Top Five Things You Need to Know About Pi Network

by BSCN

January 25, 2023

A look at the most important five facts about Pi Network.

Facts About Pi Network

Pi Network is trending in the crypto space. The mobile mining initiative established by two Stanford University academics, Nicolas Kokkalis and Chengdiao Fan, has raised the expectations of many Decentralized Finance (DeFi) enthusiasts.

By allowing Pioneers to mine the native Pi currency freely, there is optimism that the network will raise millionaires in the nearest future. However, the protocol remains in its enclosed mainnet, building its framework for open mainnet launch.

While we await the open mainnet launch, BSC News has curated some of the top five facts about the Network to address the confusion among Pioneers in the DeFi industry.

The Pi Native Currency is a Coin

Contrary to various reports and claims from Pioneers, $Pi is a coin, not a token. This is because the protocol has its native Pi blockchain. Like BNB Chain and Ethereum networks, the Pi blockchain is backed by the Pi Coin.

A token resides in an existing blockchain, while a coin is built in its blockchain.

$Pi Cannot Be Traded Yet

On January 6, BSC News reported Pi Network’s response to unauthorized $Pi listings on Centralized Exchanges (CEX). The protocol urged users to avoid purchasing the coin on any exchange because Pi Network is still in an enclosed mainnet.

Since Pi Network is in an enclosed mainnet, $Pi cannot be traded on any DEX or CEX. Trading is only possible after the open mainnet goes live.

Pi Coin is Only Obtained Through Mining

You can only have the $Pi coin by mining through the mobile application. As stated above, $Pi cannot be traded on any exchange.

Developers Can Build on Pi Blockchain

Like other top networks in the industry, developers would be able to build their Decentralized Applications (dApps) on the Pi blockchain. Builders have already shown interest in utilizing the decentralized blockchain by participating in the Pi Hackathon.

Pi Mining is Free

Mining Pi is free of charge. Interested users only need to download the application on IOS or Android to start mining the cryptocurrency.

Pi is still in its enclosed mainnet, focusing on mass KYC and ecosystem building. The hackathon event is part of ecosystem building, inviting teams and developers to showcase their ideas on the blockchain. As for KYC, the Pi Core team is continually making efforts to expand the solution powered by machine automation and human verification to its large user base.

What is Pi Network:

Pi Network is a novel cryptocurrency and developer platform that allows mobile users to mine Pi coins without draining the device’s battery. Pi’s blockchain secures economic transactions via a mobile meritocracy system and a full Web 3.0 experience where community developers can build decentralized applications (Dapps) for millions of users.