine cryptocurrency using their phones without the need for costly gear or technical expertise. By confirming their daily presence on the app, it is an accessible option for those who wish to take part.
Pi coin is officially available on major crypto exchanges including the OKX, Gate.io, Bitget, and CoinDCX after the launch of Pi Coin’s mainnet at 8:30 am UTC on February 20. Currently it is trading at $1.78 on OKX and $1.70 on Bitget.
Compared to Bitcoin’s proof of work, Pi Network’s Stellar Consensus Protocol uses less energy. It focuses on fostering community trust rather than using a lot of processing power. By adding three to five trusted contacts, users create “trust circles” that help in network security and transaction validation.
Users receive rewards for a variety of network contributions, such as running full nodes, expanding the circles, and making daily visits. However, Pi has been in an enclosed mainnet phase, meaning that before users can share their mined Pi to the blockchain, they must finish the KYC verification process. An “open network,” which will enable complete external connectivity and further expand Pi Coin’s accessibility and potential value, will soon replace this restricted phase.
By tapping on the lightning bolt icon within the Pi Network application, users can begin mining after downloading it. Users will be able to improve their mining by creating a circle after a few days. While using the app’s features, such as participating in chats and polls, users are also urged to share their referral codes in order to increase their earnings. Additionally, it provides positions such as Pioneer, Contributor, and Ambassador, each of which has the potential to earn more money based on user engagement.