Pi Network is a popular project in the world of cryptocurrencies, attracting the attention of hundreds of thousands of people worldwide. For years, it has remained one of the most controversial initiatives in the industry. In the following article, we take a look at the three most important things you need to know about the Pi Network.
Foundation and Features
One of the more common questions about the Pi Network is when it was launched. The project was first introduced with its whitepaper on March 14, 2019, which its supporters commonly refer to as 'Pi Day.' In essence, Pi Network is a smartphone-based blockchain mining project that allows users to perform mining operations on their mobile devices. Since its introduction, millions of people have downloaded the application and regularly perform various tasks that supposedly earn them tokens that they could potentially sell in the future. The brains behind the project are Stanford University graduates Nicolas Kokkalis, Chengdiao Fan, Aurelien Schiltz, and Vince McPhillips. Pi Network boldly claims to simplify the mining process, requiring users to tap a button once every 24 hours to conduct mining activities through their smartphones. To grow its user base, the project uses a multi-level marketing (MLM) approach, where existing users are rewarded for inviting new users. The native cryptocurrency of the network is called Pi coin.
Lack of Market Availability
As of right now, Pi cannot be traded on any major or second-tier cryptocurrency exchanges. This means that it currently has no market value in the traditional sense, and many users are wondering when, if ever, they will be able to convert their mined Pi into other cryptocurrencies or use it for transactions outside of the Pi ecosystem. This matters because the lack of liquidity and external market validation could raise concerns about the long-term value and viability of the Pi coin. It remains unclear when the cryptocurrency will be listed on an exchange and if the millions of users will ever be able to potentially sell or transfer their Pi coins.
Unclear Roadmap
Just recently, the team behind the project updated its community with the information that 13 million people have passed KYC and more than 6 million users 'migrated to Mainnet.' This is part of their Open Network goals and it’s important to understand that the mainnet in question is not launched or functioning (at least not for the public). In essence, this just means that users have completed a 'mainnet checklist.' As of today, there’s no clear information as to when the network will be launched for the public, leaving many people skeptical of its prospects. The Pi Network team continues outlining very ambitious goals, including the creation of a decentralized digital economy. Many have, however, criticized the project’s roadmap, pointing out that it is vague and that the timeline of the developments has been slower than expected.
Pi Network continues to be an intriguing and promising project in the world of cryptocurrencies, despite some uncertainties and criticism. The future of the project, its market availability, and the implementation of an ambitious roadmap remain at the center of attention for many of its users.
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