Pi Network: What is Pi Coin and What is Its Current State?

Pi Network, one of the most popular cryptocurrencies, has made a lot of progress as its journey to mainnet launch continues.

Pi Network, a cryptocurrency that has gained immense popularity, continues to make strides in its journey toward mainnet launch. While the process has been lengthy, the developers maintain that it is the optimal approach to creating a good and universal cryptocurrency. So, what is Pi Coin and what is its current state?

Pi Network is a cryptocurrency project that was started in 2018 with the aim of solving some of the biggest challenges in the existing networks.

The first challenge was mining, where it became almost impossible for ordinary people to mine Bitcoin, the biggest crypto in the world. As the mining difficulty increased, the process required sophisticated and expensive machines.

Pi Network solved that challenge by creating a technology that lets anyone with a smartphone to mine it. This process proved to be highly successful as the number of miners soared to more than 50 million.

Pi also aimed to solve the problem of cryptocurrencies not being used to handle real-life purchases. While Bitcoin was started to be an alternative currency, it is now mostly seen as an investment solution.

Pi’s vision is a world where anyone can mine the currency and use it to purchase things both online and offline.

Third, Pi Network aimed to solve the challenge of the high cost of transactions in the crypto industry. When the mainnet launches, it will have some of the lowest transaction costs in the payments industry.

Pi Network’s road to mainnet launch has taken longer than expected, a process that has irked most pioneers. For one, most of these people have been mining the token since its inception in 2018.

Most of Pi Network’s development ended in 2021 when the platform moved into an enclosed mainnet where it remains to date. The enclosed mainnet helps the developers and pioneers test the network before it is made available to everyone.

In addition to testing, the enclosed mainnet has been a good period for third-party developers to build dApps that will support the network. Several apps and technologies like the Pi Browser, Fireside Forum, and the Pi Ad Network have been launched in this phase.

The developers are now working to migrate from the enclosed mainnet to the final mainnet, when the Pi Coin will become transferable and listed in exchanges.

To do that, they are working on the KYC process for all pioneers in a bid to remove bots and ensure the integrity of the network. Recent data shows that they have done a KYC on over 6 million people and the process is accelerating.

Second, they hope that the network will have a solid ecosystem of dApps to give the token utility. In this case, they have launched several hackathons to attract developers.

Finally, the mainnet launch will happen when the market conditions will be supportive such as when cryptocurrencies are soaring.

Most Pi Network pioneers have been irked by the continued delay of the mainnet launch. In the past five years, they have watched many cryptocurrencies move from zero into billion-dollar entities while their Pi Coin remains almost worthless. For example, Toncoin was launched recently and is now a $17 billion token.

It is still too early to predict whether the Pi Network cryptocurrency will become successful. We will have to wait and see about that.

News source：https://www.kdj.com/cryptocurrencies-news/articles/pi-network-pi-coin-current.html

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