JUST IN: Pi Network Prepares for Open Mainnet Launch: What Makes It Potential to Outpace Bitcoin - hokanews

hokanews.com - Pi Network is a cryptocurrency project that aims to create a digital payment system that is safe, easy to use, and accessible to anyone through a mobile application. The main goal of this project is to build a user-friendly cryptocurrency network and provide an opportunity for the wider community to get involved in the crypto world.

Built by a team consisting of scientists and engineers from Stanford University, Pi Network seeks to overcome some of the obstacles faced by conventional cryptocurrencies, such as the complexity of use, the high demand for computing power, and the level of difficulty in mining. This project also aims to broaden cryptocurrency accessibility to users who do not yet have in-depth technical knowledge of blockchain and cryptography.

One of the important points of the Pi Network is the approach taken to cryptocurrency mining. Rather than using a proof-of-work (POW) approach that requires high computing power, the Pi Network uses a proof-of-stake (POS) approach that allows users to "mine" Pi Coin using their mobile devices. The mining process is carried out by claiming Pi Coin through the Pi Network mobile application every 24 hours. This approach allows users to participate in the Pi Network network without the need for expensive hardware or high power consumption.

The main goal of the Pi Network is to build a cryptocurrency network that can be used in day-to-day activities, including payments, fund transfers, and trading. They hope to create a broad ecosystem with the participation of millions of users around the world. In the long term, Pi Network also intends to establish partnerships with financial institutions and integrate Pi Coin with existing banking systems, enabling users to use it in traditional financial services.

With the aim of creating a cryptocurrency that is easily accessible, secure and usable by the general public, Pi Network seeks to remove barriers to cryptocurrency adoption and bring blockchain technology into users' daily lives.

Pi Network was founded by three founders, namely Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, and Vincent McPhillip, who are graduates of Stanford University. The project started in 2019 with the aim of creating a cryptocurrency that is accessible to everyone, without the need for expensive hardware or deep technical knowledge.

Pi Network develops mobile applications that allow users to access and interact with the Pi network. The app is available for both Android and iOS based devices, allowing participation from a wide variety of users.

In its quest to become a user-friendly and sustainable cryptocurrency, Pi Network adopts a proof-of-stake (POS) approach in their consensus system. This approach allows users to "mine" Pi Coin using their mobile devices without the need for special hardware or high power consumption.

The Pi Network has attracted thousands of users around the world. They provide an opportunity for users to get Pi Coin for free by claiming it through the application every 24 hours. Apart from that, the Pi Network also introduced a referral program that allows users to earn more Pi Coins by inviting others to join.

Pi Network began to establish partnerships with several leading banks and financial institutions in China, such as the Bank of China, China Merchants Bank, Postal Savings Bank of China, and others. The partnership aims to integrate the Pi network in their own central bank digital currency (CBDC) development.

Pi Network plans to launch an open mainnet in the near future, which will be an important milestone in the development of this project. The open mainnet will allow users to fully participate in the Pi Network network, expanding the functionality and usability of Pi Coin.

In the future, Pi Network has ambitions to expand its ecosystem by integrating Pi Coin in traditional financial services and establishing partnerships with financial institutions. They are also focused on scaling and network security, as well as developing new features that enhance the user experience.

Currently, the Pi Network continues to experience growth and attracts interest from users around the world. With strong community support, the Pi Network development team continues to work towards realizing their vision of creating a cryptocurrency network that is accessible to everyone in a simple and easy-to-understand way.

The launch of the open mainnet marks the maturity stage of the Pi Network network. During the testnet phase, the project has been tested and refined to ensure stability, security and good performance. With the launch of the open mainnet, the Pi Network network is ready to handle larger traffic and operate independently without dependency on the test network.

During the testnet phase, user participation is restricted and limited to invitation. However, with the launch of the open mainnet, all users can join and participate fully in the Pi Network network. This allows the network to grow quickly and gain strength from a larger number of users.

