A crypto project many people have never heard of is promising to be the biggest disruptor in the cryptocurrency industry. Launched in 2018, Pi Network has become one of the most popular projects in the crypto industry as it attracted over 50 million users, mostly from emerging markets.
Pi Network aims to be better than Bitcoin
Pi Network, launched by two former Stanford University developers, aims to be the best cryptocurrency in the world. It aims to be a better coin than Bitcoin, which was launched to disrupt the financial industry.
Pi Network aims to solve the key issues that Bitcoin has today. First, unlike Bitcoin, anyone can mine Pi using their smartphone. BTC requires highly expensive computers that most people cannot afford.
Further, Pi Network hopes that the coin will be used widely in commerce. In a recent statement, the developers identified that over 27,000 businesses are prepared to accept the coin when it eventually launches.
By achieving the commerce angle, Pi Network will be different than Bitcoin, which has become an investment asset. In this case, Bitcoin’s role as a better currency than the US dollar has largely failed.
Pi Network’s developers have succeeded in making the coin highly popular. It has over 50 million miners, who are known as pioneers. Over 100 million people have downloaded its browser. Its other projects, like the Fireside Forum, are used widely in the crypto industry.
The biggest challenge pioneers have faced is not being able to convert their Pi coins into fiat currencies for many years. The developers argued that the network needed to be ready for this transition. They aim to avoid the mistakes that other tap-to-earn coins, such as Hamster Kombat and Catizen, have made.
Will Pi Coin succeed?
Pi Network’s developers have noted that they will launch the Open Mainnet in the first quarter of this year. That means the network will move from the enclosed mainnet into the public mainnet, where pioneers can sell their tokens.
The mainnet launch will happen when more pioneers complete their Know Your Customer (KYC) verification and move their tokens to the mainnet. The first grace period of the KYC ended on November 31st and was then extended to December 31st.
This grace period was extended to January 31st as many pioneers had completed their KYC migration but had yet to move their coins to the mainnet. As such, the developers noted that the extension would help at least 2 million pioneers complete their migration.
So, the question is whether Pi Network will succeed where Bitcoin failed. In my view, the biggest challenge is where most of the Pi pioneers decide to sell their coins shortly after the airdrop, as we have seen with the likes of Hamster Kombat and Catizen.
If this happens, Pi Coin will become one of the many cryptocurrency projects that exist today.
Read more: What is the Pi Network, and Does the Coin Have Any Value?
