According to Cointelegraph, the Pi Network mainnet is expected to be officially launched by the end of 2024, although the official date has not yet been confirmed. The community remains concerned, however, the Pi Network, which features mobile mining, has also raised questions about its authenticity and credibility.
What is Pi Network?
Pi Network is a blockchain project that aims to allow ordinary users to mine with their smartphones. Unlike traditional cryptocurrencies such as Bitcoin, which require high-energy computing devices, Pi Network users can easily participate in "mining" by simply clicking the "Lightning" button in the application once a day. This innovative approach aims to lower the threshold for participating in the blockchain ecosystem and make cryptocurrencies more popular.
When will the Pi Network mainnet be launched?
The core team of Pi Network hinted that the mainnet is expected to be launched before the end of 2024, but the exact date has not yet been announced. According to Pi Network's official X, as of September 2024, Pi Network has attracted more than 55 million users, including 13 million "pioneers" who have passed KYC verification. The team plans to have 100 high-quality applications when the mainnet is launched to build a Web3 ecosystem with practical application value.
Pi Network’s risks and scams
Although Pi Network has a large user base, there are still doubts in the community about whether it is a scam. The main reasons include:
Lack of transparency: The project lacks a detailed white paper and technical documentation, making it difficult to understand how it actually operates and the token distribution mechanism.
Pyramid scheme accusation: Pi Network adopts an invitation system, and users can get more rewards by inviting others to join. This multi-level referral mechanism is considered similar to a pyramid scheme.
Tokens are not listed: As of September 2024, Pi Coin is not listed on any major cryptocurrency exchange and cannot be traded or redeemed for other cryptocurrencies or fiat currencies.
Unclear source of funds: The project’s funding source and profit model are opaque, raising concerns that it may be a Ponzi scheme.
Is Pi Network an innovation or a scam?
Supporters believe that Pi Network's innovative mining methods and large community have laid a solid foundation for its future development. They believe that with the launch of the main network, Pi coins will realize actual value and be widely used around the world.
However, given the current lack of transparency and the fact that key functions have not yet been implemented, skeptics are urging the public to remain cautious. They believe that there may be risks in over-investing without clear technical support and business models.