🚨🚨PI NETWORK IS A SCAM?
What is Pi Network?
Established in 2019 by Stanford academics, the Pi Network is a referral system that enables users to download the app, click a smartphone button, and begin mining. The Pioneers, or Pi miners, are the fundamental building blocks of the Pi crypto, and their numbers have grown tremendously, reaching over 33 million.
The Pi Network distinguishes itself from other cryptocurrency mechanisms by utilizing a proprietary methodology called the Stellar Consensus Protocol. This protocol allows a decentralized, leaderless network to reach a consensus outcome on some type of decision. It uses a new mechanism called the Federated Byzantine Agreement.
The Pi Network has been a buzzword in cryptocurrency circles for years, with millions of followers. According to a statement released by the Pi Network on CoinMarketCap, Pi is currently in the Enclosed Network period of Mainnet and is not approved by the Pi Network for listing on any exchange or for trading, and Pi Network is not involved with any purported postings or listings.
The term Mainnet is used to describe a fully operational and working blockchain. An enclosed Mainnet, such as the Pi Network, is live with firewalls that prevent external activity.
Is Pi Network a Scam?
The question of whether the Pi coin or its Network is a crypto scam is still unanswered. The app is free to download, and their Network (enclosed Mainnet) is not accessible to the public. Users can only mine the Pi coin from the app, but there is no one to buy or sell it to.
The app looks impressive at first glance, with numerous tabs and buttons to explore. After downloading the app, new users are asked to create an account using their Facebook or Apple login. The best option is to provide the app with a phone number and continue. The first step for new users is to start referring other interested parties to mine the coin.
