Connect with us

Crypto

The Life of Pi Network – FAQs and Everything Else You Want To Know

Published

on

The Life of Pi Network – FAQs and Everything Else You Want To Know

Everybody wants a piece of the pie – the Pi Network, that is. This decentralized cryptocurrency project, which was developed by a team of Stanford graduates in 2019, allows users to mine crypto on their very smartphones.


The objective of the mobile-first concept is to make crypto more accessible and appealing to the masses, especially a broader audience that is new to the blockchain world.

While the idea to democratize currency sounds exciting, how do you go about doing that? Are you eligible? Are there any risks? What do you do with your Pi coins? This article attempts to answer every question you have about this hot topic, and then some.

What is the Pi Network “Mainnet” we keep hearing about?

The Pi Network is a cryptocurrency project that allows users like you to mine digital currency via a smartphone app. Mainnet, which stands for “Main Network”, basically facilitates real cryptocurrency transactions. It enables users to store, receive, and send digital assets on a decentralized and secure network. The launch of the Pi Network Mainnet, which will facilitate transactions on the Pi Network, is expected to happen by the end of 2024, hence the anticipation.

What is the difference between Pi coins, tokens, and IOUs?

The Pi Network has garnered a substantial user base around the world, aptly called “Pioneers”, who have been accumulating “Pi coins” by engaging with the app. These “Pi coins” are the actual digital network currency that is not yet fully accessible or transferable as the Mainnet has not launched. Due to such strong interest in the network, Pi IOUs, often used interchangeably with Pi tokens or Pi IOU tokens, emerged as a more generic representation of the currency.

Advertisement

They are not real Pi coins, but rather speculative or placeholder assets representing a promise by certain exchanges that when the Mainnet launches, they can be swapped for actual Pi coins. Essentially, users are speculating on the future value of Pi before it is officially available, operating as a futures contract of sorts.

So, how do I get the Pi coins or Pi IOU tokens?

The only way to obtain Pi coins is to “mine” them via the Pi Network app on your smartphone and actively participate in the network during this development stage. The app is free to download and use. So, while there are no costs involved per se, the coins cannot be exchanged for any other currency or commodity currently. Hence, the current “value” of any coins that one “mines” is zero.

However, you can buy and trade the Pi IOU tokens on three centralized crypto exchanges currently, namely CoinW, HTX, and BitMart, with the current value fluctuating wildly between USD 60 and 90 in just the last week.

Why am I hearing about KYC in the Pi Network?

When we speak about actively participating in the Pi Network’s current development phase, it involves more than just mining coins. If you want your coins to be worth anything when the Mainnet launches, you need to complete the Pi Network KYC (Know Your Customer) verification.

For obvious reasons, this process requires the applicant to fulfill certain criteria as well as produce a few legal documents. Besides being 18 years or older, applicants need to have original copies of government-issued IDs, like a national ID, driving license, or passport (recommended), as they will be asked to capture pictures of the ID. Moreover, they also need to do a liveliness check via their phone’s camera to match their ID.

Advertisement

Last but not least, they need to have mined Pi coins for a minimum of 30 days, not necessarily consecutively, to apply for this KYC verification. Most importantly, people should note that while the network is open to everyone, the availability, requirements, and eligibility could differ according to location or country. This KYC verification process will allow users to transfer their minted Pi Coins to the Mainnet and allow them to perform transactions using the Pi coins.

Is Pi IOU Worth the Investment?

With the imminent Mainnet launch, the prices of the Pi IOUs have skyrocketed, it presents itself as an exciting opportunity for sure – albeit without any actual coins in hand. However, while everyone is itching to get in on the action, investing in them comes with notable risks and remains highly speculative. Not only are the tokens not guaranteed to maintain or gain value post-launch, but also conversion policies could vary between exchanges.

What’s more, the Pi tokens are currently available only on select platforms, so investors need to stay updated on everything about the Pi Network and trade cautiously.

