what is PI Network and PI coin?

 

What is PI?

The question about PI being legit, or a Network Scam, or its launch or it’s worth is often termed “a million-dollar question” in cryptocurrency circles.

PI cryptocurrency is very mysterious and the reliable information concerning PI is very difficult to find. Now again, is PI coin real or fake?

• ·      March 14, 2019 is considered as a PI Day-PI network is a mobile blockchain mining project on a mission to give everyone access to the crypto revolution.

• ·      Anyone is allowed to mine PI coins on their mobile devices without negatively impacting their battery life.

• ·      PI crypto project uses Stellar’s FBA mechanism, making it safer and more modern than the PoW consensus algorithm. Now what is Stellar’s FBA mechanism?

o   The Stellar network reaches consensus using the Stellar Consensus Protocol (SCP), which is a construction of the Federated Byzantine Agreement (FBA). FBA differs from other well-known consensus mechanisms like Proof of Work (which relies on a node’s computational power) and Proof of Stake (which relies on a node’s staking power) by instead relying on the agreement of trusted nodes.

• ·      User’s mining capacity depends on the growth of their ecosystem, as the network uses halving to protect the value of PI coins.

• ·      PI network has evolved over the years and is currently at a vital stage of its Enclosed Mainnet development leading up to the Open Mainnet launch. The final stage of opening the mainnet to the public is on schedule, but there is no definite timeline yet.

• ·      Though several exchanges such as Huobi have listed PI coin for trading in late 2022, the PI core team asserted that all these listings are conducted independently of the team, which are not approved and are not in line with the network’s policies. The team is calling for the removal of the coin from these exchanges and is warning users not to engage in trading at this time.

• ·      As the type around PI ecosystem has been going on for years and the PI crypto remains in the pre-release mode, and some experts believe that it is just a scam.

o   Open mainnet is the term used to describe when a blockchain convention is completely evolved and conveyed.

o   Mainnet accomplishes the usefulness of executing real exchanges within the organization which is put away on the blockchain and is alluded to as the ‘final result’ available for the general population to utilize.

·      PI began its mainnet migration on August 3, 2022 with the implementation of technical improvements, KYC (Know Your Customer) solution, PI platform and ecosystem building, among others.

·      PI network is still in its Enclosed Mainnet period, during which transaction of PI through an exchange in prohibited.

·      It is believed that PI project will definitely have its own innovations, only if PI launches its open mainnet to the public.

Is PI network a scam? Is PI coin legit?

There are strong arguments on both. While there are number of people already participating in the network, the lack of transparency (trustworthy information) is hard to find with so many scattered online blogs, forums and reddit discussions about PI and PI coins. While ideas in the PI’s white paper are real and credible, there are many negative reviews about the PI apps in Google Play Store. In addition, there is no evidence of blockchain behind the PI network. While there are signs from the companies towards accepting PI coin as payment currency, generating PI coins is not essentially mining (tho’ generating coins seem to many users as the process of mining); and there are also many unresolved data and privacy issues regarding the PI network/coin.

Let us ask another question?

How could one believe to gain when no initial investment has been made during the mining of the PI coin? In the usual BTC mining, lots of costs/expenses are associated on the setup of the mining infrastructure, for which we expect some gains for having spent. One should also believe in “Give & Take Psychology” i.e., basically an investment or ‘bucket’ system where we put things in the bucket and sometimes take the things out.  In this same note, many current PI uses do not believe in its future, as no cost is associated during the installation of the application. Thus, it is impossible to make a final judgement. Having said this, everyone should decide if it is worth the risk of your personal data falling into the wrong hands.

Some predictions about PI coin

• ·      WalletInvestor predicts the PI coin’s price as $0.00111 by the end of 2023.

• ·      CoinDataFlow estimates (based on Bitcoin’s growth pattern) as a minimum of $27.60 or a maximum of $40.81 in 2023.

• ·      According to Crypto Investor, PI coin might be exchanging at around $22 before the end of 2023.

• ·      Reddit Community estimates over $18 by the end of 2023.

• ·      Estimates from social media range from $1 to hundreds of dollars by 2030.

Therefore, it is always at your discretion to decide if the PI crypto is worth a try. Please read the PI disclaimer before trying the PI app. Please keep in mind that this writing is not an investment advice in any manner.