Pi Network, is this platform really worth it?

Pi Network, does this name ring a bell? It’s normal! Whether on specialized websites or on forums, the platform has been the talk of the town. But why so many reactions? It is undoubtedly because the network raises a lot of questions. Many are unsure whether Pi Network is really advantageous and reliable or whether the platform only benefits its creators. If the project of crypto which can be mined certainly allows to invest, it does not however make the unanimity.  Indeed, some Internet users have gone as far as to call the initiative a scam! Potential security flaws are for example put forward by its detractors. Without going that far, we must admit that the application seems mysterious at first. This can also be explained by the fact that the project is not yet complete compared to others like eToro. Feeling a bit lost with all this information? Don’t panic! We’ll unravel the truth for you in this detailed article about the application. [bctt tweet=”Looking for a detailed analysis on the enigmatic #PiNetwork? We explain everything you need to know about the platform! #blokchain #crypto #application” username=”coinaute”]

Presentation of the Pi Network platform, an enigmatic project

The story of Pi explained by its creators

 

Creation of the Pi Network

The Pi Network initiative was born at the end of 2018. At the origin of the project, three former students of the famous Stanford University in the United States, which are Vincent McPhillip, Dr. Chengdiao and Dr. Nicolas Kokkalis. It is only very recently (too late for some) that these founders revealed their identity to the general public. Similarly, it is only recently that the initiative has sparked an interest, probably also related to its mystical side.

The pillars of the project

The platform is meant to be easily accessible to the greatest number of people. This is how Pi Network describes itself on its official website:

“The First Digital Currency You Can Mine On Your Phone”

It is therefore a cryptocurrency mining platform that aims to be accessible and free as much as possible. In addition to mining, the referral system is very encouraged on the platform. Many investors already seem to be won over by the idea behind the Pi Network project. Indeed, the application of the same name has already attracted over 17 million users. By minimizing mining costs and energy consumption, the network differentiates itself from other initiatives. Thus, the network is less energy consuming and can claim to be more environmentally friendly than some platforms. Available on both Android and iOS, the application is currently focused on developing its community. Indeed, regular interactions and the recruitment of new users will be rewarded with Pi tokens. These same activities also allow you to improve your status on the application. The Pi Network is currently only available in beta version and is only looking to improve: this is why the platform encourages registrations. At the end of 2020, the team behind the project even created an application dedicated to ideas for improving the Pi Network. Users can offer their suggestions and ideas and contribute directly to improving the service.  

Stages of the Pi Network project

The network is not yet at its peak. Indeed, there is still a long way to go to achieve all the team’s goals.

Stage 1: The early days of the project 

First of all, the team had to improve the initial system and develop it further. At the same time, it was also necessary to gather as many users as possible on the application. This has now been achieved. The team launched phase 1 of the project in March 2019, on pi day. Within a few months, the application had over 100,000 active members.

Step 2: Current goals for the platform

From now on, Pi Network is looking to improve its blockchain. This process should be done by the users of the platform. The mining test is carried out via a KYC (or Know Your Customer) system, verifying the real existence of miners. The initiative aims to improve the network by building trust and security.

Step 3: Goals for the future

Pi Network is an ambitious platform, brimming with ideas for its future in the blockchain ecosystem. With the aim of making the Pi Network fully functional and decentralizing the network, the application relies on a versatile platform. In the near future, you will be able to trade currencies, as is already possible on other sites like eToro. However, the exchange of USD or EUR is conditional on the success of the application’s present goals.  

Pi Network features and tools

Countries where Pi Network is available

With thousands of customers all over the world, the project had to be available in as many countries as possible. Currently, more than 180 countries are supported by the network. Thus, Pi Network is available in America, Asia, Africa and Europe.

The Pi Network

A peer-to-peer system

This is a peer-to-peer network. This means that each member is a contributor as well as a server.

The halving system

Source: Pi Network Twitter account

Like many cryptocurrencies, such as Bitcoin, Pi Network uses halving. This feature allows the token to be rare enough that users continue to be interested in it. For miners, this means that their income drops by half when this famous halving takes place. For example, when the network had gathered 100,000 users, the mining rate increased to 1.6 π per hour. This rate dropped again at 1 million members, to reach the value of 0.4 π. Currently, this rate is 0.2 π.