The launch of the open mainnet will also bring a number of new features and functionality to the Pi Network ecosystem. This could include security enhancements, network scaling, integration with traditional financial services, and development of additional applications and services that can enhance Pi Coin usage. The open mainnet launch will open up new opportunities for users to use Pi Coin in a variety of use cases.

In the world of cryptocurrency, launching an open mainnet is often seen as an important step in building trust and project credibility. This shows the commitment of the development team to the development of a real and functional network. The open mainnet launch also provides an opportunity for users, investors and potential partners to see firsthand the progress made by the project and decide whether to be involved in the long term.

An open mainnet launch could impact the cryptocurrency market as a whole. If the Pi Network manages to build a strong network and gain widespread adoption, it could increase interest in the project and impact the value and liquidity of Pi Coin. Launching an open mainnet can also provide a positive boost to the cryptocurrency industry as a whole, by reinforcing trust and enthusiasm for blockchain technology.

The launch of the open mainnet marks the point at which the cryptocurrency network is no longer dependent on a test network or development phase. This network becomes self-sufficient and can operate independently. This indicates that the network has reached a level of maturity sufficient to carry out all planned functions and features.

The open mainnet allows the network to handle a much larger number of users. In the testnet phase, user participation is limited, while with the launch of an open mainnet, the network can be scaled up on a wider scale. This provides the ability to handle larger transaction traffic and maintain optimal network performance.

An open mainnet launch provides an opportunity to thoroughly test network security. During the testnet phase, vulnerabilities and weaknesses can be identified and fixed before the network is formalized. By involving users more broadly, security risks can be better assessed and necessary steps can be taken to keep the network secure.

An open mainnet launch provides an opportunity for the project to gain wider adoption and build credibility with users, investors and potential partners. It shows the seriousness and capability of the project in delivering a product or service that works in real terms. An open mainnet can increase interest and enthusiasm for the project, invite further participation, and increase the value and liquidity of the associated crypto assets.

The open mainnet brings complete features and functionality to the cryptocurrency network. This allows users to experience the real use of crypto assets and related applications. The launch of the open mainnet opened the door for users to make transactions, transfer funds and use the services offered by the network. This is an important step in realizing the original vision of the project and expanding cryptocurrency adoption among the general public.

Related Pi Network Set to Launch Open Mainnet, What Makes It Potentially Preceding Bitcoin? This was posted on the @PI2DAY twitter page until this article was written by the hokanews team, posts uploaded by the @PI2DAY twitter account are as follows:

is preparing to make a major announcement that could see its native token outperform Bitcoin.  The PiNetwork team will reportedly announce the launch of the open mainnet in the coming weeks, marking a pivotal moment in the project’s journey

Twitter image source

One of the main challenges of Bitcoin is its scalability. Bitcoin has a limit in terms of the number of transactions it can process per second. Pi Network, on the other hand, can address this problem with a more efficient proof-of-stake (POS) approach. This approach enables the Pi Network network to process more transactions at a higher speed, providing greater scale for future growth.

Bitcoins often require deep technical knowledge and specialized hardware for mining and effective use. Pi Network, on the other hand, strives to be a cryptocurrency that is accessible to everyone. Using an easy-to-use mobile app, users can start earning Pi Coin without any expensive hardware or deep technical knowledge.

Pi Network builds the foundation of its projects with a focus on a strong community of users. They have managed to attract thousands of users worldwide and build a growing network. In this project, users are incentivized to invite others to join through a referral program. With this approach, Pi Network can gain faster growth and wide adoption compared to Bitcoin.

Pi Network has forged partnerships with leading banks and financial institutions in China to develop their own central bank digital currency (CBDC). This shows that Pi Network has the potential to integrate their cryptocurrency in traditional financial services. Such integrations can provide additional advantages and increase the acceptance and use of Pi Coin.

The Pi Network is still in the development phase, and the development team is continuously working to improve and expand the ecosystem. By focusing on user needs and fixing existing weaknesses in the cryptocurrency market, Pi Network has the potential to deliver new innovations that may surpass Bitcoin in certain aspects.

