Latest news with #NicolasKokkalis
Business Mayor
15-05-2025
- Business
- Business Mayor
Pi Network goes open-source next week, but there's still one catch
Pi Network shuts down its central node and preps open-source code, citing decentralization goals. Big announcements teased could redefine Pi's future — or deepen the decentralization debate. Just as the crypto crowd descends on Toronto for Consensus 2025, Pi Network [PI] has decided to steal a bit of the spotlight, shutting down its central node and open-sourcing its code in one bold move. Add to this an announcement wrapped in mystery, and we've got all the ingredients for a stunner. But is this a real step toward decentralization, or just a well-timed flex? Either way, the Pi community has reason to stay tuned – because the next chapter might just be the most telling yet. A central node no more Pi Network's core team has officially shut down its central node. The announcement was paired with a network diagram that visually confirmed the node's removal. Source: X The shift is in line with Pi's mission to evolve into a decentralized blockchain, secured by its proprietary improved proof of stake (IPoS) mechanism. With the source code soon to be released, the Pi community awaits developments that bring in a new era of transparency. But while enthusiasts celebrate, critics remain unconvinced. The network's referral-based mining model and notably opaque governance still raise eyebrows. Notably, the core team's continued control over supernode selection — and its reported hold on 82.8 billion PI — have fueled ongoing concerns about the project's decentralization claims. All eyes on Consensus The timing couldn't be better. Just as the crypto world swarms to Consensus 2025, Pi Network is hyping the community up with a series of not-so-subtle teasers. First up: a major announcement slated for the 14th of May. Source: X Then? Promises of something 'GREAT/GOOD' on the 15th, capped off by a speech from Pi co-founder Dr. Nicolas Kokkalis on the 16th. Source: X This is a three-day show that has the world talking — and the stakes have never been higher. Read More XRP: Bulls and bears locked in struggle – What of prices? The decentralization debate Even with the central node gone and open-source code on the horizon, Pi Network hasn't fully shaken off the criticism. Its mainnet remains closed, coin transfers are still off-limits, and basic access features like 'lightning' often require VPNs in some regions. For a project that champions decentralization, these roadblocks feel at odds with the message. The upcoming announcements may bring about a change, but until the network becomes truly open and borderless, nothing's for certain.
Express Tribune
24-02-2025
- Business
- Express Tribune
Pi Coin rebounds 80% after 60% drop amid global adoption surge
Listen to article Pi Coin, the cryptocurrency launched by Pi Network, has surged 80% to $1.29 following a dramatic 60% drop after its mainnet launch. The token, which saw a peak of $1.97 on its first trading day, plunged to a low of $0.737 before rebounding in recent sessions. The sharp fluctuation in Pi Coin's price has raised concerns among investors about its long-term stability. However, data from CoinMarketCap shows strong buying interest, with Pi Coin recently hitting a high of $1.52 and support levels around $1.10. Experts suggest that if the token maintains its position above the $1.10 mark, it could see further gains, while a drop below this level may result in a retest of the $0.94–$1.00 range. Photo: Pi Network (Pi Coin) price chart/TradingView Growing User Base and Global Expansion Despite the volatility, Pi Network continues to expand its user base. The platform, launched in 2019 by Stanford Nicolas Kokkalis and Chengdiao Fan, has over 60 million members. Pi Network's mobile-first mining mechanism allows users to earn Pi Coins by simply tapping a button on their mobile devices every 24 hours. The network has gained significant momentum, especially in India, where it has surpassed 100 million downloads on the Google Play Store. Pi Coin has been listed on several major exchanges, including OKX, Bitget, Bitrue, HTX, and BitMart, further increasing its accessibility to international markets. To further boost adoption, Bitget has launched a $60,000 Pi Coin airdrop, running until March 3, while BitMart is offering a $3,000 USDT reward for 300 lucky users. Challenges and criticism Pi Coin's launch was met with skepticism from some quarters. Bybit CEO Ben Zhou referred to Pi Network as a scam, citing concerns that the project targeted elderly investors. Pi Network has vehemently denied these allegations, emphasizing its six-year development process. Another factor contributing to the token's initial decline was a wave of sell-offs from early adopters, a trend common in new cryptocurrency launches. The broader downturn in the crypto market, with Bitcoin and major altcoins in a decline, also contributed to Pi Coin's early struggles. Outlook for Pi Coin While Pi Coin has made a significant recovery, its future remains uncertain. Technical analysts believe that if the token can stay above the $1.10 support level, it may see further upside. However, ongoing skepticism and the volatility of the crypto market could lead to more fluctuations in its price. As Pi Network continues to develop its ecosystem, the coming weeks will be critical in determining whether this recovery is the beginning of a long-term uptrend or simply a short-term bounce.