Stellar Consensus Protocol (SCP)

Unlike many cryptocurrencies, the Pi Network does not use the Proof of Work or Proof of Stake system. The network is based on the Stellar Consensus Protocol, which ensures the security of transactions.

The referral system

Pi Network works with invitation codes to secure the network. This method also allows referrers to earn extra income by bringing in new members.  

Advantages and disadvantages of the Pi Network

Here is a small summary of the different aspects, positive or negative, of the network.

Advantages of the Pi Network

Several aspects of the platform make it a solid initiative that can attract a large number of people. Indeed, the platform is accessible to the largest number of people. You only need a smartphone to be able to mine with the application. This is a significant aspect at a time when mining is becoming more and more complex and expensive. Similarly, the application is easy to use and user-friendly. The initiative follows the same line by offering a free platform. In addition, a referral feature has been developed. This allows for greater security and ensures additional earnings for active users of the network. With the growing concern for environmental issues, the project could appeal to more than one informed investor. For example, the network requires little energy for the mining activity, which makes the platform more environmentally friendly. In view of all these aspects, the initiative still has a strong evolutionary potential. As such, the Pi Network has significant advantages.

Disadvantages of Pi Network

There are still some drawbacks or points to be clarified about this network. Pi Network is still at the beginning of its journey and can therefore miss some essential aspects that would be welcome. As such, the security is not yet guaranteed, especially since the platform is accused of selling its users’ data. Similarly, the application is certainly accessible by price, but not by language. Indeed, the latter is currently only available in English. Moreover, it is a concept that some investors will consider too ambitious. Another problem that is important to note is the pre-existence of a token named Pi/PiCoin. This token had already been registered on the famous reference site CoinMarketCap. Moreover, as we presented it to you above, Pi Network claims to be the “first crypto minable on phone”. However, this is not the case at all, since Electroneum or Bee Network had already done it before… Nothing to be alarmed about, but it is a false claim from Pi Network.  

The regulations imposed on Pi Network

The blockchain project is supposed to be controlled by strict and demanding regulations. However, it is very difficult to find accurate data on the subject. Thus, information about the regulations followed by the network is almost impossible to find. Such data could be interesting to share on the official website of the project to reassure future users.  

Pi Network platforms

Pi Network mainly uses an application to propose its services, the website simply acting as a presentation of the project.

The website

You can neither mine nor connect directly to the Pi Network website. Indeed, it is mainly used to provide information about the platform. The site has 7 main sections:

• Home: On this page you will find a video presentation of Pi Network, as well as its main features and objectives. The section gathers the main information provided by the site. At the bottom of this page you can directly contact the customer service in case of problems or questions.
• Pi node: on this tab you can choose to participate in the “test” application and thus improve the decentralization of the project. This will allow the application to move to the last phase of the project to really launch its full potential.
• Mobile app: In this page, you will find the links to install the application on Android or iOS. At the bottom of the page you will find the customer support form.
• Platform: In this section, you can access the necessary resources as an application developer. There is also a possibility to test your application directly through the official Pi Network website.
• Team: You can discover on this page the members of the project. The list is not very long, since there are only two of the founding members. There is also a button to register and join the team via a Google form.
• Support: This is where you’ll find the FAQ section which is there to answer all your questions about the network! There is even the intrepid question “Is Pi Network a scam”… proof that its reputation precedes it. Note that this page is the only one that can be truly translated into several languages, the rest of the site being completely in English.
• How Pi works: The last page offers documentation on how the Pi Network works. In addition to the FAQ, this part answers most of the first questions that may come to your mind.

At the bottom of each page, you will also find the Pi Network social networks.

The Pi Network app

The application is really the way to mine and manage your account. All you have to do is log in and you’ll be contributing to the validation of transactions without realizing it. On your side, you just have to press the corresponding button to start mining. Finally, you also have access to your referral code to share to increase your earnings.  

Security at Pi Network

The application uses a very particular system: Security Circles. These are directly derived from the Stellar Consensus Protocol. Indeed, the transactions are recorded on a ledger acting as a directory. The network is decentralized like Bitcoin for example, but the consensus mode is totally different. With Stellar Consensus, only a part of the network, not the whole network of users, is used to validate transactions. This guarantees ultra-fast transaction verification: this system can approve up to 1,000 transactions per second. Through the security circles, Pi Network establishes a certain trust between members. Indeed, these circles are made up of 3 to 5 members, each belonging to the other’s network. Such a process minimizes the risk of fraud on the application, in addition to making transactions more fluid. However, several Internet users accuse Pi Network of selling its members’ data to third parties. No legal notice is available on the website, which is not very reassuring. The only information we have is the location of the servers where the users’ data are stored. These are located in Stanford, but again, this does not guarantee their security. A hacker can break into the system and hack it at any time.  

