When diving into the world of cryptocurrency, the term 'Pi' might stir some confusion. In mathematics, 'Pi' (π) is a universal constant. In the crypto ecosystem, however, 'Pi' often refers to a digital currency under development, while 'Pi Network' represents the broader blockchain project and community developing and supporting the currency. Distinguishing between the two is crucial, as it affects user expectations, the perceived value of tokens, and how one participates in the ecosystem.
Understanding the difference between Pi (the token) and Pi Network (the blockchain project) helps potential users, investors, and technology enthusiasts make informed decisions about involvement and expectations.
'Pi' as a cryptocurrency was initiated in 2019 by a team of Stanford PhDs. Their goal was to make cryptocurrency mining more accessible to the everyday user by allowing mining on mobile devices without the advanced hardware typically required for blockchain mining.
Pi Network, thus, emerged as the encompassing initiative and blockchain platform built to support and spread the use of Pi tokens. It includes the development team, community of miners (often called 'Pioneers'), a web3 infrastructure, smart contract deployment potential, and a growing decentralized application (dApp) ecosystem.
The vision for Pi Network has always been about democratizing finance and lowering the entry barrier for users wanting to participate in blockchain economies. The project gained traction quickly, amassing a user base in the millions, largely through mobile onboarding and social engagement.
'Pi' functions principally as a digital currency — a token designed to be mined, earned, and eventually spent or traded. Mining Pi involves validating transactions, maintaining the ledger, or simply participating daily through the official app. The mining model introduced by Pi Network is non-resource-intensive, distinguishing it from Proof of Work currencies like Bitcoin (“BTC”), and instead uses a social, trust-based consensus algorithm as part of its security mechanism.
Pi Network, on the other hand, is the platform that fosters and enables Pi’s growth. It provides:
Put simply, Pi is the token; Pi Network is the enabling ecosystem, technology, and community behind it.
The future of both Pi and Pi Network holds promise, yet remains dependent on the team delivering a functional mainnet, establishing utility, and creating a liquid market for the token. Those excited by the project should watch for important milestones such as the public mainnet launch, the listing of Pi on reputable exchanges, and the growth of dApps within the ecosystem.
Whether you are looking to mine, invest, or develop applications, keeping an eye on both the progress of the Pi token and the evolution of the Pi Network is essential. For those planning to trade Pi once it becomes publicly available, choosing a secure and user-friendly platform like Bitget Exchange ensures a smooth experience. For storing and using Pi across dApps, the Bitget Wallet offers advanced protection and seamless integration with web3.
Both Pi and Pi Network signify the next step in making cryptocurrency universally accessible. Stay tuned for further developments as the project matures and the lines between token and platform ultimately drive mainstream blockchain adoption.