Pi Network provides an easy-to-use mobile app, which allows users to start earning Pi Coin easily. This app is designed to provide a friendly user experience, even for those without in-depth technical knowledge of cryptocurrency. This makes it attractive to users who want to get involved in the crypto world without high technical barriers.

The Pi Network uses a proof-of-stake (POS) consensus mechanism, which is different from the proof-of-work (POW) approach used by Bitcoin. In POS, users can earn Pi Coin by confirming transactions and depositing their coins in the Pi Network wallet. This approach enables user participation in the network without the need for special hardware or high energy consumption as in Bitcoin mining.

The Pi Network encourages users to invite others to join through a referral program. Each user has a referral code that can be shared with their friends and family. By inviting others to join, users can increase their mining speed and earn more Pi Coins. This approach accelerates network growth and encourages wider usage.

Pi Network seeks to develop a broad ecosystem around Pi Coin. They are looking for ways to integrate Pi Coin in traditional financial services and forge partnerships with banks and financial institutions. This can open the door for a variety of use cases, such as payments, money transfers, and use of Pi Coin in related applications and platforms.

Security and privacy are top concerns for the Pi Network. They implement strong security protocols and encryption mechanisms to protect user data. In addition, Pi Network adopts an approach that respects user privacy by separating real identities and digital identities. This provides a sense of security and trust for users to engage in the network.

The Pi Network has managed to build a strong community with thousands of participating users around the world. This community provides valuable support, information, and experience for new users and investors. Community trust is an important factor that makes the Pi Network attractive to people interested in the project.

An open mainnet launch is often a highly anticipated moment in a cryptocurrency project. This has resulted in increased interest and attention from the crypto community, investors and the media. When a significant project launches on an open mainnet, word of it can spread widely and gain major exposure. This can lead to increased participation and investment in the project, as well as interest in the crypto market as a whole.

Launching an open mainnet can lead to an increase in liquidity and trading volume in the associated cryptocurrency. Users who are interested in the project can start actively participating in the network and make transactions using the associated crypto assets. This can create a higher level of trading activity on the crypto exchange and increase the liquidity of the asset.

The launch of an open mainnet can have a significant impact on the price of the associated crypto asset. If the open mainnet launch is well received by both the crypto community and investors, it could lead to an increase in asset prices. Investors can view the launch of the mainnet as a significant milestone in the development of the project and believe that it will increase the asset's value in the future. However, keep in mind that price movements are also influenced by other market factors, and there is no guarantee that a mainnet launch will result in significant price increases.

An open mainnet launch can have an influence on the overall market sentiment. If the launch is successful and goes smoothly, it can generate optimism and confidence in the project and in the crypto market in general. On the other hand, if there are issues or failures in the launch, this can cause concern and disappointment among the crypto community. Positive or negative market sentiment can influence investors' perceptions and decisions, as well as drive price trends.

Launching an open mainnet within a cryptocurrency project can also affect the wider crypto ecosystem. It can influence other projects in the industry, inspiring and driving new innovations and the development of better technologies. In addition, a successful mainnet launch can set a positive example and strengthen confidence in the widespread adoption and use of cryptocurrency.

Don't give up, believe me the future of the pi network is very bright, success won't be built in one night, warm greetings from us, the hokanews team, to all the pioneers around the world.

What is Pi Network?

Pi Network is a new cryptocurrency and developer platform that allows mobile users to mine Pi coins without draining device battery. The Pi blockchain secures economic transactions through a mobile meritocracy system and a complete Web3 experience where community developers can build decentralized applications (dApps) for millions of users.

That's a little information that we can share with all the pi network communities.  

Hopefully this is useful, keep the spirit, don't give up.

If the information from hokanews is useful, don't forget to share it with other pioneers.

From pioneers for pioneers

Follow other news updates by following twitter hokanews.com

Thanks to all the pioneers, warm greetings from the hokanews team.  Information from the pi network community for all pioneers