What’s new in Pi Network

The project being itself new, its concept is in itself rather innovative. However, the platform is already trying to renew itself constantly.

• Brainstorming application. In December 2020, Pi Network is launching its idea and suggestion sharing platform. With the aim of improving the network, members can contribute to it.
• The network’s wallet, Pi Wallet, was released in late March 2021. At the moment, it only allows testing transactions on Pi Testnet and does not offer the possibility to exchange real Pi tokens.
• Pi Mainnet, the post-test version of Pi Network, should be released at the end of 2021.

 

Your registration step by step on the Pi Network platform

In concrete terms, your registration will be done in only 4 steps:

• Download the Pi Network application
• Fill in your personal data
• Validate your account
• Validation of the invitation code

Registering on the platform is quick and easy. All you need is your smartphone and an internet connection. We will guide you through the registration process.

Step 1: Download the Pi Network application

The app is available both on Android via Google Play Store, and on iOS via the App Store. Just press “Install” for Android or “Get” for iOS and you’re done! Be sure to check that you have enough storage space left to install the app.

Step 2: Fill in your personal data

Source : Changelly

Once the application is installed, you will have to fill in your first name, last name and email address. Finally, you will have to create a password. Please note that Pi Network is accused of selling its users’ data to third parties. Be aware of these risks before registering on the platform.

Step 3: Validate your account

Source : BiHODL

This step can be done using a phone number or your Facebook account. It is essential to activate your account.

Step 4: Complete the activation code

Source : BiHODL

Like Clubhouse, you need to fill in a referral code to start mining. This process guarantees a certain security on the application. In addition, you should know that if your referrer is not an active user, your income will be low. Therefore, you should not take a random referral code!  

Types of accounts at Pi Network

Accounts on the application vary according to status. This varies according to your use of the application (spending more or less time on the Pi Network) and the density of the network (number of connections you have). Your earnings are then calculated according to your status. Pi Network offers three main statuses: Pioneer, Contributor or Ambassador.

Pioneer status

The Pioneer status is given to you when you join the application. Also, if you are not active on the platform, you will keep this status.

The Contributor status

With a little activity on the application, you can go from pioneer to contributor. You just need to mine three days in a row via the platform to get the contributor status. Your regular activity on the application is paid. Contributing to improving the security of the platform earns you 0.20 PI every hour. Thus, your activity on the platform can quickly become interesting.

The Ambassador status

Being an Ambassador can also become a lucrative activity, even more so than being a simple contributor. Your goal is to invite as many new people as possible, the better if they are active. With this activity you can earn 0.05 IP for each person you recruit per hour. However, getting this status will take time and dedication. You will have to develop your network, even if it means sharing your referral code widely. However, you will have to make sure that your referrals will be active, which is a necessary condition to change your status.  

Pi Network customer service

The Pi Network website has a FAQ section, with the main questions you might have when you arrive on the platform. If you don’t find an answer to your question, you can directly contact the customer support via a form. This form is available at the bottom of the main page of the site. If many users ask the same question via this form, the question will then be proposed directly in the FAQ. For application developers, the website also offers a test interface. This page is dedicated to application creators potentially interested in integrating Pi Network in their project. This feature allows you to get to know the tool and check if it can really fit you. In addition, the Pi Network team regularly posts video tutorials on Youtube.  

Pi Network’s trading fees

The issue of fees is important. Every prospective investor signing up for a new platform should take them into consideration. However, Pi Network does not charge its users for registration. So you don’t have to pay anything for downloading the application.  

Mining on the Pi Network

The concept of mining

Most of today’s cryptocurrencies use the activity of mining. This means that users, the miners, verify and validate transactions. To do this, they usually have to solve complex equations using very powerful computers. Typically, the more miners there are, the faster the operations.

The case of Pi Network

Mining on the Pi Network is quite simple. You just have to connect daily to your application and start mining. You should also know that a daily connection will bring you more than a less regular connection. You will then be able to accumulate tokens, which are automatically added once the mining has started. Let’s face it, mining on this network is easy as pie! You can start mining by going to your Pi Network application, then pressing the button with a green lightning bolt icon (see the image below). Once that’s done, you can go about your business, close the application and even turn off your phone.

