GA, USA, Sept. 03, 2022 (GLOBE NEWSWIRE) — Madiad LLC.
What is Pi networking?
Developed in 2018 by a team of Stanford University graduates, the Pi network was invented with the goal of simplifying access to cryptocurrency for the public. Pi crypto is introduced as easily minable on any desktop or mobile device without the need to equip powerful computers and massive energy consumption. Network participants can play multiple roles, including running a node on their personal computers, referring new members, or mining Pi coins on their phones.
According to the Pi Core Team (PCT), the application works during the beta stage of the project by simulating the mining process that will run correctly when the Pi goes to the mainnet. Users participate in block validation and receive rewards in Pi coins.
The Pi network is considered the most accessible cryptocurrency.
The potential of the Pi network
Reportedly, the Pi network went viral globally thanks to the community of around 35 million active users as of 2022 mining Pi through their mobile phones. The application is available on both Android and iOS and is accessible to anyone with a smartphone due to its ease of use. So far, the network has gained a huge following on social media and continues to grow exponentially day by day.
For a long time, since users were unable to move the Pi and actually spend the coins, the Pi network is often seen as a scam. Yet, with PCT’s latest updates on the development of the system, the project proves otherwise. The launch of the mainnet allows everyone to use their Pi coins, and there are quite a few rumors that more marketplaces will soon accept payments in Pi.
Another aspect that cannot be ignored is the strong trust of users in PCT. The Pi Network is considered the largest cryptocurrency community with continuous discussion across all social media channels and groups. Every new progress in the Pi network is updated regularly. All in all, the PCT’s efforts to uphold the interest of the holders are undeniable, which further strengthens their credibility.
The incompleteness of Pi
The open network of the Pi has not been launched. This also means that Pi is only a closed network (Enclosed Network) and cannot communicate with other blockchains. All users can do at the moment is transfer Pi between accounts and within the chain.
Additionally, after 3 years of launch, Pi crypto is not yet listed on any crypto exchange. Although the Pi coin is predicted to reach at least a couple of dozen dollars soon, users are yet to enjoy the value of the time and effort spent on mining.
Also, Pi has not been able to catch up with other blockchains with only very few platforms developed on it. In 2021, a hackathon was held for developers to build platforms on the Pi network, and several projects were named winners, among which were mostly e-commerce, gaming and service platforms. The Pi blockchain still lacks a platform that actually leverages the currency aspect of Pi coins.
A new generation of Pi’s platforms
A team of developers in New Zealand have recently introduced a brand new concept to the Pi community. However, this concept is common in the cryptocurrency market: Blockchain bridge. Their project called PiBridge aims to build a connection gateway between Pi networks and others – starting with one of the most popular: the Binance Smart Chain.
PiBridge will support the Pi community to connect with other blockchains.
According to the development team, Pibridge is a trustless gateway that breaks down the barrier between the Pi network and other blockchains, making Pi available and accessible to the public and offering a new permissionless and transparent financial tool to Pi users. Pi Bridge allows data to flow and Pi holders can freely travel between networks. This is also a pre-opened way for Pi holders to benefit from their asset’s value.
The main benefit of the project is improved interoperability and scalability. Users benefit from blockchain bridges through the ability to enjoy multiple features on different platforms such as farming and staking, exchange with other cryptocurrencies, lending, fundraising, e-commerce, etc., avoiding scammers and faster transactions. Some other successful examples of blockchain bridges that brought great benefits are Celer cBridge, Cross-Chain Bridge, Umbria Narni Bridge, etc.
PiBridge is rumored to be introduced to the public in September and has gained quite a bit of attention just in the few days since the news was leaked. The development team includes experts in the fields of blockchain and Fintech. However, they have not yet disclosed their identity to protect personal information.
So far, PiBridge is the pioneer in extending the value of Pi to a larger world. This seems to be the most anticipated project in the Pi community in the last months of 2022 and will be a meaningful project to support Pi users and address some current limitations in the Pi network.
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