Pi Network went live on the mainnet on Wednesday, December 29. According to rumors, the Pi coin community hopes that the project will start an initial coin offering (ICO). The best thing is that miners won’t need expensive equipment to get Pi — the coin is mined via smartphone.
Pi Network — How Does it Work?
The underlying blockchain technology allows peer-to-peer and peer-to-app transfers inside the network. The current mining rate is low and adjusted to the limited Pi coin supply.
The network will also give access to the mining simulation under the mainnet. Pi miners, also called Pioneers, will use the Pi wallet or a browser to get to mainnet and testnet and check their balances. First, however, users will have to pass the know-your-customer (KYC) process to manage the balances on their accounts.
The Pi Network relies on the security circles to establish trust nodes. The network halves its mining rate every time it swells ten times.
At the moment, there are about 30 million active Pioneers. The next halving event will happen once there are 100 million active Pi miners. Additionally, the total amount of Pi coins is undefined.
The main idea behind Pi is to expand among those with limited knowledge about cryptocurrency. However, Pi owners can’t exchange the coin for fiat or other currency.
Additionally, based on the available information, the Pi project won’t offer an initial coin offering even though it will get listed for trading on an exchange.