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.

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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.

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.

FAQs

How much is 1 Phi Network coin in dollars?

What is the price prediction for Phi Network?

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Nicole Willing

Nicole is a professional journalist with 20 years of experience in writing and editing. Her expertise spans both the tech and financial industries. She has developed expertise in covering commodity, equity, and cryptocurrency markets, as well as the latest trends across the technology sector, from semiconductors to electric vehicles. She holds a degree in Journalism from City University, London. Having embraced the digital nomad lifestyle, she can usually be found on the beach brushing sand out of her keyboard in between snorkeling trips.