Piin (Ordinals): What Is It and How Does It Work?

What Is Piin (Ordinals)?

Piin is a BRC-20 meme coin, a type of fungible token that operates on the Bitcoin blockchain. The BRC-20 token standard, an experimental concept introduced in early 2023, diverges from traditional token standards like ERC-20. Unlike these standards, which rely on smart contracts, BRC-20 tokens use ordinal inscriptions. These inscriptions allow data, such as JavaScript Object Notation (JSON), to be attached to satoshis, the smallest unit of Bitcoin. This method creates unique tokens, each with its distinct attributes, akin to non-fungible tokens (NFTs), yet they remain fungible like traditional cryptocurrencies.

To learn more about Bitcoin Ordinals, check out our article: What Are Bitcoin Ordinals? Everything You Need to Know About Bitcoin NFT.

Piin, specifically, leverages this approach to create a meme coin with a strong community backing. It's a token that embodies the spirit of the Pi Network, a community known for its resilience and dedication. The Piin token is inspired by the story of the "Foolish Old Man Removes the Mountains," symbolizing perseverance and the power of collective effort.

How Does Piin Work?

Piin operates as a BRC-20 token. It utilizes the Bitcoin blockchain's robust and secure infrastructure, which is a significant departure from the reliance on smart contracts seen in other blockchain networks. This simplicity in tokenization allows for a more straightforward and user-friendly approach to minting and transferring tokens. However, it's important to note that this simplicity comes at the cost of the advanced functionalities that smart contracts offer.

Piin's operation is also characterized by its community-driven nature. Unlike many digital currencies, it does not have a central developer team or smart contracts governing its operations. Instead, it is entirely driven by its community, which is over 50 million strong. This aspect of Piin not only democratizes its management but also aligns with the ethos of blockchain and decentralization.

What Is the Tokenomics of PIIN Token?

PIIN is a meme coin on the Bitcoin network. It has a total supply of 100 billion tokens. It is important to note that the Piin token operates without any development team, smart contract, or taxes. It is entirely community-owned and driven, reflecting a pure form of decentralized digital asset. PIIN has garnered significant attention, boasting a community of over 7,500 holders as of January 2024.

PIIN is designed as a 100 percent mintable token, making it an attractive option for trading and investment, particularly for those interested in meme tokens. PIIN has become a symbol of this spirit, with increasing support from various groups within the network. However, like any investment in the volatile cryptocurrency market, the benefits and risks associated with Piin tokens should be carefully evaluated.