Source : Reddit

This is due to a dense fabric of active users. Indeed, only a small number of miners are needed to validate the operations. This validation is done as soon as you connect to the application. Each investor contributes to the overall operation of the application. As an indication, about one minute per day is enough to ensure the smooth running of transactions. Using your smartphone instead of high-powered computers is a great advantage. But it can turn into a big disadvantage, especially if your phone is hacked, or even if you usually prefer to separate your personal life from your earning activities.  

Financial assets available on the Pi Network

For now, there is only the native token of the network available, i.e. the PI token. If you want to exchange cryptocurrencies already in circulation, such as Bitcoin and other Altcoins, it is currently not possible. You will have to redirect to another platform.  

Buying on Pi Network

As the project is still in beta version, you can’t buy Pi tokens yet, or even other currencies. This will only be possible in the long run, when Pi has completed its decentralization phase. When the last phase of launch will be underway, then the application will serve as a wallet. So you’ll have to be a bit patient before you can diversify your portfolio!  

Value and predictions of the Pi token

Value of the Pi token

In 2021, the Pi token had a price of 0 dollar. This is due to the fact that the project is not yet completed. It is only after having accomplished certain objectives and at the arrival of the last phase of the project that the value of the token can increase. The price of Pi cannot be predicted in advance, but anything is possible in the world of cryptocurrencies! The evolution of the token’s value will depend on its current performance and the speed at which it completes its objectives. Once the testing phase is over and the Pi enters the market, then its price may change. One thing is for sure, it’s not going to happen anytime soon! See the price of other cryptocurrencies.

Forecast of the value of the Pi Network token

According to Capital.com, the price of the Pi is expected to rise soon. Indeed, in 2022, the value of the token should be 0.0127 dollars, or 0.0212 in 2025. In 7 years, the estimate is a value of more than 0.030 dollars for Pi.  

Pi Network vs. eToro: Which platform is right for you?

While platforms like eToro have proven themselves, why turn to other networks like Pi Network? Investing in the Pi Network means looking to the future. Indeed, the platform is not yet in its final stage. It still has some way to go before it can truly compete with other leading services such as eToro. Indeed, if you already want to trade currencies like USD or EUR, it is not yet possible on Pi Network. On the other hand, this functionality is well present on other services like eToro.  Moreover, eToro seems to be more secure than Pi Network, so it remains to be seen if this information will be verified in the future. To reassure its users and advise them, a 24/7 chat is available. Even if you have to deposit at least 200 dollars when you register, the website seems to be more secure than Pi Network for the moment. However, it should be noted that the two platforms do not have the same goals and are not at the same level of progress! In fact, eToro has proven itself for a long time, it is even the most famous online broker. See our full guide to the eToro website.  

Opinions about Pi Network

There are many different opinions about Pi Network. But we are here to help you in your decision!

Our favorites things about Pi Network

The platform is very accessible. For this reason, it will be a perfect fit for less experienced investors. Also, it will be perfect for any user who doesn’t have a lot of financial means to buy a complete “classic” mining gear, as with more traditional cryptos. Moreover, the application requires little energy, unlike more conventional mining methods. In this sense, it consumes very little electricity and is therefore rather ecological, compared to its competitors. This gives Pi Network real strengths, but also a great potential for evolution. It is similar to other green blockchain initiatives like Chia or SolarCoin. But other points, less flattering for the application, also caught our attention

What’s missing on the Pi Network

Security remains a major aspect for the future of the application. It is absolutely necessary to reassure users who are more and more suspicious about the use of their personal data. In the same way, it is essential to be able to support customers through a service available as often as possible. A simple FAQ with a form is not enough.   Should you invest in Pi Network or not? The last word is yours! Pi Network, what is it? Pi was designed with the vision of democratizing access to crypto-currencies and making them accessible to everyone to mine with a readily available equipment – a smartphone. Value of the Pi Network token We estimate the value of a Pi to be $1.3 at the moment. How to mine on Pi Network? You will get 3.6 PI Coin for free every day with just one click per day. Every 24 hours it has to be refreshed again and this is to check that you are not an automatic miner. In the future, one Pi will be worth $10. How to sell Pi Network tokens ? For the moment, it is not possible to sell your Pi.