Pi Wallet Launch Date: Does Pi Network Have a Wallet App?
Pi wallet will have the real Pi inside when Pi Mainnet goes live, and the Pi Network Mainnet migration has begun on August 3. The wallet currently only connect to the Testnet, with only Test-Pi for testing.
With constant speculations about the Pi network mainnet launch date, some optimistic investors see it as a way to start with a new promising crypto. While many others think that Pi coin is a multi-level marketing scam that holds no real worth at all. For investors wanting to get ready for the Pi network mainnet launch, there may be various questions about the Pi coin wallet – which is essential for Pioneers to migrate their Pi transferable balance to Mainnet and send/receive Pi coins or make payments in Pi Apps on the Mainnet Blockchain.
Hopefully, this article will ease whatever fears you may have about the Pi wallets and answer whatever questions you might have about Pi coin wallet.
A Brief Glance at Pi Wallet
A popular misconception is that today’s Pi coin wallet is based on the Raspberry Pi algorithm; however, the truth is that Pi runs on a consensus algorithm based on the Federal Byzantine Agreement (FBA) and Stellar Consensus Protocol (SCP), another algorithm. It should be noted, however, that Pi is an improvement over Bitcoin because it is eco-friendly. Unlike Bitcoin, the Proof-of-Work used does not need to burn vast amounts of electricity.
Under SCP, each node can independently determine if a transaction is valid or not, e.g., the authority of making the transition and double-spending, based on the cryptographic signature and the transaction history. However, for a network of computers to agree on which transactions to record in a block and the order of these transactions and blocks, they need to message each other and have multiple rounds of voting to reach a consensus.
Now, to answer the question, what is a Pi coin wallet? A Pi coin wallet is an app created to support the Pi network where one can mine a new digital currency known as Pi. The digital currency is yet to launch. They are mined on something called the Pi testnet. The Pi wallet has both the mobile version and the computer version (PI node desktop software)
Main Features of the Pi Wallet
The Pi wallet was founded by experienced developers who saw the need for a more secure and convenient crypto wallet. The Pi network aims to create a product that will meet the needs of both new and experienced crypto users.
The result is a wallet that offers outstanding security and convenience. Here are some of the features that set it apart from other crypto wallets:
- Latest security protocols and technologies
- Easy to use, even for those new to crypto
- Integrates with other wallets and exchanges
- User-friendly interface
- Offers fast and reliable transactions
Three Stages of the Pi Coin Wallet
The idea was first proposed in 2018 by three Stanford graduates, Dr. Chengdiao Fan (Head of Product), Vincent McPhillips (Head of Community), Dr. Nicolas Kokkalis (Head of Technologies). Since then, the development and writing of the white paper have been rapid. To better understand it, the Pi network development has been divided into three stages:
Stage 1 – Planning And Distribution of Token
The design and token distribution stage involves modeling and designing the Pi server, distributing tokens, and ensuring everything are ready to go to the next step. The Pi server, in this stage, emulates the features of a decentralized system, just as it will do when it launches on the internet. User experience is still easy to improve at this stage.
It should be noted that Pi coin is not displayed on other wallets or exchanges and cannot be bought with either non-digital or digital currency at this stage.
Stage 2 – Deployment And TestNet
Testnet is the deployment stage, where the Pi wallet is currently. The Pi wallet enables Pioneers to mine Pi at this stage because the host software has been deployed to the Pi testnet. Multiple nodes will be hosted, and Pioneers will be encouraged to launch their nodes during testing. All these happen during the test network of the blockchain node.
The TestNet allows Pi developers to implement changes and make improvements. When the Pi community is ready, the development will move on to the next stage. However, test transactions can be made.
You will need a test wallet address to be able to test transactions. To do that, download the Pi browser, request a wallet address from a friend, and receive or send Pi. Downloading the browser gives you 100 Pi to test a transaction. It is not absolute and cannot be converted to real money.
Stage 3 – Final Result: MainNet
Pi Mainnet migration has begun on August 3. Pioneers who’ve passed Pi KYC can complete all items on the Mainnet Checklist. If the Pi coin goes live in the market as planned, it will be a open mainnet – fully decentralized, access to the other blockchains, and enable Pi coins to trade with other cryptos even with Fiat currency.
The Mainnet is the third and final phase. The Mainnet will be launched if and only if the developers feel that the wallet has been thoroughly tested and is ready for production, then it will be found.
At this stage, we expect the developers to enable actual Pi transfers. However, it should be noted that only accounts that are confirmed to belong to real people during the transition will not be restricted. So, if you guys have not verified your account today, you should do that now.
Pi Coin Wallet Review: In Conclusion
While some people may be skeptical of Pi Coin Wallet, you may want to connect with other Pioneers. It’s free to join, and there’s nothing to lose except the amount of time you may have during the pandemic. If anything, you may have a lot to gain when Pi cryptocurrency officially enters the mainnet.
At this moment, the protocol already has 29 million-plus active miners and users securing its network in beta. This is a fully-programmed space ready to explode once the network eventually goes live.
Pi Network promises to solve the problem of web-scale while balancing the scarcity and availability of crypto assets. However, while millions of people have logged in as active users, Pi network model and its definite release date are still a mystery.
1.Does Pi coin have any value now?
Pi coin currently has no value. Moreover, it will not have any value until its mainnet version is launched. If you find some websites showing its value, you can be sure that the source is not credible. Pi’s value will be backed by the time, attention, goods, and services other network members offer.
2.When will the Pi coin wallet have the real Pi inside?
It will have it when Pi Network Mainnet is live. Pi Network Mainnet migration has begun on August 3, and Pi coin wallet will enable actual Pi transfers after the Mainnet is launched.
3.Is Pi coin legal?
Currently, no one knows the answer to the question whether Pi coins are legal. There is no cost to install the application. However, there may be issues regarding data privacy and lack of transparency.
4.Is Pi mining legal?
Yes, it is legal as it does not involve any cash investments to mine it. All you need is about 20 seconds of your time (typically less than 20 seconds) to click on the lightning button to start mining once every 24 hours. If you already have the app, you can wait to see if the founders build something of significant value.
5.Is Pi coin wallet a custodial or non-custodial wallet?
Pi coin wallet is a non-custodial wallet, meaning only you have access to the passphrase or the secret key of your wallet.
6.Is it possible to create another wallet if forgot my Passphrase?
Yes. You can just create another wallet. The Pi coin wallet currently only connect to the Testnet, with only Test-Pi for testing, thus no real loss for you.
But after the Mainnet launched, losing the Passphrase to your Pi coin wallet with real Pi coins cannot be cured by creating another wallet like now and will result in you losing access to all the Pi coins in that wallet forever.
7.Will passphrases remain the same after the Pi Mainnet is launched?
For the convenience of users, Pi aim for wallet passphrases to remain the same so that people don’t have to create them twice. In this case, you can get Mainnet-ready and create your pi coin wallets now.
8.Can I use other crypto wallets?
Yes. Pi Testnet and Mainnet is and will be a public blockchain, thus any crypto wallet compatible with the Pi network blockchain can work. Pi coins are fully accessible not only in your Pi coin wallet but also any other Pi compatible wallet.
However, the official Pi coin wallet is where you can get your Mainnet Pi when it is finally launched. Afterwards, you can transfer it to another wallet as needed.
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