Pi Coin, the entirely eco-friendly crypto, was recently listed on the Huobi exchange platform. The same goes for the social crypto exchange XT.com, which announced its decision to list the PI/USDT trading pair in the innovation zone.
In any case, both exchanges have not shared details about deposits and withdrawals. But what is Pi Coin? What is its history and what is its price trend like? Let’s look at it step by step.
Pi Coin listed on Huobi and XT.com: so far no move on exchanges
The Seychelles-based cryptocurrency exchange shared news about the listing of the Pi Network token via a blog post, in which the exchange stated that spot trading for PI would begin at 09:00 (UTC) on 29 December. Huobi’s announcement shared that only the pair PI/USDT would be available for trading.
In addition to Huobi, social cryptocurrency exchange XT.com also announced its decision to list the PI/USDT trading pair, with trading starting at 03:00 (UTC) on 29 December.
Even though the listing on exchanges is often good news for a token and its main project, the Pi Network team was not too thrilled about the listing news. In fact, three separate but related Twitter accounts on the platform shared posts in which they warned users not to exchange PI tokens.
In addition, Pi News, a media platform on the Pi Network, asked users to remember that the platform had yet to open its core network. The tweet specifically warned users of the danger and asked users not to participate in transactions.
Pi Network’s official Twitter channel also issued a warning, noting that the platform’s mainnet remained closed with no external connectivity allowed. In addition, the platform emphasized that it had not authorized any listings. Pi’s core team warned users not to participate in any transactions.
PiWhales, a Twitter account affiliated with the Pi network, said:
“We are still in Enclosed Mainnet. So it is impossible to list Pi Network in different cryptocurrency exchanges right now. Please attention.”
Even the official Twitter account has reported the news as follows:
Pi is in Enclosed Mainnet with no external connectivity permitted. Pi Network isn’t affiliated with and hasn’t authorized any exchange listing. Such listings may not operate on real Pi. Participation may result in loss. Trust only official Pi channels: https://t.co/BZtL2zQOrj
— Pi Network (@PiCoreTeam) December 29, 2022
What is Pi Coin? The crypto listed on Huobi
Pi Coin is the first digital currency that can be mined on smartphones without slowing down its performance and in a completely eco-friendly way. Moreover, its public blockchain uses widely accepted and peer-reviewed algorithms and standards.
Pi Coin’s goal is to provide an eco-sustainable and usable smart contract coin and platform for ordinary people. Currently, it has reached the final stage of Mainnet with more than 30 million users.
The Mainnet contemplates the full use of Pi Coin, including listing it on exchanges within the next few months so that it can be exchanged for other currencies.
However, at present there is a temporary “Enclosed mainnet” period in place, in which the Pi blockchain is not linkable to others and it is only possible to use Pi to buy goods/services, while it is not possible to exchange with other fiat currencies (euros, dollars, etc.) or other cryptocurrencies.
Importantly, Pi Coin uses the Stellar protocol, which allows transactions to be verified extremely efficiently, enabling instant payments with almost zero energy consumption. In addition, thanks to the Stellar protocol, mining Pi does not drain the battery or affect smartphone performance.
Moreover, keeping with the theme of eco-sustainability, Pi is building one of the largest and most decentralized peer-to-peer networks in the world. As of July 2021, Pi has reached more than 12,000 active nodes.
The Pi network app is user-friendly and includes full functionality. It also has a group chat for each language, a FAQ section to answer frequently asked questions, a white paper for technical details, and the announcement channel for the latest news communicated directly by the developers. Also contemplated is the ability to retrieve one’s wallet access code (non-custodial) if lost thanks to one’s security circle.
History and functioning of Pi Coin
As mentioned above, according to its creators, Pi Coin represents an attempt to make a cryptocurrency minable by ordinary people and not only by owners of appropriate servers. The project was created by Nicolas Kokkalis and Chengdiao Fan, two PhDs from Stanford University.
The first version of the app was launched in 2019. It now has an impressive number of users: 29 million. Unfortunately, right now this cryptocurrency is not tradable anywhere. Nor can it be used to purchase goods or services.
In addition, to mine Pin Coin all that is required is to open the Pi app and click on the mining icon. After clicking, the user can close the app, or even turn off the internet, and a certain number of Pi coins will be generated in their account in the next 24 hours. The next day it will be sufficient to click again to continue the cycle.
The price of Pi Coin, what has happened since it was listed on Huobi?
Despite warnings from the token’s parent platform ever since Pi Coin was listed on Huobi, the prices of PI tokens have steadily increased. In fact, data from CoinMarketCap (CMC) indicate that the price of the PI token has rallied 235% in 24 hours.
However, the cryptocurrency price tracking platform also included a warning on the PI token page. CoinMarketCap’s message noted that Pi Network has recently faced many controversies.
CoinMarketCap reiterated the platform’s warning that Pi’s core network is not ready. More importantly, the data analytics platform revealed that the prices of PI tokens on its platform reflect the value of IOUs. It appears that traders are buying and selling PI tokens without even owning them.
In any case, in a new update, Pi Network shared the post from blockchain security auditing firm Certik, which pointed out that some malicious entities have embezzled nearly $61,000. Fraudsters withdrew funds from a pool pretending to be Pi tokens, Certik noted.
CertiK then warned users of a likely fake Pi network token. The company noted that the owner of the fake Pi token pool removed about $61,000 and transferred the funds to Polygon.
Meanwhile, the Pi Network core team again warned users to avoid exchanges that offer PI token trading. In addition, PiCT also distanced itself from any blame by stating that it does not take responsibility for any losses.