Phi Network (PHI)

What is Phi Network?

Not to be confused with the popular Pi Network that it appears to emulate, Phi Network is a cryptocurrency project launched in April 2023 designed to allow users to mine coins on their smartphones and use them in Web3 decentralized apps (dApps). PHI coin is the network’s native cryptocurrency. There is also another Phi Network cryptocurrency.

The Greek letter phi, denoted by the symbol φ, is used to represent the golden ratio, a mathematical concept and irrational number like pi. If the ratio between two quantities is the same as the ratio between the sum and the larger quantity, the section is in the golden ratio.

The project’s anonymous development team’s vision is to “build a one-layer trading platform with deep liquidity that connects traders, exchanges, institutions, DeFi platforms, wallets, and dApps.”

Techopedia Explains

Like the Pi Network, the first million users to operate network nodes are known as “pioneers”. The app initially launched on Google Play and was made available on the App Store in November, with a special airdrop event for all users. The first version of the Phi Wallet was released in May.

Phi Network also follows Pi in operating a halving schedule that reduces the mining reward over time to limit the maximum supply. The current reward is 3.2 coins per hour. PHI has yet to be launched on an exchange for trading and has no circulating supply.

Dear valued users,

We would like to inform you that starting from November 5th, 2023, Phi Network will be implementing some important updates related to the Base mining rate. These changes may impact your activities on Phi Network.

Please visit our official website for detailed… pic.twitter.com/NVTY2n8qES

— PHI Network (@PHICoreTeam) November 2, 2023

By using smartphones to mine cryptocurrency without draining the battery or requiring extensive mining rig equipment, Phi aims to make its network easy to use without creating large amounts of electrical waste.

Phi requires new users to receive an invitation from an existing member to open an account, similar to Pi Network’s concept of security circles.

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