Since the exclusive success of Bitcoin, there appeared dozens of cryptocurrencies promising to show the boom like Bitcoin. PI Network or PI coins is one of those which are showing promise to give exclusive gains in the near future.
During past few months, millions of people have downloaded PI network’s app and started mining PI coins (as they believe) on their phones. Yet PI network hasn’t shown any real value, its 13 million users believe that they will be able to sell Pi coins in the Exchange of real paper currency once PI network starts its phase 3.
If you don’t have a Pi account yet, sign up using by clicking here and use Pi Invitation Code “Malik774” (without the quotes).
What is a Pi network? PI Stanford
As said on their official website, Pi Network is The First Digital Currency You Can Mine On Your Phone. Start earning cryptocurrency today with our free, energy-light mobile app. Learn more….Download app. Watch the introduction video of Pi Network, below.
Pi aims to allow everyday people from all walks of life to contribute to the security of the cryptocurrency and the success of its community. The team believes this meritocratic principle, as well as Pi’s inclusivity, are positioning it to become the world’s most widely used cryptocurrency.
How does Pi Network work?
How does Pi Network work? It is an app where users. Login every day and click a button to get digital currency. There is no proof of work being performed, they just login and click a button. This currency is not traded yet so currently holds no value.
Who made pi Cryptocurrency?
The Pi Network was launched by a team of four: anthropologist Chengdiao Fan, computer scientists Nicolas Kokkalis and Aurélien Schiltz, and business major Vince McPhilip.
Launched in March 2019, the Pi Network was created by three Stanford Ph.D. graduates: Dr. Nicolas Kokkalis, Dr. Chengdiao Fan and Vincent McPhillip. Dr. Kokkalis is a computer engineering Ph.D. and teaches Decentralized Applications of Blockchain at Stanford.
He’s been working with blockchains since he began his early Ph.D., designing several social apps that have garnered over 20 million active users. That list includes Gameyola, the online gaming platform. He also helped found StartX, a Palo Alto startup designed to help entrepreneurs perfect their business models.
What is phase 3 of Pi network?
When Phase–3 starts, Pi network will be decentralized and enter to Cryptocurrency markets with millions of members. It will definitely put a huge impact on Cryptocurrency Markets after the beginning of Phase–3.
Is PI Network a scam providing no value to users?
Users are currently putting value in the app without any (except maybe psychological) benefits:
- The app does not provide any utility to its users. There is nothing to do in the app . Users hold on to it with the hope that they will sometime convert their virtual coins to actual value
- The app works like a direct selling or affiliate marketing system, promising future rewards to users for bringing in new users. Some users put in additional time and effort to attract new users, such as numerous users adding their codes as comments to this article. We find it similar to Multi Level Marketing since it includes direct selling and provides increased potential benefits to early users (i.e. earlier users mine at an increased rate), however affiliate or direct selling are possibly better analogies.
- Users are putting value into the app. There are hundreds of posts online saying PI Network can not be a scam because you do not put any money it. Users’ time and data are valuable to those users and they are spending these on the app. You can see the data collected by the app on its Play Store page.
- We find it unlikely for the app to create value in the future unlike its claims:
- The app creates limited value. Users create no value except for providing their information to the mobile app. The value of such data is unlikely to generate significant wealth for the large user base.
- There is no visibility on its technology or blockchain. Most blockchain companies publish their code as open source so it can be validated which is not the case here. Currently it is no different than any mobile app in terms of the transparency it provides on its technology.
- Some of its current practices are also used in scams:
- Founders are already benefitting from the app. They launched optional video ads at launch to monetize the active user base. The app also has a KYC process of collecting passport information. Having a verified audience through a KYC process would increase advertising revenues. It is claimed by some users that their advertising restarts after being turned off by users.
- Their marketing emphasizes the academic credentials of their users. Very similarly, a blockchain scam without blockchain infrastructure, OneCoin, relied on the McKinsey experience of its founder in its marketing.
