The Pi network is a “real” coin project still being worked on. In particular, the project’s long know-your-customer (KYC) procedure, open mainnet launch delays, and relatively delayed distribution of new features have generated criticism and a lot of people asked is pi network legit or is pi real. Some users think the project will never reach its full potential because of these things; some even call it a scam.
Pi Network wants to create a peer-to-peer (P2P) autonomous payment network and smart contract system that phones and other low-powered gear can use to protect. It has more than 47 million users as of September 2023, and the Pi app is one of the most popular crypto apps in both iOS and Android app shops. In this post, we will analyze the Pi Network’s present situation and assess whether pi network is real or fake.
Is Pi Network Legit? Pi Network Is Real or Fake
Several signs back the claim that the Pi Network is real. To begin, the Pi Core Team is mostly open about how new features are being worked on, and the cryptocurrency’s goals are written in its report. The second thing is that Pi Network has millions of users and always adds new features to the site. Finally, the network’s mainnet is up and running, and it’s slowly getting ready to connect to the outside world. Let’s take a closer look at each of these points.
A Comprehensive White Paper and Documentation
A thorough whitepaper on the project’s objectives and strategy is available from Pi Network. In March 2019, the first version of the white paper came out. The second version came out in December 2021 and has parts on the token model, mining, and the plan. Along with the document, the main Pi Network site has a lot of information about the Pi Blockchain, how nodes work, and other Pi platform goods and services.
There isn’t as much information about the Pi Network as Ethereum or Cardano. Still, there is much more information about thousands of other crypto projects. That does not necessarily mean that the project is real; however, it does suggest that it is more likely to be real than a scam.
High Adoption with Millions of Users
As of this writing, 47 million people worldwide are using Pi Network. Many users can get Pi coins to do task in the mobile app and tell their friends and family about it. Still, the app would never have gotten as many users as it does now if it were a scam or if people started whining about strange things happening on their phones or their data being stolen. More than 50 million users of the Pi app on Android alone have an average grade of “4.4.” The high number shows how popular the app is and how happy users are with it.
Pi Network’s BLOCKCHAIN ACTIVITY
Both the testnet and the mainnet of the Pi Network are very busy. About 200 transfers happen every minute on the testnet, and about 20 happen every minute on the mainnet. There will likely be many more deals on the mainnet once it leaves the “Enclosed Period” state and can link to the outside world. The Pi mainnet is currently closed to outside sources. As the team puts it, it is protected by a firewall that stops unwanted links.
Is Pi Network a Scam? Pi Network Is Real or Fake
People who don’t like the Pi Network say that the team has no plans to release the open form of the Pi mainnet. They say that the lack of changes from the Pi Core Team is the main reason they are worried. Some people on social media also think Pi Network is not real because the KYC process takes a long time and asks for much personal information.
The open mainnet start of the Pi Network was delayed, and the Pi Core Team didn’t talk to anyone. People on the Pi Network thought the so-called “Open Network Period” would begin in 2022, but the team said it might happen later. No information about the beginning of the mainnet is known as of this writing, more than a year after one of the goal dates. Some people think the Pi Core Team will show off a full schedule and an Open Network goal date in September, but this has not been proven.
The Pi team says it doesn’t want to open the mainnet yet, so developers have time to make their apps work on the mainnet, and users have time to move their PI from the testnet to the mainnet. It is being hotly debated in the Pi Network community whether the team is postponing the Open Network Period debut because of the mentioned issues or whether they are just buying time and have no plans to open the mainnet.
Another thing that some users don’t like about open mainnet delays is that the Pi Core Team doesn’t give them much information. Many people in the community are unhappy with how slowly they get information, and they think that the Open Network Period will never happen.
No Way to Trade Pi Coins, And A Slow KYC Process
Real Pi coins still can’t be traded, even though the Pi program that allowed users to mine them was released four years ago. PI has been listed on some platforms, like Huobi and Bitmart, but those are just IOUs and not real. The Pi Core team has told its users not to participate in deals. Because they don’t work with the Pi system, you could lose your PI coins forever if you send them there.
But these IOUs help us determine how much Pi Network could be worth. The price of PI has gone through the roof in the past month, thanks to news of new developer projects and possible plan changes.
Besides IOUs, Pi Coin could be sold from person to person, both online and offline. But first, you have to go through the Know Your Customer (KYC) process, which can take over a year. On top of that, most people online who say they can buy Pi coins are scammers who want people to send them their coins but never plan to pay for them.
Personal Data Requirements
For the Pi app to work, you must give your real name and email address, connect your Facebook or Google account, and other personal information. Users must provide personal information during the Know Your Customer (KYC) process. This process lets users move Pi coins from the testnet to the mainnet.
Some people think the Pi project gives personal information to outside groups. It’s important to note that the team has said they won’t be selling user info. Also, it’s important to note that it’s not common for a coin project to ask people for personal information. Privacy and user secrecy are at the heart of most projects in the crypto world.
FAQs
Conclusion
In general, Pi Network is legit and looks like a real business. It has a testnet and mainnet that work, its own block viewer and browser and a very famous crypto app. All of these things show that the project is real. However, the Pi Core Team doesn’t share much information, and new features are added slowly. This is worrying and one reason why some users think the project is a scam.
If the Open Network Period starts soon and Pi is added to cryptocurrency platforms, the price of PI coin could go through the roof. This is especially true when you consider that it has a lot of users and millions of buyers.
