Bitcoin succeeded in creating a peer-to-peer (P2P) network giving the opportunity for people to make financial transactions without a third party intervention in the process. But unfortunately, it has failed in having it adapted massively leaving a great majority of the global population without access to this digital money.
Although it had made significant economic upliftment to a number of individuals and created wealth to some financial institutions, its value which had been increasing through the years make it inaccessible to the ordinary person on the street. Not only with its inherent mining difficulty, but also being the highly-priced cryptocurrency to date.
Now, only moneyed individuals can invest in this leading cryptocurrency. The main barrier to entry is the value itself, and the costly specialized cryptocurrency mining equipment – Application-Specific Integrated Circuit (ASIC) devices or mining rigs.
As revealed within a span of over a decade, most cryptocurrencies or altcoins that followed, having similar goals to be digital money, became more of a trading commodity in cryptocurrency exchanges instead. Rather than a commonly used medium of exchange as what Satoshi Nakamoto intended for Bitcoin to be – a digital cash in itself. Most cryptocurrencies nowadays are “pump and dump” digital assets being played by traders and institutional investors on various online platforms.
Bitcoin has been the highly-priced digital investment item and store of value among cryptocurrencies. With a share reaching 43% of the overall cryptocurrency market capitalization to date.
Pi Network was established to address and pursue the goal of Bitcoin which it has failed to achieve. Plus the added feature that Pi can be mined or earned by just installing the Pi app on a mobile phone.
Just like most cryptocurrency projects, Pi is built using blockchain technology. As explained in its white paper, “Pi uses the other type of consensus algorithms and is based on the Stellar Consensus Protocol (SCP) and an algorithm called Federated Byzantine Agreement (FBA). Such algorithms don’t have energy waste but they require exchanging many network messages in order for the nodes to come to a “consensus” on what the next block should be.” Pi’s consensus algorithm is built atop SCP.
The unique feature that sets apart Pi from the rest in the cryptocurrency space that can be considered as its primary leading edge is the purposive development and build-up of its community. This is evident in the volume of traffic in Pi chat rooms across various language groups, and the presence of Pi Network on different social media platforms, chat groups, and discussion fora.
For three years, the network has attracted 35 million users of its Pi app even before the complete development and full operational functionality of its blockchain. An accomplishment possibly unmatched by any cryptocurrency project.
Despite the odds and resource limitations, Pi is now on its way to becoming one of the dominant players in the cryptocurrency environment. The support of the millions of Pioneers as its mining app users are commonly called, will be a potent force that will drive Pi Network to new heights where other crypto projects never yet achieved.
The active engagement of these myriad of personalities with varied skills, talent and resources will facilitate the development, growth and expansion of the Pi Network ecosystem. Ranging from establishments of e_commerce and trading platforms, DeFi operation, gaming and other utility applications that will further boost the practical use of Pi tokens in day to day affairs of individuals, business and institutional users.
As more transactions will be undertaken in the Pi blockchain, more people will be attracted to join its vibrant digital online ecosystem that can trigger exponential growth in a short span of time. Then, we can imagine to what extent the spike in demand can propel upward the price of Pi in the coming years.
Fortunately for Pi Network, 35 million users now is just the beginning.