In case you missed:

Crypto

Adecoagro Partners With Tether to Pioneer Renewable Energy Use for Bitcoin Mining in Brazil – Mining Bitcoin News

Published

on

Adecoagro Partners With Tether to Pioneer Renewable Energy Use for Bitcoin Mining in Brazil – Mining Bitcoin News
decoagro is partnering with Tether to explore the use of its renewable energy generation for bitcoin mining in Brazil. This initiative will enable Adecoagro to redirect excess energy, currently sold at spot market prices, into a new revenue stream: bitcoin. Tether and Adecoagro Partner to Establish Green Energy Bitcoin Mining Operation in Brazil Tether, one […]
Continue Reading

Crypto

Cryptocurrency Live News & Updates : Cardano Price Surge Signals Potential Risks – The Economic Times

Published

on

Cryptocurrency Live News & Updates : Cardano Price Surge Signals Potential Risks – The Economic Times
04 Jul 2025 | 03:30:11 AM IST

Cryptocurrency News & Live Updates

Synopsis

Cardano’s price has increased for two consecutive days, reaching $0.60, driven by a significant development in its Bitcoin integration efforts. However, the coin’s price action suggests a potentially bearish pattern ahead.

Cardano (ADA) has seen a notable price increase, rising over 17% to $0.60, largely due to the first on-chain transaction proving Bitcoin’s state on its network, marking the start of a Cardano-Bitcoin bridge. Despite this bullish narrative, Cardano faces challenges, including a relatively inactive ecosystem and low total value locked in DeFi. Meanwhile, Dogwifhat (WIF) has also experienced a price surge, rising 43% to $0.92, with increased whale accumulation indicating potential for further gains. The token is forming a cup-and-handle pattern, suggesting a projected breakout target of $2.37. In regulatory news, concerns persist regarding stablecoin frameworks in the EU and Switzerland, with calls for clearer guidelines to support industry growth. Additionally, Fitch predicts the U.S. deficit will exceed 7% of GDP next year, highlighting broader economic challenges. Lastly, Amber International raised $25.5 million to expand its Crypto Ecosystem Reserve, reflecting a trend among crypto firms to bolster their balance sheets amid cautious funding cycles.

Show more

03:30:04 AM IST, 04 Jul 2025

Advertisement

Cardano Price Surge Signals Potential Risks

Cardano’s price has increased for two consecutive days, reaching $0.60, driven by a significant development in its Bitcoin integration efforts. However, the coin’s price action suggests a potentially bearish pattern ahead.

03:25:05 AM IST, 04 Jul 2025

Dogwifhat (WIF) Price Surges: 155% Potential Upside

Dogwifhat (WIF) token has seen a 43% increase, reaching around $0.92, driven by whale accumulation and bullish market indicators, suggesting further growth ahead.

03:05:03 AM IST, 04 Jul 2025

EU and Switzerland Face Stablecoin Regulation Issues

Peter Märkl of Bitcoin Suisse highlights ongoing regulatory ambiguities for stablecoins in the EU and Switzerland, stressing the need for clearer frameworks under MiCA and addressing challenges like KYC requirements.

Advertisement

03:00:05 AM IST, 04 Jul 2025

U.S. Deficit Expected to Exceed 7% of GDP

Fitch’s Richard Francis forecasts that the U.S. government deficit will surpass 7% of GDP next year, with the debt ratio nearing 120% of GDP by 2026, despite anticipated tax cuts.

02:55:03 AM IST, 04 Jul 2025

Amber International Secures $25.5M for Crypto Reserve Growth

Amber International Holding has raised $25.5 million to enhance its $100 million Crypto Ecosystem Reserve, aimed at supporting blockchain networks and product development.

02:50:03 AM IST, 04 Jul 2025

Advertisement

Bitcoin (BTC) Hits 110,000 USDT with 0.80% Rise

As of July 3, 2025, Bitcoin has reached the 110,000 USDT mark, reflecting a modest 0.80% increase over the past 24 hours.

02:45:05 AM IST, 04 Jul 2025

IMF Cautions Trump’s Tax Proposal Could Hinder Debt Reduction

The IMF warns that President Trump’s proposed tax legislation may obstruct efforts to lower fiscal deficits and debt levels, potentially increasing the deficit by $3.3 trillion.

02:40:04 AM IST, 04 Jul 2025

Treasury Secretary Foresees Trade Agreements by July

U.S. Treasury Secretary Besant predicts that numerous trade agreements will be finalized by July 9, impacting around 100 countries with at least a 10% reciprocal tariff.

Advertisement

02:35:07 AM IST, 04 Jul 2025

Ondo and Pantera Capital Launch $250M Initiative

Ondo Finance, in partnership with Pantera Capital, is initiating a $250 million fund to invest in projects focused on real-world asset tokenization.

02:30:07 AM IST, 04 Jul 2025

Erebor Targets Financial Needs with Stablecoin Strategy

Erebor, a new crypto bank backed by notable figures, aims to fill the financial void left by Silicon Valley Bank’s collapse by focusing on stablecoin transactions and services for tech companies.