Could Pi Networks’ currency be valuable in the future?
Of course. We have done an evidence based analysis here and there are also evidence that show that PI Networks is at least attempting to build something of value:
- They have published a high level whitepaper outlining their ambitions without providing technical details on how their Pi Stack would work. One of their aims is to have others build apps on PI network to benefit from PI network users’ attention. This reminded us of the pay to surf models of the dot com boom where companies installed software on user devices and acted as middleman between users and advertisers without generating substantial benefit to either party.
- They claim to have run a pilot in 2020 for people to exchange goods and services using Pi. We do not understand why they do these experiments instead of just creating a blockchain backed currency available on marketplaces. This should be doable with trivial effort as it has already been done by companies like electroneum.
- According to their Linkedin page, they have 70 employees as of 2021. However, many of the people that list themselves as working there are app users with titles like “Cryptocurrency Trader”. We haven’t analyzed each profile but there seems to be a group of people working towards building something there. It could be the next version of the app or the blockchain network, that is hard to verify from outside the company. What we can see is that they have launched a test version of their blockhain.
- Its founders were educated at and worked at Stanford. Though this is certainly a good thing, people rarely notice that Warren Buffet, Jeff Bezos, the writer of this article and numerous business founders were educated at reputable universities (e.g. Ivy League universities for these examples). This is because their companies rarely use these facts. Based on our observations, business success is far more important and a better predictor of successful enterprises than academic credentials. And successful companies tend to speak about their business success rather than their founders’ academic credentials.
- They have had significant growth. They have ±170k reviews and a good rating on Google Play Store. However, models similar to MLM tend to generate fast growth. Source
Is Pi worth the money?
Pi Network Digital Cryptocurrency Will Be The Next Bitcoin And Could Be Worth Up To $200. Pi Network was launched by a group of Stanford PHD students and looks set to be as good if not better than Bitcoin.
Is the pi network legit?
Their are mixed opinion about “is the Pi network legit or not.” However, it will be too soon to assert any label over legitimacy of a network which is yet in its initial phase.
We came across the opinions of some users on social media. A user who did a thorough research on PI network, wrote:
“As soon as I reached home, I started making some background research on the Pi Network and found that not only it is a very legitimate and innovative digital currency initiative, but more importantly, it is still at the right stage to jump in with an excellent risk reward ratio.”
Can I sell PI Cryptocurrency?
The answer to the question is “Not Yet”
As Pi network claims, they are stillin their initial phase and selling PI cryptocurrency is not possible in this phase. But In 3rd phase, it will be listed in crypto exchange where you can sell.
How much is Pi worth?
The straightforward answer from Pi’s FAQ is that today, they’re worth “approximately 0 dollars/euro“. “Today Pi is worth approximately 0 dollars/euro etc. similar to Bitcoin in 2008. Pi’s value will be backed by the time, attention, goods, and services offered by other members of the network.”
How can I get pi fast?
A simple way to boost your Pi earning rate by as much as . 25 pi per hour is through your security circle. You can set up your security circle by adding friends/family who are mining pi to it. A miner must be in your phone contacts to be added to your security circle.
How many Pi users are there?
As of February 2021, Pi Network has crosses 13 million users.
How do I withdraw my PI coin?
As explained above, you can not withdraw or exchange PI coins yet because it is still in its initial phase. But according to their claims, you will ne able to to withdraw or Exchange PI coins with real cash or other cryptocurrencies.
If and How You Can Withdraw And/Or Exchange Your Pi Coins, the complete procedure is given in the video, below.
Is Pi similar to Bitcoin?
Today, you can mine (or earn) Pi by helping to secure the currency and by growing Pi’s trusted network. While most cryptocurrencies (like Bitcoin) have been very hard for everyday people to use and access, Pi puts the power of cryptocurrency into the palm of your hand.