Pi crypto network, the newly emerged player in the cryptocurrency space, has gained considerable attention from crypto enthusiasts. Although there are skepticisms over its reliability.
What is Pi Crypto Network?
Pi crypto Network is a digital currency and developer platform. Its primary focus is to keep crypto-mining accessible for the folks, as the centralization of the first-gen crypto Bitcoin made it a bit difficult to reach to everyday users.
The minds behind this project were a couple of Stanford graduates aiming to facilitate mining via a mobile app and validate the transactions in a distributed record. The network utilises an algorithm based on the Stellar Consensus Protocol (SCP).
How The Developers Took It Out Of The Box?
In the Pi crypto network, while the branding was based on the number π, Phase 1 of the project was launched in 2019 on Pi Day i.e. March 14 along with a free Pi mining app. And by the month of June, the network witnessed 100,000 active users.
Phase 2 was launched a year later, and the active users increased to 3.5 million. In May 2020, the app further focused on its financing and initiated to run ads on its app. And last November, the network claimed that its user base had reached 29 million.
During this phase, the users can volunteer to test the Pi Node desktop software on their computer. In April 2021, the Pi Wallet and Pi Browser were rolled out for testing. And a Developer Portal, software development kit (SDK), and other resources were released on June 28.
Furthermore, the Pi crypto phase 3, or the mainnet launch was announced on December 29.
The network’s roadmap highlights that for the future, it is planning on introducing a Know Your Customer (KYC) solution, expanded developer resources, more Pi apps, new community content, and the mainnet launch.
The Pi crypto Network made two special announcements on Pi Day this year, the execution of new mining rewards and the launch of mass identity verification (KYC). On one hand, the mining rewards bring out three additional ways for Pioneers to contribute to the ecosystem, on the other hand, KYC facilitates Pioneers to verify their identities so they can finally move their Pi balance to Mainnet. The KYC solution uses a unique approach that is decentralized, amalgamating machine automation and human verification to achieve accurate and efficient KYC for all concerned entities.
What do you think about Pi Network?
Pi Network, is the digital currency that is powered by the Pi crypto network, and similar to BTC it tends to go through halving regularly. But if you think you can access the Pi Network just like that. Sorry to burst the bubble, but no.
You cannot buy Pi Network easily. The users who have mined Pi crypto are the only ones getting the advantage to exchange or withdraw their coins during Pi crypto phase 3 when it shifts to a decentralised blockchain.
Pi cannot be transferred during the testing phase, and the wallet balances will be honored when it moves from testnet to mainnet.
When will Pi network crypto enter the market?
The Pi Network is not available in the market yet, in fact, the price of Pi is also not yet established. Because the Pi crypto phase 3 has now launched, holders will be able to take full control of their public and private wallet keys and buy products and services on Pi’s peer-to-peer marketplace utilising the coin.
But the ones having faith in its potential are amassing Pi crypto with a belief that the price will surge following Pi crypto Phase 3 going live.
Is Pi crypto just another scheme?
Things went smooth till now, but Here’s the catch! The developers of the Pi network crypto claim that its security is strengthened by personal networks, encouraging users to bring in friends and family.
And this is the point where skepticisms start to hover around the project. That it might be a multi-level marketing scheme.
Though, users can only earn coins through their direct networks, not through their connections’ networks as the case with an MLM scheme.
Is Pi, the digital currency, legit or not?
As most of the users currently hold on to it with an anticipation that they will convert their virtual coins to actual value sometime in the future. A feature like that of affiliate marketing is another point that attracts suspicion. Plus, the users are already putting so much value into the app.
Currently, the users are creating no such value except for making their information available to the mobile app, viewing ads, or messaging other users.
Additionally, at this point in time, primarily the developers are benefitting from the app via ad revenue. Though these couldn’t be claimed to be solid things to be presented, but then who knows? But it does put crypto-mining apps like pi in the sight of critics.
Is there a similar cloud mining app to earn free crypto-like Pi-Network?
Well, seems like no, Pi crypto network is not the only one having the monopoly in the crypto mining apps. There are others like Bee network, Midoin, etc.
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Will Pi coin be worth anything? When will Pi crypto have value or be worth something?
Pi Crypto Network’s whitepaper indeed signifies a lot of things pointing out to the ambitions of the Stanford educated developers.
But there are no such clarifications or technical details as to how exactly their Pi Stack would work. One of the main focuses is to have others build apps on the PI crypto network to benefit from PI network users’ attention.
There seems to be time for the mainnet to go live, hence the users can not exchange their Pi coins with fiat currency on exchanges yet.
The network claims to have run a pilot in 2020 for folks to exchange goods and services via Pi. Although, they have not listed the crypto on any major exchange yet.
However, the team seems to be constantly working towards the emergence of the project. But then, the crypto space being a volatile one often attracts doubts and concerns. And because the Pi Crypto network is still a new project, doubts are inevitable. And that is why crypto mining apps like Pi attract concerns. But it is still to look forward to if all these criticisms go in vain and the network emerges to be a strong one.
It can’t be said if pi crypto will be worth something or not but the users are quite optimistic about it.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/04/15/pi-crypto-network-why-are-skepticism-hovering-around-this-project/