The Pi Network has been making waves in the crypto space with its innovative approach to digital currency. By offering users many of the benefits that come with Bitcoin but avoiding potential pitfalls, they have garnered a great deal of attention from both exchanges and investors alike who are eager for an alternative solution. To make sure your decision is well informed before joining this new initiative, it can be helpful to brush up on what sets Pi apart and understand how their goal promises greater success than other existing cryptocurrencies.
Contents in this article:
How to trade PI coin on XT.COM?
What is PI Network?
PI Network is a mobile application that started in 2019 as an effort to bridge the gap between cryptocurrency and everyday users. It doubles as a secure digital currency platform and a social network, allowing people to earn rewards by securely participating in transactions on the PI Network blockchain. PI Network features a Proof of PI consensus mechanism which ensures that PI holders are rewarded for verifying transactions and building trust within the PI Network community. As more and more users join, PI’s value is expected to rise over time as its user base grows. This platform is positioned to inspire mass adoption of cryptocurrency worldwide, creating an economy of stakeholders who are empowered and incentivized to expand its use.
In 2018, the brains behind Pi Network, Nicholas Kokkalis and Chengdiao Fan of Stanford University fame, set out to make digital money available for everyone. The hard work paid off when on 14 March 2019 they released a whitepaper introducing Pi Network with its very own app. Now users all over can join in! With this project, investors have the chance to create a positive environmental impact. In crypto markets where proof-of-work (PoW) has been heavily criticized for its large energy consumption and resulting damage to the environment, sustainability is an attractive investment opportunity.
PI Network works via a mobile app which is connected to cloud services that enable users to monitor the network in real-time and analyze data collected. PI Network enables miners, using the PI Coin, to mine PI blockchains while helping in verifying transactions that take place between different peers. Miners are rewarded with PI coins for their contributions to the network’s security.
The Pi Network app makes it easy to get your hands on crypto tokens without needing any tech savvy or mining hardware. All that’s required is a phone and an invitation code from someone already using the network, allowing you to join in just minutes! Once part of this revolutionary community, simply hit one button each day for 24 hours straight - doing so will prove you’re not robotic and earn yourself some Pi coins at no extra cost. But if referring more friends catches your interest then why stop there? With every successful referral made through their system not only do they benefit but so too does the user with added earnings off top of what has come before.
What is PI coin?
PI coin is a very unique cryptocurrency that has been gaining momentum recently due to its innovative approach in the digital asset arena. PI coin is focused on increasing global financial inclusion while also striving to become one of the most efficient blockchain networks. PI coin stands out from other cryptocurrencies because it makes achieving goals such as low energy consumption, fast and secure transactions, and expansive usage for holders possible through its proprietary consensus mechanism. PI coin provides individuals with an opportunity to join a new type of economy which decreases centralization by giving anyone access to integrated financial services without any minimum deposits necessary.
PI coins can then be used as a payment method within the PI Network ecosystem and can also be traded on exchanges, allowing users to store their wealth without worrying about market volatility and fluctuations. PI coins offer low transaction fees allowing users to make online payments without worry of high costs often associated with traditional fiat currencies such as credit card fees or bank transfer fees. PI coin is definitely worth keeping an eye on as this platform continues to gain traction and increase in popularity.
How does Pi Network work?
Pi Network stands out from other crypto projects due to its innovative use of the Stellar Consensus Protocol and Federated Byzantine Agreement technologies, which allow users to earn rewards while providing a secure network without any central authority. With Pi’s cutting-edge infrastructure, individuals can participate in an ecosystem where everyone is both rewarded for their contribution and protected by strong security measures.
On Pi, users may play one of four roles:
- Pioneer: Miners who mine Pi by tapping the lightning button. There were more than 35 million Pioneers, as of 16 January 2023.
- Contributor: A participant who provides a list of trustworthy users to the network in exchange for an incentive.
- Ambassadors: Participants who promote new users to the network using their referral code receive a bonus.
- Nodes: Participants using the Pi node software on their home computers
The Pi network intends to create an idea of token scarcity while ensuring that a sizable amount of the tokens are not concentrated in the hands of a few people. Given this, the Pi economic model operates on four different models:
- Simple: Creating an intuitive and transparent economic model
- Fair Distribution: The asset’s price would give several people access to Pi tokens, unlike the first-generation protocols
- Scarcity: Create a form of scarcity to maintain its price
- Meritocratic Mining: Incentivising user engagements by rewarding their contributions to the network
In a little over a year, the blockchain project Pi Network has seen remarkable growth and adoption. The Pi network project has experienced tremendous growth since its release in 2019, with only 100,000 active users at the start and a whopping 33 million today.
How to trade PI coin on XT.COM?
XT.COM opened PI/USDT trading pair in Innovation Zone (Hot Coin) at 03: 00 on December 29, 2022 (UTC).
XT.COM added PI network (PI3L/USDT, PI3S/USDT) in ETF Zone at 08:00 (UTC) on January 04, 2023.
XT.COM listed PI/USDT USDT-M perpetual contract (1-10x leverage) at 08:00(UTC) on January 05, 2023.