Pi Network is a very popular project in the cryptocurrency space, garnering the attention of hundreds of thousands of people worldwide.
It has been around for years and is likely one of the most controversial initiatives in the industry. In the following article, we take a look at the three most important things you need to know about Pi Network.
Pi Network Was Announced Many Years Ago
One of the more common questions about the Pi Network is when it was launched. Well, it was first introduced with its whitepaper on March 14th, 2019, which its supporters commonly refer to as “Pi Day.”
In essence, it is a smartphone-based blockchain mining project that allows users to perform mining operations on their phones. Since its introduction, millions of people have downloaded the application and regularly performed various tasks that supposedly earn them tokens that they could, at some point, sell.
Nicolas Kokkalis, Chengdiao Fan, Aurelien Shiltz, and Vince McPhillips—all Stanford University graduates—are the brains behind the project.
Pi Network boldly claims to simplify the mining process. Its users only have to tap a button once every 24 hours to conduct mining activities through their smartphones. To grow its user base, the project uses a multi-level marketing approach (MLM) where existing users are rewarded for inviting new users.
The native cryptocurrency of the network is called Pi coin.
Lack of Market Availability
As of right now, Pi cannot be traded on any major or second-tier cryptocurrency exchange. This means that it currently has no market value in the traditional sense, and many users are wondering when, if ever, they will be able to convert their mined Pi into other cryptocurrencies or use it for transactions outside of the Pi ecosystem.
This matters because the lack of liquidity and external market validation could raise concerns about the long-term value and viability of the Pi coin.
It remains unclear when the cryptocurrency will be listed on an exchange and if the millions of users will ever be able to potentially sell or transfer their Pi coins.
Unclear Roadmap
Just recently, the team behind the project updated its community with the information that 13 million people have passed KYC and more than 6 million users “migrated to Mainnet.”
This is part of their Open Network goals and it’s important to understand that the mainnet in question is not launched or functioning (at least not for the public). In essence, this just means that the users have completed a “mainnet checklist.”
As of today, there’s no clear information as to when the network will be launched for the public, leaving many people skeptical of its prospects.
The Pi Network team continues outlining very ambitious goals, including the creation of a decentralized digital economy. Many have, however, criticized the project’s roadmap, pointing out that it is vague and that the timeline of the developments has been slower than expected.