02:25:04 AM IST, 04 Jul 2025

Advertisement

ETH Steady as U.S. Jobs Data Boosts Markets

ETH rose 0.55% to $2,584.90 following strong U.S. jobs data, which indicated labor market resilience and pushed the S&P 500 and Nasdaq to record highs.

02:20:05 AM IST, 04 Jul 2025

Bitcoin Surpasses $110K Ahead of Jobs Report

Bitcoin’s market dominance has decreased slightly, now at 65%, as the U.S. jobs report is set to be released today, with expectations of a modest increase in nonfarm payrolls and a rise in unemployment.

02:15:04 AM IST, 04 Jul 2025

OpenAI Disavows Robinhood’s Stock Tokens

OpenAI has denied any connection to Robinhood’s stock tokens, emphasizing that these tokens do not represent actual equity and warning users to exercise caution.

Advertisement

02:10:03 AM IST, 04 Jul 2025

IMF Rejects Pakistan’s Electricity Subsidy for Crypto Mining

The IMF has turned down Pakistan’s request for subsidized electricity for crypto mining, despite plans to allocate 2,000 megawatts of surplus power to the sector.

02:05:04 AM IST, 04 Jul 2025

SEC’s Grayscale Fund Delay Expected to Be Brief

The SEC has temporarily paused the launch of Grayscale’s Digital Large Cap Fund (GDLC) ETF for commissioner review, citing the need for standard-setting rather than political reasons.

02:00:04 AM IST, 04 Jul 2025

Advertisement

Tether Mints 1 Billion USDT on Ethereum

Tether has minted an additional 1 billion USDT on the Ethereum network, as reported by Whale Alert, to manage liquidity and meet market demand.

01:55:09 AM IST, 04 Jul 2025

Trump’s Budget Lacks Crypto Focus, Yet Market Gains

Despite no crypto provisions in Trump’s budget, the liquidity boost may positively impact crypto assets.

01:50:04 AM IST, 04 Jul 2025

Binance Enhances Pay Send for Crypto Transfers

Binance has launched two key upgrades to its Pay Send service, introducing features that allow users to send cryptocurrencies via phone contacts and on-chain transactions, enhancing speed, security, and convenience.

Advertisement

01:45:04 AM IST, 04 Jul 2025

U.S. Employment Data to Shape Dollar’s Future

Analyst Turner from ING emphasizes the importance of the upcoming U.S. non-farm employment report in assessing the dollar’s downward trend, with potential implications for interest rates.

01:40:04 AM IST, 04 Jul 2025

Bitcoin (BTC) Falls Below 109,000 USDT

As of July 3, 2025, Bitcoin is trading at 108,959.99 USDT, reflecting a modest 1.55% increase over the past 24 hours, according to Binance Market Data.

01:35:06 AM IST, 04 Jul 2025

Advertisement

BNB Falls Below 660 USDT with Minor Gains

As of July 3, 2025, BNB is trading at 659.69 USDT, reflecting a modest 0.46% increase over the past 24 hours.

01:30:05 AM IST, 04 Jul 2025

Federal Reserve Expected to Keep Rates Unchanged

The CME’s FedWatch tool shows a 76.7% chance that the Federal Reserve will not alter interest rates in July, with a 23.3% possibility of a 25 basis point cut.

01:25:09 AM IST, 04 Jul 2025

YZi Labs Joins $135M Investment in Digital Asset

YZi Labs has announced its participation in Digital Asset’s $135 million Series E funding round, joining major financial institutions to support the growth of the Canton Network, which facilitates on-chain asset tokenization for regulated institutions.

Advertisement

01:20:04 AM IST, 04 Jul 2025

Why the U.S. Lacks a Bitcoin Reserve

Despite initial excitement from President Trump’s directive to establish a Bitcoin reserve, legislative hurdles and a lack of public plans have stalled progress.

01:15:03 AM IST, 04 Jul 2025

Telegram’s Blockchain Developer Achieves Unicorn Status

The Open Platform has reached a $1 billion valuation after securing $28.5 million in funding, marking a significant step for the TON ecosystem in integrating crypto with Telegram’s vast user base.

01:10:04 AM IST, 04 Jul 2025

Advertisement

Beijing North Fonda Partners with Guofu Quantum

Beijing North Fonda has formed a strategic alliance with Guofu Quantum Innovation Co., Ltd., focusing on virtual assets and digital currency to enhance their global fintech presence.

