Pi Coin, the fully green crypto, was recently listed on the Huobi exchange platform. The same goes for 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? Let’s see it step by step.
Pi Coin Listed on Huobi and XT.com: No Movement on Exchanges So Far
As previously reported, cryptocurrency exchange Huobi announced that it has listed the PI coin, the native token of the Pi network.
The Seychelles-based cryptocurrency exchange shared news about the listing of the Pi Network token through a blog post, in which the exchange stated that spot trading of PI would start at 09:00 (UTC) on the 29th of December. Huobi’s announcement shared that only the PI/USDT pair 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 December 29.
Despite the fact that a listing on exchanges is usually good news for a token and its parent project, the Pi Network team was not very enthusiastic about the listing news. In fact, three separate but related Twitter accounts on the platform shared posts warning users not to trade IP tokens.
Additionally, Pi News, a media platform on the Pi Network, asked users to remember that the platform had not yet opened its core network. The tweet specifically warned users of the danger and asked them not to participate in transactions.
The Pi Network’s official Twitter channel also issued a warning, noting that the platform’s main network remained closed without allowing external connectivity. Furthermore, the platform emphasized that it had not authorized any listing. The Pi core team warned users not to participate in any transactions.
PiWhales, a Twitter account affiliated with the Pi network, said:
“We are still on closed Mainnet. Therefore, it is impossible to list the Pi Network on different cryptocurrency exchanges at this time. Attention please.”
Even the official Twitter account has reported the news as follows:
Pi is on a closed main network with no external connectivity allowed. Pi Network is not affiliated with and has not authorized any exchange listings. Such listings may not work on real Pi. Participation may result in loss. Trust only official Pi channels: https://t.co/BZtL2zQOrj
—Red Pi (@PiCoreTeam) December 29, 2022
What is PiCoin? The cryptocurrency listed on Huobi
Pi Coin is the first digital currency that can be mined on smartphones without slowing down their performance and in a completely green way. Furthermore, its public blockchain uses widely accepted and peer-reviewed algorithms and standards.
Pi Coin’s goal is to provide a usable and eco-sustainable smart contract currency and platform for everyday people. Currently, it has reached the final stage of Mainnet with more than 30 million users.
The Mainnet envisions the full use of Pi Coin, including its listing on exchanges within the next few months so that it can be exchanged for other coins.
However, there is currently a temporary “closed mainnet” period, where the Pi blockchain cannot be linked to others and it is only possible to use Pi to buy goods/services, while it is not possible to exchange with another fiat currency. currencies (euros, dollars, etc.) or other cryptocurrencies.
Importantly, Pi Coin uses the Stellar protocol, which allows transactions to be verified extremely efficiently, allowing for instant payments with almost zero power consumption. Also, thanks to the Stellar protocol, removing the Pi does not drain the battery or affect the performance of the smartphone.
Also, 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 over 12,000 active nodes.
The Pi Network App is easy to use 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. The possibility of recovering the access code to the wallet (without custody) is also contemplated in case of loss thanks to its own security circle.
History and operation of Pi Coin
As mentioned above, according to its creators, Pi Coin represents an attempt to make a cryptocurrency mineable by ordinary people and not just the owners of the appropriate servers. The project was created by Nicolas Kokkalis and Chengdiao Fan, two PhDs from Stanford University.
The first version of the app was released in 2019. Now it has an impressive number of users – 29 million. Unfortunately, at the moment this cryptocurrency is not tradable anywhere. Nor can it be used to purchase goods or services.
Also, 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 application, or even turn off the Internet, and a certain amount of Pi coins will be generated in their account in the next 24 hours. The next day it will be enough to click again to continue the cycle.
Pi Coin price, what has happened since it was listed on Huobi?
Despite warnings from the main token platform since Pi Coin was listed on Huobi, the prices of PI tokens have been rising steadily. In fact, data from CoinMarketCap (CMC) indicates that the price of the PI token is up 235% in 24 hours.
However, the cryptocurrency price tracking platform also included a warning on the PI token page. The CoinMarketCap post noted that the Pi Network has recently faced a lot of controversies.
CoinMarketCap reiterated the platform’s warning that the Pi corenet is not ready. More importantly, the data analytics platform revealed that the prices of PI tokens on its platform reflect the value of the notes. It seems that merchants are buying and selling PI tokens without even owning them.
In any case, in a new update, the Pi Network shared the post from blockchain security auditing firm Certik, which noted that nearly $61,000 has been embezzled by some malicious entities. Scammers withdrew funds from a pool by pretending to be Pi tokens, Certik noted.
CertiK then warned users about a likely fake Pi network token. The company noted that the owner of the fake Pi token pool removed around $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 fault by stating that it is not responsible for any loss.