- Pi Network has been around since 2018 and has attracted millions of users
- Pi coins are currently worthless since they cannot be used to handle transactions.
- The developers are making money running ads in its mobile platforms
The mystery of Pi Network and Pi Coin is continuing this year as the delay to its mainnet launch continued. Miners are still using their mobile devices to mine the Pi token but its real value remains worthless for now.
What is Pi Network?
Pi Network is a blockchain company that was started in 2018 to revolutionize the crypto industry. The developers hope to create a cryptocurrency that can be mined with any smartphone. This is in contrast to other popular coins like Bitcoin and Litecoin that require huge rigs.
The Pi Network’s goal is to create an ecosystem of dApps that are powered by the technology. This ecosystem is constantly growing, helped by the regular hackathons carried out by the developers.
Pi Network has grown rapidly in the past few years. It now counts over 30 million pioneers, who have created an account and are taking part in the mining. Further, its Twitter account has over 2 million followers, which is a higher number than most cryptocurrencies.
The challenge for Pi Coin miners is that the token now has no value, meaning that you can’t exchange it for fiat funds. This value will only happen when crypto exchanges list the real token and people can swap theirs.
What is the future of Pi Coin price?
A look at Pi Network’s platform shows that the platform is behind schedule. For example, they launched the Pi Network beta in 2018 followed by its testnet in March 2020. This was followed by the mainnet launch in December 2021 followed by the enclosed mainnet. Enclosed mainnet is described as:
“The Enclosed Network period means that the Mainnet is live but with a firewall that prevents any unwanted external connectivity. Pioneers will be able to take time to KYC and migrate their Pi to the live Mainnet blockchain.”
Pi Network has remained in its enclosed mainnet for more than 18 months. All this means that Pi pioneers who started mining in 2018 are still holding tokens that have no value. Five years is a lot of time in the crypto industry.
The developers have argued that this delay is necessary as they work on the ecosystem and as they conduct KYC. I believe that they are just killing time as they make money running ads in Pi’s Android and iOS apps.
Therefore, I suspect that it will take a few more years before the developers accept to list the token in exchanges.
