Cryptocurrencies have been gaining popularity over the past few years, and with the development of the blockchain technology, there has been an emergence of new forms of digital assets. One such form is the smartphone crypto, Pi Coin. It is the first digital currency that can be mined on smartphones without affecting their performance and is a completely eco-friendly technology. In this article, we’ll take a closer look at Pi Coin and explore its potential.
Pi Coin is the native token of the Pi Network, and was recently listed on the Huobi and XT.com exchanges. Its public blockchain uses widely accepted and peer-reviewed algorithms and standards. The project strives to provide a usable and eco-sustainable smart contract currency and platform for everyday people. As of July 2021, Pi has reached over 12,000 active nodes.
The Pi Network App is easy to use and includes full functionality. It has a group chat for each language, a FAQ section to answer frequently asked questions, a white paper for technical details, and the announcement channel for the latest news communicated directly by the developers. The possibility of recovering the access code to the wallet (without custody) is also contemplated in case of loss thanks to its own security circle.
Unlike many other cryptocurrencies, Pi Coin does not require powerful servers to be mined. It uses the Stellar protocol, which allows transactions to be verified extremely efficiently, allowing for instant payments with almost zero power consumption. Also, thanks to the Stellar protocol, removing the Pi does not drain the battery or affect the performance of the smartphone.
However, at the moment, the Pi blockchain cannot be linked to others and it is only possible to use Pi to buy goods/services, while it is not possible to exchange with another fiat currency or other cryptocurrencies. After the “Closed mainnet” period, the Pi core team will open its main networks, allowing them to be exchangeable on the market.
The listing of Pi Coin on the two exchanges has been met with some skepticism, due to the warnings from the core team that the project’s main networks are closed and not allowing for external connectivity. Furthermore, CoinMarketCap issued a warning that prices of PI tokens on its platform reflect the value of the notes, despite the fact that the Pi corenet is not ready.
Nevertheless, the news of the listing has seen the prices of PI tokens rising steadily, up 235% in 24 hours. At the same time, blockchain security auditing firm Certik has reported that around $61,000 has been embezzled by some malicious entities, who withdrew funds from a pool by pretending to be Pi tokens.
The potential of Pi Coin is clear to see, and with the main networks set to open soon, it will be interesting to see how the cryptocurrency market develops.
