- Pi Network is one of the most popular cryptocurrencies with over 2M Twitter followers.
- Pi Coin hopes to solve some of the biggest challenges in cryptocurrencies.
Pi Network has grown silently to become one of the biggest cryptocurrencies that most people have never heard of. It has attracted millions of users globally even as some analysts have questioned whether it is a genuine bitcoin alternative or a scam. A major concern is whether Pi Coin will ever have any utility.
What is Pi Network?
Pi Network is a blockchain platform that was created to address some of the biggest challenges that traditional coins like Bitcoin have. For example, Bitcoin’s growth has made mining it extremely difficult and expensive. To mine BTC today, users need hardware that goes for thousands of dollars.
Pi Network solves this challenge by making crypto mining available to all smartphone users. All users need to do is to download its application and then start mining immediately. For now, users need to be invited to start mining.
Pi Network uses the Stellar Consensus Protocol and the Federated Byzantine Agreement (FBA). The two mechanisms require exchanging network messages. As a result, it eliminates the carbon waste that emerges from mining Bitcoin.
Pi Coin will also solve the challenge of fees, which are significant on mainstream cryptocurrencies like BTC and LTC. Users will be able to send funds for just a small amount of money.
Is Pi Coin a scam?
Pi Network has silently become one of the most popular cryptocurrencies in the industry. Its Twitter account has over 2 million followers. Cardano has 1 million followers while Shiba Inu has about 794k followers.
Further, Pi Network’s Android account has over 50 million installs and a 4.7-star rating. It has an average star rating of 4.7 stars, which is an incredible figure. Its Ios app also has millions of users.
Still, there are a few red flags about Pi Network. For one, the network was established in 2018 and is yet to be listed in exchanges. 4 years is a long time. It is unclear why the mainnet is taking too long to be launched.
Therefore, while Pi Network users can do nothing with their mined coins, we believe that the developers are making millions by selling ads in their app.
In addition, if Pi Coin is listed in exchanges, there is a likelihood that its price will drop as most holders rush to exit. We experienced that with Sweatcoin, the popular move-to-earn coin that has millions of users. The token remains close to its all-time low as its momentum faded.
In my view, I believe that Pi Coin is another pyramid scheme and a scam. Just ask people who started mining the coin in 2018.
