What Is The Pi Token?

The Pi Token is the cryptocurrency used on the Pi Network, a project designed to allow people to mine cryptocurrency on their smartphones. Here’s a breakdown:

• Pi Network: This is a mobile platform where users can mine Pi cryptocurrency by simply opening the app and pressing a button daily. The goal is to make cryptocurrency accessible to everyone, regardless of technical knowledge or access to expensive mining equipment.
• Pi cryptocurrency: The Pi token is the digital currency of the Pi Network. It’s still in the early stages and not widely available on exchanges.

Key features of the Pi token:

• Mobile-friendly: Pi is designed to be mined on smartphones, making it accessible to a large audience.
• Easy to use: Mining Pi is straightforward and doesn’t require any special skills or equipment.
• Decentralized: Pi aims to be a decentralized cryptocurrency, meaning it’s not controlled by a single entity

How do I mine the Pi Token?

Mining Pi tokens is a simple process that can be done on your smartphone. Here’s how:

1. Download the Pi Network app: You can find the Pi Network app on the App Store (iOS) or Google Play Store (Android).
2. Sign up for an account: Once you’ve installed the app, you’ll need to create an account. You’ll typically need an invitation code from an existing Pi user to join.
3. Start mining: After creating your account, you can start mining Pi by tapping the lightning bolt icon. This initiates a 24-hour mining session. You’ll need to tap the lightning icon again every 24 hours to continue mining.

Who created the Pi Token?

The Pi Network and its associated Pi token were created by Nicolas Kokkalis and Chengdiao Fan, both PhDs from Stanford University.

• Nicolas Kokkalis has a background in computer science and has taught courses on decentralized applications at Stanford, as a PhD and instructor of Stanford’s first decentralized applications class, CS359B, in 2018. His work focuses on combining distributed systems and human computer interaction to bring cryptocurrency to everyday people.
• Chengdiao Fan is a Stanford PhD in Anthropological Sciences. She finished her Ph.D. in Anthropological Sciences from Stanford University, with expertise in human behavior and human groups studies, and her later research interests have focused on human-computer interaction and social computing—specifically, how to use technology to positively impact human behavior and societies.

Together, they founded the Pi Network with the goal of creating a cryptocurrency that could be easily mined on smartphones, thereby expanding access to digital currencies.

What are Pi Tokens used for?

While Pi is still in its early stages, the Pi Network has outlined several potential uses for the Pi token. Here are some of the key areas:

1. Peer-to-peer transactions: Pi is intended to be used for direct transactions between users, allowing for the exchange of goods and services without relying on traditional financial institutions. This could be particularly useful in areas with limited access to banking services.

2. In-app purchases: Developers can create apps within the Pi Network ecosystem that utilize Pi for in-app purchases, creating a marketplace for digital goods and services.

3. Decentralized finance (DeFi): The Pi Network has the potential to support DeFi applications, such as lending and borrowing platforms, which could provide users with access to alternative financial services.

How many Pi Tokens are there?

PI’s maximum supply is 100 billion tokens, with 65% of this allocated to miners. Ten percent of the supply goes to ecosystem growth, five percent to the liquidity pool, and the remaining twenty percent to the Pi Core Team.

Has the Pi Network already been launched?

Yes, the Pi Network has officially launched its Open Mainnet on February 20th. This means that the Pi Network is now live and allows for external trading of the Pi coin.

This is a significant milestone for the Pi Network, as it marks the end of the Enclosed Mainnet phase, which began in December 2021. With the launch of the Open Mainnet, Pi coin is now listed on major cryptocurrency exchanges, making it available for trading to a wider audience.