01:05:04 AM IST, 04 Jul 2025

USD Faces Historic Challenges Ahead

Analysts report that the dollar has experienced its worst start to a year since 1973, with a significant decline in value against other currencies amid waning confidence in U.S. policies.

01:00:04 AM IST, 04 Jul 2025

Michael Saylor’s Firm Faces Class-Action Lawsuit

A class-action lawsuit has been filed against Strategy and its executives, including Michael Saylor, over a reported $5.9 billion loss in Bitcoin holdings due to new accounting rules.

Advertisement

12:55:05 AM IST, 04 Jul 2025

Pepe Coin Price Targets 70% Increase Amid Whale Activity

Pepe Coin (PEPE) surged to $0.0000107, driven by whale accumulation and a broader crypto market rally, with large holders increasing their stakes by 5% over the past month.

12:50:03 AM IST, 04 Jul 2025

Treasury Secretary Addresses Dollar Decline Concerns

U.S. Treasury Secretary Besent has downplayed worries regarding the dollar’s recent depreciation, asserting that its value is not tied to the strong dollar policy, which focuses on long-term measures to maintain its global reserve status.

12:45:12 AM IST, 04 Jul 2025

Advertisement

U.S. Unemployment Claims Increase Amid Job Market Focus

Despite a decrease in initial jobless claims, U.S. continuing unemployment claims have risen to 1.964 million, the highest since November 2021, with significant contributions from the Deep Tristate area.

12:40:04 AM IST, 04 Jul 2025

Nano Labs Expands Holdings with BNB Acquisition

Nano Labs Ltd has acquired 74,315 BNB in an OTC deal, totaling around $50 million, raising its cryptocurrency reserves to approximately $160 million.

12:35:06 AM IST, 04 Jul 2025

Tether Teams Up with Adecoagro for Bitcoin Mining

Tether has partnered with Adecoagro to explore renewable energy Bitcoin mining in Brazil, utilizing surplus energy from Adecoagro’s facilities.

Advertisement

12:30:10 AM IST, 04 Jul 2025

U.S. House Passes Key Tax and Spending Legislation

On July 3, the U.S. House of Representatives voted to approve President Trump’s major tax reduction and spending bill, known as the ‘Big and Beautiful’ bill, with all Democrats and two Republicans opposing it.

12:25:03 AM IST, 04 Jul 2025

Senator Lummis Proposes New Crypto Tax Legislation

Senator Cynthia Lummis has introduced a standalone cryptocurrency tax bill to reform the U.S. tax code for digital assets, including a $300 transaction threshold and tax parity with traditional financial assets.

12:20:06 AM IST, 04 Jul 2025

Advertisement

Ripple Labs’ Banking License Bid Fuels XRP Speculation

Ripple Labs’ application for a U.S. banking license has sparked considerable speculation regarding XRP’s price, with analysts observing bullish momentum and potential resistance levels.

12:15:05 AM IST, 04 Jul 2025

Sui Surges to $3 Amid Lion Group’s Treasury Plans

Sui (SUI) has reached around $3 following a week-long rally driven by Lion Group’s $600 million crypto treasury plan, marking a 15% increase over the past week.

12:10:07 AM IST, 04 Jul 2025

Stablecoin Regulations May Boost Crypto Market to Trillions

Bo Hines, Executive Director of Trump’s Digital Asset Advisory Committee, predicts that stablecoin legislation could drive the cryptocurrency market’s growth to between $15 trillion and $20 trillion.

Advertisement

12:05:12 AM IST, 04 Jul 2025

Nano Labs Invests $50M in BNB Acquisition

Nano Labs has initiated its strategy to acquire up to $1B in BNB by purchasing 74,315 tokens for $50 million in an OTC deal, signaling a shift in its business model amid declining hardware revenues.

12:00:15 AM IST, 04 Jul 2025

Binance Enhances Pay Send for Crypto Transfers

Binance has rolled out two major upgrades to its Pay Send service, introducing features that improve the speed, security, and convenience of cryptocurrency transfers.

Advertisement
Continue Reading

Crypto

Titobet: A Privacy-First Crypto Gambling Platform – Branded Spotlight Bitcoin News

Published

on

Titobet: A Privacy-First Crypto Gambling Platform – Branded Spotlight Bitcoin News
Experience the thrill of gaming at Titobet, where registration requires no KYC verification, ensuring maximum privacy. With over 10,000 slot games, a variety of live casino tables, and exceptional VIP services, Titobet effortlessly combines user-friendly access with fast payouts. Join now and elevate your betting experience!
Continue Reading
Advertisement

Trending