Why Pi Network is not a scam?
1. Focus on accessibility: Pi Network has been designed to allow anyone, even without advanced technical knowledge or expensive hardware, to participate in cryptocurrency mining from their mobile phone.
2. Phased development model: The team behind Pi Network has followed a phased approach. The network is currently in a “testnet” phase, meaning they are testing and improving the system before officially releasing it to the public.
3. Trustworthy Founding Team: The team behind Pi Network includes former Stanford students such as Dr. Nicolas Kokkalis and Dr. Chengdiao Fan, which supports its legitimacy. Both have experience in blockchain and technology, which reinforces the credibility of the project.
4. Transparency: Although all details regarding the official launch have not yet been revealed, the project has been transparent about its plans, including development phases, economic model, and purpose.
Who has invested in Pi Network?
Pi Network, to date, has not raised funds through traditional venture capitalists like other cryptocurrency projects. Instead, they have adopted a growth model through the active participation of their users, who “mine” Pi through their mobile app. This means that their community, which already includes millions of people around the world, is the main “investor” in the project.
Why is it called Pi Network?
The name “Pi” comes from the mathematical number π (Pi), a constant that represents the ratio of a circle’s circumference to its diameter. According to the creators of Pi Network, the name symbolizes their mission to build an inclusive platform, accessible to all.
What type of network does Pi Network use?
Pi Network uses a modified version of the Stellar Consensus Protocol (SCP), a consensus algorithm that enables efficient mining without consuming the massive amount of energy that Proof-of-Work-based blockchains (such as Bitcoin) use. This approach allows Pi Network to be more eco-friendly and accessible, as users can “mine” Pi by simply activating the mobile app once a day without draining the device’s battery or resources.
Why is Pi Network secure?
The security of Pi Network comes from several factors:
1. SCP Consensus Algorithm: By using a proven and modified protocol like the Stellar Consensus Protocol (SCP), Pi Network ensures that transactions on the network are verified efficiently and securely without relying on expensive consensus mechanisms like proof-of-work.
2. Trust Circles: On Pi Network, users form trust networks with each other, which increases overall security. By only interacting with verified and known users, the risk of malicious actors compromising the network is much lower.
3. Data Protection: Pi Network claims to take its users’ privacy seriously and promises not to sell their data. While identity verification (KYC) is required to access certain benefits, the founders have made it clear that they seek to balance privacy and security.
What gives Pi Network reliability?
1. Organic Growth: Pi Network has grown exponentially since its launch in 2019, with millions of active users mining cryptocurrency daily.
2. Progressive development: The Pi team has implemented the project in a careful and methodical manner. By being in a testnet phase prior to the mainnet launch, they have demonstrated a commitment to gradual development, avoiding the pressure of rushed launches that often result in technical and security issues.
3. Transparency in its development phases: From the beginning, Pi Network has clearly communicated its approach in three phases: the distribution phase (testnet), the node phase, and the mainnet phase. By following this process, users can observe the progress in real time, which gives participants confidence as to the future direction of the project.
4. Community Support: One of the key factors for the success of a cryptocurrency is the support of an active community. Pi Network has managed to attract millions of users around the world who believe in the project and actively participate, which gives it a solid foundation for its growth.
