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What are the Latest Predictions for the Pi Network Coin?

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Currently, there are 33 million miners on the Pi Network called Pioneer, but it is still unclear how they will benefit from that mining. The debate about whether Pi Network, the app that claims to open cryptocurrency access to everyone, is an authentic initiative or a scam continues. If it is a fraud, the method is not like a Ponzi scheme because the user does not invest money, only invests time and lives in the phone.

The Pi Network organization was criticized for exploiting its miners by selling advertisements to the 33 million Pioneers.

However, the team behind Pi Network say their project is “a genuine attempt by a team of Stanford graduates to expand cryptocurrency access for everyday people.”

And many loyal crypto users see it as an opportunity to get involved in a new cryptocurrency from scratch and possibly profit in the future. Perhaps they took this opportunity by reflecting on the first generation of Bitcoin (BTC) holders who made huge profits from mining and coin ownership.

However, there are also those who equate the Pi crypto with a worthless multi-level marketing (MLM) scam. As of March 24th, no coins have been traded yet. That is, there are no transactions and no fiat rewards.

Recently the organization behind Pi Network tweeted: "Pi Network has had a year of great growth with achievements meeting its `roadmap goals and expanding its network utility."

These milestones include the launch of the mainnet, and the Pi Network The organization stated that at this point the exchange can trade the coin. However, there has been no sign of an exchange intending to trade the coin.

On Pi Day which falls on March 14 (dating which is more understandable if you use US date writing, i.e. 3.14), Pi Network announced two more innovations: the launch of a KYC (know your customer) solution and a mining mechanism. New Pi that rewards more variety. These two innovations have the potential to increase their value for advertisers.

The Pi Network continues to assert that they are not holding an initial coin offering (ICO) or crowdfunding sale, and that coins that can be mined within their current ecosystem remain in the ecosystem.

In its white paper, the organization states that in phase three “only accounts that are validated to belong to real individuals will be recognized”. This is a process called Know Your Customer (KYC).

The report adds: "This is the phase when Pi can be connected to exchanges and exchanged for other currencies." Many Pioneers are looking forward to this phase because they consider the coins that have been mined to be of little value if they cannot be sold.

This article provides an overview of what the Pi Network is aiming to achieve and price predictions for the PI coin.

What is Pi Network

Pi Network is a digital currency project that aims to make cryptocurrency mining accessible because the centralization of first-generation currencies like Bitcoin makes mining out of the reach of ordinary users. The Pi Network, developed by a team of Stanford graduates, lets users mine coins with a mobile app and validate transactions on distributed records.

Unlike nodes on a network like Bitcoin which use the Proof-of-Work (PoW) protocol, the Pi node uses an algorithm based on the Stellar Consensus Protocol (SCP). The Pi node validates transactions on the distributed ledger and reaches consensus on the order of new transactions recorded by the ledger.

Within the SCP, the PI nodes form a security circle, or group, of three to five trusted people known to every user of the network. This security loop builds a global network of trust that prevents fraudulent transactions because transactions can only be validated on a shared ledger if trusted nodes approve them.

Branded using the π symbol, Phase 1 of the project launched in 2019 on Pi Day, March 14, with the free Pi mining app. As of June 2019, the network has over 100,000 active users. A year later, when Phase 2 launched, its users had already exceeded 3.5 million.

The Pi app started serving ads in May 2020 to provide a source of financing for its projects.

On November 25, Pi Network announced their user base had reached 29 million, up from 14 million in March 2021.

The Pi coin, or PI, is a cryptocurrency that operates on the Pi Network, and like other cryptocurrencies such as Bitcoin, it is designed to undergo a regular halving process to protect against its scarcity. Halving is a process that reduces the number of coins received by miners after processing new transactions

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