Nowadays arise question is Pi Network scam or not ? what is behind that know more in details. Many questions arise when any new cryptocurrency comes into the market. Usually, people need to know whether these currencies are a scam or not.
Have you guys ever explored cryptocurrencies? It is a digital currency mainly used as a source of exchange in many countries such as the United States, United Kingdom, Korea, etc. Even if you’ve been following the crypto world for a while, you may not be aware of the Pi Network. Simply put, the Pi Network promises to be capable of accomplishing something that few crypto initiatives have attempted to date: making cryptocurrency mining accessible to the general public without the need for expensive, specialized hardware and software.
While all of this sounds fantastic, many in the crypto community have already accused the Pi network of being a fraud. We take a deep dive into the complexities of the Pi crypto in this piece, and we’ll help you determine whether it’s right for you.
What is PI Network?
Dr. Nicolas Kokkalis (head of technology), Dr. Chengdiao Fan (director of product), and Vincent McPhillips (head of marketing) founded the Pi Network, a blockchain-based virtual coin platform (the head of the community). On the other hand, Vincent McPhillips is said to have resigned from the Pi cryptocurrency’s Core Team.
Pi is a new cryptocurrency for and by ordinary people, which you can mine (or earn) via your phone,” according to the team behind it. Indeed, the Pi Network distinguishes itself from other cryptocurrency initiatives by introducing the first cryptocurrency that can be mined using free smartphone software. Pi intends to allow the entire public to join in the cryptocurrency revolution, according to the inventors.
The SCP, or Stellar Consensus Protocol, is the Pi Network’s consensus algorithm. David Mazieres, a professor of computer science at Stanford University, created it. So far, the Pi Network’s leading service is the mining of Pi crypto tokens, and they don’t have any other items.
How does PI Network Mining work?
This is how Pi coin mining works: first, download the Pi Network app (also accessible on the Apple store). After that, you must verify your identity as a human being every 24 hours by tapping a lightning sign on the app.
The actual mining process will begin at a regular rate (about 0.2 Pi/hr) on your mobile device without draining the battery. The Pi currency mining operation will not be disrupted even if you close the app.
Only existing users can invite new members to the Pi Network. If additional members join the network utilizing a miner’s code, the miner’s mining rate can be accelerated.
Is the PI Network Scam Or Not?
The fact that the project’s aim so far appears to be raising the number of users on the platform and testing the system, and what happens next is anyone’s guess, is the first thing that causes consumers to have doubts about the Pi Network.
Because even the developers can’t guarantee the Pi crypto’s efficacy or value in the future, it’s understandable that seasoned crypto users are doubtful.
In addition, when compared to other cryptocurrency systems, the Pi Network has a significant lack of openness. They haven’t yet made the network’s source code available for examination by the network’s users.
Likewise, because Pi Network users do not have access to their private keys, the Pi coins they earn could vanish at any time in the future.
Ads were added to the Pi Network app in May 2020, indicating that the program is only monetizing the over 10 million users who have downloaded it.
Another issue that many users have expressed worry about is the security of their data.
The Pi Network claims that the advertisements were required to cover the project’s different costs and make it self-sufficient. The advertisements appear to be very innocuous, according to several people.
As you can see, both supporters and opponents of the Pi Network scam have their say. Now it’s up to you to decide whether or not Pi Network is a scam.
However, whenever you purchase, please check the PI Network Cryptocurrency Price first, and then buy. Also, if you have ever experienced scams dealing with crypto, please read here to know more. There are many new cryptocurrencies in the market, but there are many fraudsters in the market, but before investing in Pi Network Scam, beware.
Have you ever invested in cryptocurrency? Please comment below?