NAIROBI (CoinChapter.com) — Pi Network, the mobile-mined cryptocurrency, edges closer to its highly anticipated Open Mainnet phase. Recent announcements from the Pi Core Team reveal a strong focus on building a robust DApp environment in preparation for the launch.
The Pi Network has attracted significant attention due to its unique mobile mining model. This model allows users to mine cryptocurrency using their smartphones, amassing a sizeable user base. However, the project has also faced scrutiny during its extended development cycle.
In Vietnam, the Pi Network has made significant strides in real-world integration. Hai Quan electronics store now accepts Pi as a payment method. This development is a notable advancement, facilitating everyday transactions with Pi and demonstrating its growing acceptance and utility beyond the digital realm.
The core philosophy of Pi Network centers on accessibility, aiming to bring cryptocurrency to the masses.
Their innovative mobile mining mechanism leverages the power of everyday smartphones. As a result, the project has amassed over 35 million pre-miners (known as Pioneers) across 230 countries and territories. This inclusive approach democratizes the mining process, ensuring wider participation in the crypto revolution.
Furthermore, Pi Network’s ecosystem aims to host an impressive 314,159 dApps. This ambitious goal set by the Core Team signals a commitment to a diverse and vibrant decentralized ecosystem, ready to meet the needs of its global user base.
The Pi Core Team recently issued a challenge for developers to build 314,159 DApps (decentralized applications) on the Pi Network ecosystem. This call-to-action emphasizes the project’s ambition to create a vibrant and versatile blockchain platform with real-world use cases.
The emphasis on DApp development suggests the Pi Network views a diverse ecosystem as key to maintaining long-term stability and offering broader utility for Pi holders. This approach could attract more users and increase demand for the Pi cryptocurrency.
Pi’s price sits at $41.66 on May 9, 2024, reflecting a 1.78% gain in the last day. This resilience is further evidenced by Pi’s upward trend from its recent weekly low, even amidst market fluctuations. With a capped total supply of 100 billion, Pi’s fully diluted market value could reach $4.17 trillion, hinting at significant growth potential after the mainnet launch.
As Pi Network nears its Open Mainnet launch, the anticipated unlock of billions of Pi tokens poses a challenge.
This influx could temporarily lower prices from the current $38.7, potentially ranging between $0.1 and $0.7 in 2024. However, the network’s focus on DApp development and real-world use cases, like Vietnam’s Hai Quan electronics store, could bring stability. By 2025, the coin’s value might rebound to between $0.4 and $1.2.
Pi Network’s mobile mining approach and its user base of over 47 million could lead to broader adoption and utility in the future.
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