What is Pi network?
Developed in 2018 by a team of Stanford University graduates, Pi network was invented with the goal to simplify access to cryptocurrency for the public. Pi crypto is introduced as easily mineable on any desktop or mobile device without the need to equip strong computers and the consumption of mass energy. Network participants can play several roles including running a node on their personal computers, referring new members, or mining Pi coins on their phones.
According to the Pi core team (PCT), during the beta stage of the project, the application works by simulating the mining process which will run properly when the Pi goes mainnet. Users take part in block validation and receive rewards in Pi coins.
Pi network is considered the most approachable cryptocurrency.
The potential of Pi network
Reportedly, Pi network went viral globally thanks to its community of around 35 million active users as of 2022 who are mining Pi through their mobile phones. The application is available on both Android and iOS and is approachable to everyone with smartphones by its easy use. So far, the network has garnered a great number of social media followers and continues to grow exponentially day by day.
For a long time, as users were unable to move their Pi and actually use the coins, Pi network is often viewed as a scam. Nevertheless, with the PCT’s recent updates on the development of the system, the project is proving otherwise. The launch of its mainnet allows everyone to spend their Pi coins and there are quite rumors that several marketplaces will soon accept payments in Pi.
Another aspect that cannot be ignored is the strong trust of users in the PCT. Pi network is considered the largest cryptocurrency community with continuous discussion across all social media channels and groups. Every new progress of Pi network is updated regularly. All in all, the PCT’s endeavor in maintaining the holders’ interest is undeniable, which further strengthens their credibility.
The incompletion of Pi
The open network of Pi has not been launched. This also means, Pi is just a closed network (Enclosed Network) and cannot communicate with other blockchains. All users can do at the current time is transfer Pi between accounts and within the chain.
In addition, after 3 years of launch, Pi crypto is yet to be listed on any crypto exchange. Although Pi coin is predicted to reach at least a few dozen of dollars soon, users cannot yet enjoy the value of the time and efforts spent on mining.
Moreover, Pi has not been able to catch up with other blockchains with just very few platforms developed on it. In 2021, a hackathon was held for developers to build platforms on Pi network, and several projects were named as winners, amongst which were mostly e-commerce, gaming and service platforms. Pi blockchain still lacks a platform that actually exploits the currency aspect of Pi coin.
A new generation of Pi’s platforms
A team of developers in New Zealand has recently introduced a brand-new concept to the Pi community. This concept, though, is a common one in the cryptocurrency market: Blockchain bridge. Their project named PiBridge aims at building a connection gate between Pi network and others – starting with one of the most popular: Binance Smart Chain.
PiBridge will support the Pi community to connect with other blockchains.
According to the development team, Pibridge is a trustless gateway that unleashes the barrier between the Pi network and other blockchains, making Pi accessible and approachable to the public and offering a new permissionless and transparent financial tool to the Pi users. Pi Bridge allows data to flow and Pi holders to freely travel between the networks. This is also a pre-opened way for Pi holders to take advantage of the asset’s value.
The most significant benefit of the project is enhanced interoperability and scalability. Users benefit from blockchain bridges through the ability to enjoy more features of different platforms such as farming and staking, exchanging with other cryptocurrencies, lending, fundraising, e-commerce, etc., avoiding scammers and faster transactions. Some other successful examples of blockchain bridges that brought great benefits are Celer cBridge, Cross-Chain Bridge, Umbria Narni Bridge, etc.
PiBridge is rumored to be introduced to the public this September and has gained quite a lot of attention just within a few days after the leak of the news. The development team includes experts in the fields of blockchain and Fintech. However, they have not yet publicized their identities to protect personal information.
So far, PiBridge is the pioneer in expanding the value of Pi to a wider world. This appears to be the most expected project in the Pi community in the last months of 2022 and will be a meaningful project to support Pi users and address some current limitations of Pi network.