Pi Network is attracting attention in the world of cryptocurrency. Among them, what is particularly controversial is the concept called Global Consensus Value (GCV). Some community members set the value of one Pi coin at an astonishing $314,159, but is this valuation realistic? This article explains in detail the background of GCV, the current state of the Pi Network ecosystem, and future prospects.

What is Pi Network?

Pi Network is a cryptocurrency project founded in 2019 by a team from Stanford University. It features energy-efficient mining using smartphones, and its appeal lies in its easy participation mechanism for anyone. Currently, over 65 million users are participating, and its scale is rapidly expanding.

Overview of GCV (Global Consensus Value)

GCV is a value standard proposed by some Pi Network communities, valuing 1 Pi coin at $314,159. This number is derived from the mathematical constant π (3.14) and holds symbolic meaning within the community. However, this valuation is not officially recognized and is criticized as unrealistic by many experts and users.

Arguments of GCV Supporters

• Provides reliability and stability by setting value through community leadership.
• Functions as a unified transaction standard within the ecosystem.
• Potential for value increase in the future as the supply and demand balance of Pi coin is established.

Criticisms and Challenges

• Large discrepancy from the actual transaction price because it is not based on market economics.
• Applicable only within the closed network, so the impact after migrating to the open network is unknown.
• Excessive expectations by some users may mislead new participants.

Key Components of the Pi Network Ecosystem

Pi Network is not just a cryptocurrency; it is building a diverse ecosystem. The following are its key components:

1. Pi Nexus

Pi Nexus is a platform that provides interoperability between Pi Network and external applications. This allows users to utilize Pi tokens even outside the mainnet.

2. Pi Finance

Pi Finance is a project aiming to integrate with traditional and modern financial services, supporting asset management and transactions.

Migration to Open Network and Its Impact

Currently, Pi Network is in the closed network phase. In this phase, transactions are only possible within the internal ecosystem, but a migration to an open network is planned. This migration will enable free trading in the market, and the actual market value will be formed.

Conclusion: Is GCV an Illusion?

While the GCV of $314,159 holds symbolic meaning, it is questioned by many experts and users because it is not based on market economics or realistic supply and demand balance. On the other hand, it is also true that this discussion itself promotes active community participation and ecosystem growth. Ultimately, after the migration to the open network, the market will determine the true value.