What is Pi Network & Cryptocurrency Coin?

While Pi Network has managed to build a large community of more than 33 million users, it has also gone years without launching a blockchain or its cryptocurrency, meaning PI coins have no value. Here's a full guide to how Pi works and if it's worth checking out.

What makes Pi unique?

Pi Network is like a combination of a digital currency, an app, and a multi-level marketing (MLM) scheme.

The hook for Pi is that you can mine it on your phone. Other cryptocurrencies that use mining, most notably Bitcoin (BTC +2.03%), require much more processing power, so most miners use specialized devices.

Pi is mined in the Pi Network app, and the mining process only requires that you tap a button on your phone every 24 hours. It's technically not crypto mining since there's no mining going on. You're not verifying transactions, at least at the current stage of development. In reality, you're receiving PI coin vouchers for using the app once per day and proving you're not a robot.

To sign up in the app, you need an invitation code from a member. Pi Network uses a referral system where you earn more coins based on the number of people who register with your invitation code.

Your Pi is stored in the app. You can't withdraw it, sell it, or exchange it for other cryptocurrencies. According to the Pi Network website, you'll be able to do all that in the third phase of its roadmap when the mainnet launches, although there's no estimated launch date.