Pi Network is a crypto currency built for everyday people that started in 2018 but was officially launched in 2019. It could only be mined using a mobile phone.
Pioneers are those currently mining Pi and those who aren’t mining are non-pioneers. Pi Network’s native token Pi, is a coin and not a token. The fundamental difference between a coin and a token is the former has its own blockchain whilst the latter run on other blockchains. Examples of coins are #btc , #ETH and token are #Hi #Solana.
A coin act as the native token as well as gas or fuel payment token on its blockchain. e.g Btc on Bitcoin Blockchain & Eth on Ethereum blockchain.
Pi Network’s native token Pi has never been a token, never planned to be a token. It’s a coin and always designed to be a coin. The Pi Blockchain went live in December 2021. One can only own Pi by mining or acquire from pioneers. There is no initial coin offering(ICO) for Pi.
You can’t see @PiCoreTeam promoting Pi. The CT can talk about what they’re building on the Project but not marketing Pi and that’s because, if there is an ICO and/or marketing, the project would technically be captured under Howey test’s definition for securities for regulation.
Pi Network is a true definition of decentralisation. No one can claim to Pi alone. Everyone mining Pi promotes Pi. The price of Pi will be determined by the Pi Community. 4 people (an anthropologist, a businessman and 2 computer scientists gave crypto power to the people in Pi.
Currently, Pi is on enclosed mainnet which mean that some pioneers who’ve passed kyc already have their Pi in their Pi wallet and can transact with other pioneers who also have Pi in their Wallet. Pi cannot be transferred to any other wallet except the Pi Wallet in Pi Browser.
Recently some Crypto Exchanges have listed Pi as trading on their platform but it needed to be clarified that No Exchange can hold any actual Pi at the moment because as I mentioned earlier in other blog posts, Pi is at enclosed mainnet and can’t be transferred to external wallet.
Pi can only be transferred to external wallet or Crypto Exchanges on Open Mainnet .
So what those exchanges have listed is not an actual Pi but something like “IOU” (Pay now and we will deliver your Pi when it’s available). So those buying Pi on exchanges at the moment can only get hold of their Pi at open mainnet.
It’s also important to note it’s a breach of the term of mining Pi, to exchange same with fiat or other cryptocurrencies, or transfer Pi with a promise to be paid Fiat in future. Pi Network is currently at the utilities building phase and It’s important to be part of the project. Pi Network have had a previous Hackathon and another one will start next week.
We are all excited at what the CT is building and invite everyone to be part of the project. However you have to be extremely patient and mine regularly. Pi Network has one of the largest and more diverse crypto ecosystem with 35m – 40m active users in more than 250 countries in the world. No matter what your opinion is about Pi, those numbers can’t be ignored
Finally some believe since it’s mined for free, it’s worthless. Well, #btc was and is being mined completely for free. Since #Btc isn’t worthless, there is absolutely no way Pi, with such massive Ecosystem would be worthless.
We can all disagree on the exact value but it will be worth something
It’s not late to join👇
Use my referral link:
https://minepi.com/bandayaaqib
Or
My referral code: bandayaaqib
The_CryptoPad 