What is Pi Network? This is the Explanation!

What is pi network? Surely you will ask that when you just hear it. Those who have been playing crypto for a long time must already know this term.

However, it's only natural that some of you don't know what the pi network is and how it works. This is because the Pi's network is slightly different.

Basically, the Pi network is one of the cryptocurrencies or what you usually know as cryptocurrencies. However, there is a slight difference between the Pi Network coins and crypto currency other. Here's the explanation! 

What is Pi Network

As you already know, the Pi Network is cryptocurrencies which offers the concept of mining. However, unlike other cryptocurrencies, Pi network cryptocurrencies are not traded for free.

So, to get this cryptocurrency, you need to create a group of three to five people to create a network. Then, all new transactions can be made if approved by trusted nodes.

The node itself is one type of user on the Pi Network. Apart from nodes, there are also users who function as pioneers, contributors, and ambassadors.

History of the Pi Network 

PI was founded by Nicolas Kokkalis and Shengdiao Fan. Kokkalis and Fan have doctorates from Stanford University in the United States, with Kokkalis holding degrees in computer science and Fang having doctorates in computational anthropology.

The Pi Network concept first appeared in 2019, with the launch of the app that year. 2020 saw the launch of the testnet and the number of active pioneers topped one million.

From late June 2021 to late September of the same year, Pi is hosting its first hackathon, #BuildPi2gether “a collaborative event where pioneers and developers come together to build the future of Pi together”.

This offers a total of $100,000 and 100,000 IP for flagship projects in environmental and commercial applications.

On November 25, 2021, the Pi network said it had surpassed 29 million users. That's an average of 61,120 pioneers joining the network each day. In late December, the mainnet was launched, though at the time of writing (March 14, 2022), neither exchange listed the coin. 

Also read: RansVerse Whitepaper: LAND, Currency to Game Story

Is it Safe to Use?

For those who want to know whether or not the Pi's network is bad, there's no clear answer. Of course, you may lose personal information due to the need to provide your name, telephone number, and details Facebook. 

Also, there are questions about whether Pi Network is a scam or not due to its similar nature to a pyramid scheme.

Also read: Differences between DEX and CEX in the Crypto World

This is because you need to attract other people to join your network. So even though the Pi Network vehemently denies that this is a scam, you should still be careful.