Pi Coin, the only crypto that is eco-friendly that was recently added to the Huobiexchange platform. Similar to the social cryptocurrency trading platform XT.com, which recently announced its decision to include the trading pair PI/USDT in the zone of innovation.
In any event the exchanges haven’t provided details about deposits and withdrawals. But what exactly is Pi Coin? What is its story and what’s its price pattern? Let’s take a look step-by-step.
Pi Coin listed on Huobi and XT.com So far, no exchange news given by PI social media channels
As mentioned above as reported above, the Huobi, a cryptocurrency trading platform Huobi declared that they had added the Pi coin, which is the original token used by the Pi network.
The cryptocurrency exchange based in Seychelles shared details about the launch for the Pi Network token via a blog post. In the post, the exchange announced that spot trading of PI will begin at 9:00 (UTC) on December 29th. Huobi’s announcement stated that only the pair USDT/PI will be available to trade.
Alongside Huobi the social cryptocurrency exchange XT.com also announced that it has decided to offer the PI/USDT trading pair, and trading will begin at 3:00 (UTC) on December 29.
Although the listing on exchanges can be a positive thing for a token and the principal project however, it seems that the Pi Network team was not overly thrilled with the announcement. Three distinct but linked Twitteraccounts within the network published posts warning users not to trade Pi tokens.
Additionally, Pi News an online platform for news and entertainment within the Pi Network, asked users to keep in mind that the platform has yet to launch its main network. The tweet warned users about the risks and asked them not to engage in transactions.
The official channel on Twitter for Pi Network has also issued a warning, stating that the mainnet on the platform was shut down and there was no external connection permitted. Additionally, the platform stressed that it has not permitted listing. Pi’s core team cautioned users not to take part in any transaction.
PiWhales A Twitter account associated with Pi, a network of Twitter accounts. Pi network, wrote:
“We are currently in Enclosed Mainnet. This means that it isn’t possible to include Pi Network in different cryptocurrency exchanges as of right now. Attention! .”
The Twitter account that is officially owned by the Twitter account has published the following news:
Pi is on an Enclosed Mainnet without external connectivity allowed. Pi Network isn’t affiliated with and has not authorized any exchange listings. The listings listed may not work on a 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 cryptocurrency that is listed on Huobi.
Pi Coin is the first digital currency that is able to be used to mine on smartphones, without affecting its performance, and in an totally sustainableway. Furthermore, its public blockchain utilizes widely-reviewed and peer-reviewed algorithms as well as standards.
Pi Coin’s aim is to offer an environmentally sustainable and user-friendly smart contract-based coin and platform for everyday people. It is currently in the end of Mainnet which has more than 30 million registered users.
The Mainnet is looking at the full potential for Pi Coin, including listing it on exchanges over about a few months, so that it could be traded for other currencies.
But, currently there is an interim “Enclosed mainnet” period in during which the Pi blockchain isn’t linked to other blockchains and it is only feasible to make use of Pi to purchase services or goods however it isn’t possible to trade using other currencies (euros dollars, euros and so on.) or any other crypto currencies.
It is important to note that Pi Coin uses the Stellar protocol that allows transactions to be verified very efficiently and allows instant payment that consume almost no energy. Furthermore, because of the Stellar protocol mining on Pi doesn’t drain the battery or impact smartphone performance.
Additionally, in keeping in line with the concept of sustainability and eco-sustainability, Pi is building one of the largest and openly distributed peer-to-peer networks around the globe. As of July 20, 2021, Pi has reached more than 12,000 active nodes.
The Pi network application can be described as friendly for users and has complete functionality. It also includes groups chats for every language and a FAQ section to address frequently-asked questions, as well as a whitepaper with technical information as well as the announcement channel that provides the most current information directly from the developers. Another option is to get one’s wallet access number (non-custodial) in the event that it is lost due to the security circle.
The history of PI Cryptocurrency.
According the creators of Pi Coin, Pi Coin represents an attempt to make cryptocurrency that is usable by everyone, and not restricted to the those who own servers that are suitable. The project was started by Nicolas Kokkalis and Chengdiao Fan who are both doctoral students at Stanford University.
The initial Version of this app introduced in the year 2019. It is now a dazzling amount of people using it: 29 million. Unfortunately, as of now, the cryptocurrency cannot be traded anyplace. It is also not able to be used to buy goods or services.
To earn Pin Coin all that needs to be done is open the Pi app and click”Mining. Once clicked the icon, the user is able to shut down the application, or shut off the internet and an amount of Pi coins are deposited into their account within about 24 hours. In the next day, it’s enough to click on the button again to repeat the process.
The cost for Pi Coin, what has changed since it was advertised in Huobi?
Despite the warnings issued by the parent platform of the token the time Pi Coin was listed on Huobi The prices for PI tokens have been rising steadily. According to reports taken from CoinMarketCap (CMC) show that the value of the PI token been able to climb 235% within just 24 hours.
But, the cryptocurrency price tracking platform also had an advisory regarding page PI website for the token. The message from CoinMarketCap stated it was because Pi Network has recently faced several controversy.
CoinMarketCap reiterated its warning to Pi that the main network isn’t fully functional. In addition the platform for data analytics revealed that the price of PI tokens it sells on its platform show the worth of IOUs. It seems traders are purchasing and selling PI tokens, without actually owning the tokens.
In any event the latest release, Pi Network shared the blog post by the blockchain security auditing firm Certik Certik. The post highlighted that criminals have hacked off more than $60,000. Criminals drained money from a pool that claimed as Pi crypto tokens Certik noted.
CertiK was then able to warn users about a possible fraudulent Pi network token. The company also stated that the person who owned that fraudulent Pi token pool sacked the pool of about $61,000 in funds and then transferred them into Polygon.
In the meantime, the Pi Network core team again cautioned users against using exchanges that provide the trading of PI tokens. Additionally, PiCT also distanced itself from any responsibility by saying that it doesn’t take the responsibility for any loss.