Pi Network has come into the spotlight in the past few weeks as hopes of the mainnet launch continue. The unofficial Pi coin price has remained above $50 and is on an uptrend as investors anticipate the Open Network launch. So, this article explores what the Pi Network is and whether it has any value.
What is the Pi Network?
Pi Network is a blockchain project that has been around since 2018. It was established to offer a real alternative to Bitcoin, the biggest cryptocurrency in the world. That’s because Bitcoin had some major drawbacks, such as the rising cost of mining and higher transaction costs.
Pi developers introduced a novel project that allowed users to mine coins on their phones by just tapping a button. Users, known as pioneers, had to be referred to the network by existing members.
Over time, the network attracted millions of users worldwide who took part in the mining process.
At the same time, the developers continued to build the network by launching apps to support the platform. They launched the Pi Browser, which has been downloaded over 100 million times.
The creators also launched Fireside Forum, a social media platform for community members. Also, they launched an ad network that will power all advertisements in the network.
Pi Network has also had several competitions that have let developers showcase their ecosystem apps. For example, Map of Pi is an app that lets sellers who accept coins showcase their shops.
Pi Network mainnet launch hopes
Pi Network has remained in an enclosed mainnet since 2021. Pioneers could mine coins during this period while developers could build their projects. However, these users cannot sell or convert coins into fiat currency. That will happen when it moves from the enclosed mainnet to The Open Network.
The developers have identified three things that need to happen before the mainnet launch can go on. First, they want to ensure that pioneers have been verified, a process that has been going on for months and one that will end on December 31. Pioneers who have not verified their tokens will lose them.
Second, Pi Network hopes that there will be a vibrant ecosystem of applications before the mainnnet launch happens. Finally, their hope is that the external market will be conducive. This means they want the launch to happen when cryptocurrency prices are rising, and there is regulatory clarity.
Does the Pi coin have any value?
The most common question is whether the Pi coin has any value. For now, the Pi coin does not have any value because it is still in an enclosed mainnet.
Its real value will be seen when it migrates to the mainnet and gets listed in exchanges. It is still unclear what the initial Pi coin price will be, but estimates are that the coin will start trading at $3.14, the value of Pi. Data on its website shows that there are over 4.2 billion migrated coins, while 3.49 billion have been locked.
Assuming that all these coins are moved to the mainnet and the price is $3.14, Pi will have a market cap of over $26 billion, making it the 10th biggest crypto in the industry.
