what is pi network

Pi Network is a cryptocurrency project that aims to make cryptocurrency mining accessible to a wide spectrum of people. It is a decentralized, secure, immutable, non-counterfeitable, and interoperable digital money. Pi Network is based on the Stellar Consensus Protocol (SCP), a consensus mechanism that is more energy-efficient than the proof-of-work (PoW) mechanism used by Bitcoin and other cryptocurrencies. The Pi Network was founded by Stanford University academics Nicolas Kokkalis and Chengdiao Fan in 2018. The Pi Network application is a platform that allows users to mine Pi, a new cryptocurrency that aims to rival Bitcoin. Users can mine Pi using a smartphone instead of expensive infrastructure, making it accessible to a wide spectrum of people. The projects popularity stems from several essential qualities, including its subscription approach, active community, and well-defined plan. Users get an invitation code from a member to join the app, and the platform has a referral system in which users earn extra money based on how many new users they sign up. Pi Connect was designed to address current Pi Network crypto limitations, as well as offering users information on Pi's price and conversion rate for other popular cryptocurrencies. Pi Connect allows Pi Network users to make interoperable trades with other blockchain networks. The Pi Network is still in development, and there is no official release date set more than four years after it was initially announced.