Identify Pi Network competitors in the cryptocurrency market and assess their outlook.
Due to its unique approach, the Pi Network has garnered significant attention in the crypto community. Users can mine Pi tokens using a mobile app or web version without incurring commissions or fees.
However, despite its popularity, the project has faced skepticism and accusations of being a scam. Some crypto community members have questioned its utility and accused its creators of running a fraudulent scheme.
What Is Pi Network Utility?
The utility of the Pi Network lies in its utilization of the Stellar Consensus Protocol (SCP). This protocol enables users to mine native tokens through the Pi Network app. The SCP allows nodes to verify transactions by voting and sharing data.
However, the specific applications of the Pi Network are still unclear. It remains to be seen how the project will be utilized, whether integrated into the non-fungible token (NFT) market or used for transactions. The project is generating excitement due to its relatively simple mining process with few restrictions.
Mining via mobile app
One of the Pi Network’s primary utilities is users’ ability to mine native Pi tokens using their mobile phones. The process is straightforward: users download the app, create an account, and begin mining the token. Additionally, there is also a web version available for mining.
Mining session
The mining session on the Pi Network is refreshed every 24 hours. When you initiate the mining process through the app, a session begins regardless of your local time. Once this 24-hour period elapses, the Pi tokens become available.
Pi hierarchy
The Pi Network features a hierarchical system. All users within the network are automatically classified as Pioneers, marking the initial step. Subsequently, users may progress to become Contributors, Ambassadors, and eventually Nodes.
No fees
Another utility the Pi Network offers is the ability to mine native tokens without incurring fees or requiring paid registration. Users need to create an account and commence a 24-hour session.
Perspectives On the Pi Network Utility
Notably, the open mainnet launch for Pi Network has yet to occur, with expectations set for 2024. Presently, the native token is traded on two exchanges, namely HTX Global, Toobit, Biconomy Exchange, SuperEx, and Jupiter, leading to low liquidity.
The Pi Network currently operates within an enclosed mainnet stage.
Upon launching an open mainnet, fast transactions could potentially become a prominent utility of the Pi Network. The simplicity of mining via mobile devices implies cryptocurrency acquisition with minimal energy consumption and hardware requirements, thus resulting in low transaction fees.
However, achieving this objective requires sufficient network nodes to verify transactions and ensure security.
The prospect of low fees could make the Pi Network appealing for various applications, such as the NFT market, which has demonstrated an inclination toward alternative consensus mechanisms beyond ERC-20.
Pi Network Competitors
Pi Network stands out for its simple mining process for native coins. Let’s explore other projects with similar features.
Avive
Avive is a protocol related to Decentralized Physical Infrastructure Networks (DePin) and Universal Basic Income (UBI).
The Avive protocol resembles a metaverse-like environment, inviting users to participate in creating a decentralized world and earn the native token, Avive, in return.
Unlike Pi Network, Avive does not involve token mining. However, users can still earn crypto assets without encountering additional fees or obstacles.
Similar to Pi Network and its mining sessions, Avive introduces the concept of “Avive Check-in.” This feature requires users to update their status within the network every 11 hours and 10 minutes for at least three consecutive days. Failure to do so results in a 0.1% penalty. Indeed, this utility aligns Avive with other Pi Network competitors.
Screenshots from the Avive app. Source: Avive
Avive boasts an advantage in that its token has already been listed on several exchanges. For instance, Avive World can be purchased on centralized exchanges (CEX) like OKX or TruBit Pro Exchange. Additionally, the token is available on decentralized exchanges (DEX) such as Uniswap v3 on the Arbitrum pool.
Eagle Network
Eagle Network, like other Pi Network competitors, primarily emphasizes mobile application mining. It allows users with no technical background to participate in mining the native Eagle token.
Like other Pi Network competitors, Eagle Network operates on a session-based principle lasting 24 hours. Users can deposit additional funds, with higher deposits resulting in increased mining profits.
In addition to mining, users can earn Eagle native tokens through gaming activities. Furthermore, Eagle Network offers a referral program akin to Pi Network, allowing users to invite friends and boost their mining rates.
Screenshots from the Eagle Network app. Source: Eagle Network
In addition, the native token is gradually being listed on various exchanges under the ticker EgonCoin (EGON). According to CoinMarketCap, EGON is available for trading on the CEX Coinstore. The project’s social media channels suggest that trading is also available on the XT.com exchange.
Conclusion
One of Pi Network’s main appeals is its user-friendly mobile mining feature, requiring no specialized technical knowledge or powerful hardware, unlike Bitcoin mining. This simplicity could attract novice crypto traders.
Pi Network competitors might find a niche in the market. Bitcoin mining grows increasingly complex yearly, demanding more hardware investment and technical expertise.
While Avive doesn’t support mobile mining, users can earn native tokens through their phones. Avive is listed on the popular OKX exchange, setting it apart from other Pi Network competitors.
With Pi Network and Eagle Network, it’s crucial to highlight potential risks. Although both projects are listed on exchanges, they suffer from low liquidity, resulting in inactive trading pools. This lack of activity may leave miners unsure about withdrawing their crypto assets.