One of the most beautiful aspects of the cryptocurrency industry is constant development and improvement that is what PI powered by the Pi Network is all about. In theory, PI looks like it has answers to almost all the questions that the cryptocurrency industry is looking for answers to.
In this review, I will take deep dive into the project and give me my honest review based on the data available without being biased or being sentimental, I aim to serve as a springboard for those who want to invest in this project.
This review will cover;
What is PI ?
How does the PI work?
How Legit is PI?
What is PI / PI Network
The Pi is the cryptocurrency that runs on the Pi network and as with other cryptocurrencies such as BTC, Pi crypto was designed to undergo regular “halving” to protect its scarcity.
The PI Network aims to make cryptocurrency mining accessible for everyone. The native token of the Pi network is the Pi
The PI is a fork of the stellar network and uses less energy to mine by allows users to vouch for each other through social circles.
The project is said to have been conceptualized by Stanford Graduates. The lead developer is said to have taught the first-ever Blockchain course at Stanford. In its whitepaper, the pi network is trying to solve the centralization of the first generation of cryptocurrencies where the more mining power you have the more you can mine cryptocurrencies. The pi network is leveling the playing ground for the crypto investor by providing a platform where cryptocurrencies can be mined using the mobile phone. This is one of the selling points of the project. However, there’s no proof that this coin being mined will ever be traded as the pi coin is not listed on any exchange platform yet. The pi network seems to have an MLM undertone, what increases your mining power/earning power is when you invite or refer others which are referred to as roles in the network circle.
The team’s goal is to allow people from all works of life to be able to contribute to the success of the cryptocurrency and community with little or no knowledge on tech and cryptocurrency generally. This meritocratic principle the teams believes will position them as one the most widely used cryptocurrency.
How Does the PI work?
(From left to right) Vince McPhilip M.B.A. ’18, Chengdiao Fan Ph.D. ’14 and Nicolas Kokkalis Ph.D. ’13 cofounded the cryptocurrency network Pi Network with visiting student researcher Aurélien Schiltz. (Photo: Benjamin Mattingly)
On the website, there’s a claim of using your phone to mine the Pi coin, although the underlying technology and how it works is still sketchy and there’s no proof that the action-taking place is mining.
The end product or goal for which the Pi token will be used is a digital e-commerce platform and D’apps (decentralized apps) platform on which users can buy and sell goods and services, build apps, advertise, and more. The hints are given in the white paper place an emphasis on the exchange of digitally based services, but in the test transfer pilot of Pi, users have also already made many exchanges for physical goods as well. Many are not aware that apps will be able to be developed on Pi. One early-stage app has already made its debut within the Pi mobile app. Called ‘FeverIQ,’ it’s a Covid-19 symptom tracker. And the invitation has been put out for developers worldwide to avail them of Pi’s newly released SDK package.
Mining in blockchain technology be it POW OR POS consumes an amount of energy but the PI Network claims it simulated mining and it does use your phone power at all.
Because real Mining requires energy no matter how little if the mining component of the PI networks works on most mobile phones without any issue at all given to the simple fact that all phones don’t have the same processor speed and memory space is something that calls for concern.
The mining phase of the PI Coin won’t last forever, currently, they are over 12 million active miners on the platform
Every user on the PI network is allowed to willingly choose the role
Every user on the network has a role and is allowed to chose they are four main roles on the PI network as they are as follows;
A pioneer in the basic level of the pi network roles and their only duty is to download the pi network app and mine and checking in once daily to prove you are not a bot.
A contributor is someone who contributes to the growth of the network by inviting others to join their social circle and vouching for them.
A node is a user who is a pioneer, a contributor using the Pi mobile app, and is also running the Pi node software on their desktop or laptop computer. The Pi node software is the software that runs the core SCP algorithm, taking into account the trust graph information provided by the Contributors.
PI Price Prediction
Currently, the PI is worth nothing as it has not been listed on any exchange platform so far, as, at the time of this writing, the project is already in the second phase of development, which calls for concerns.
If the coin is listed on exchange it could be worth anything but the team isn’t saying anything for now let’s keep our fingers cross.
How Legit is PI Coin?
I feel the PI Network has a good intention, they have looked at the cryptocurrency industry saw a need, and went ahead to proffer a solution. Although these solutions have no real-life application just an intelligent theory that looks good on paper and nothing else.
I won’t say the project is a fraud as the project has been on for years now and nobody has been reportedly ripped off but I can say they are stalling and there’s something they are not telling the community. My humble advice is after doing your research and want to mine this coin, do it with your spare time and don’t get too emotionally invested in the project.
One of the shortcomings of this project that nobody is looking out for, currently, they are over 12 million holders of these coins, that is 12 million people waiting to dump millions of this coin on an exchange collect an amount of BTC or any other coin unless something strategic is done this will be a serious problem.
PI has been around since 2018, the cryptocurrency ecosystem is one of the fastest advancing sectors. If the PI network is going to make any headways now, it has some serious restructuring to do because of most it concepts and idea would have gone extinct.
Feel free to share your opinion.