What is Pi Network? Is it Scam?

Recently, the Pi Network has become a public conversation. Here’s a little explanation for those who don’t know.

Pi Network is a crypto asset project allowing mobile users to mine Pi coins without draining the battery.

But many say the Pi Network is allegedly a scam project.

Pi Network claims to be a cryptocurrency. This is very contrary to the status of crypto in Indonesia, which is only limited to assets, not as currency.

What is Pi Network?

The Pi Network is a network that offers the concept of bitcoin mining and other coin asset mining.

But you need to know that this network is not traded for free.

The Pi Network project was created by Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, and Vincent McPhillips.

The initial goal of making the Pi Network was that mining Pi Coin could quickly be done on a smartphone.

To mine Pi Coin, you must receive an affiliate code from a previous miner.

After that, you will become a pioneer-level miner. Pi Coin is the original crypto asset on the Pi Network.

Pi Coin can be used to buy goods on the Pi Chan Mall marketplace, an e-commerce developed by the Pi network.

Because Pi is still on a closed mainnet and has not been affiliated with any company.

How Does the Pi Network Work?

The way Pi Network works is different from mining Bitcoin assets. In the Pi Network, everyone who wants to mine must establish security circles of at most five members.

These members have ensured they do not commit fraud or other crimes.

After that, security circles can determine which members make transactions.

With the concept of combining a social approach without tariffs to keep the Pi Network ecosystem safe.

In addition, members of the Pi Network’s security circles get a higher mining rate than new members.

Pi Network Roadmap

The legality of Pi Network is not listed on exchanges during the current phase, and it is impossible to buy Pi Network with other crypto assets.

The Pi Network development roadmap lasts for three phases as follows:

1. Design, distribution, trust graph bootstrap

This first phase started on March 14, 2019. During the upgrade phase, the user experience was relatively easy to create compared to the stable phase of the leading network.

Mining of all coins for users will be funneled to the network after launch.

In other words, livenet will pre-mint in blocking all user account balances generated during the first phase. Then, continue to operate like the current system but completely decentralized.

Until now, Pi Network Indonesia is still illegal and unregistered. So you have to keep DYOR before trying it.

2. Testnet

Before launching the leading network. Node software used during network test.

The network test will use the same trusted chart as the main mesh, but Pi Coin is still in the testing phase.

Pi’s permanent members will host some Node software on the test net but will encourage more pioneers to start their Nodes on the testnet.

The first phase runs network tests in parallel with the Pi emulator.

Then, periodically it will be compared to catch errors from the test net, allowing Mining Pi to propose and run fixes.

The best time for the pi network to be unfrozen is after running concurrently.

The tester will reach a point where the results are highly consistent with the emulators.

Then when the community feels ready, the Pi will roll out to the next phase.

3. Mainnet

When the community feels the Node software is production ready, it is thoroughly tested on the testnet, the official mainnet of the Pi network to be launched.

An important detail is that in the transition to the mainnet, only accounts already validated to be privately owned will be classified differently.

After this point, the network emulator and the Pi from the first phase will shut down, and the system will continue unassisted forever.

The Pi community will contribute to future updates, and the committee will propose the Pi team.

If you ask if the Pi Network makes money, the answer is that there is no central authority that can control crypto assets, and it will be completely decentralized.

Fake user balances or duplicate users will be weeded out. This is the phase stage when Pi can be linked to exchange with other crypto assets.

Is Pi Network safe to use?

For those who are wondering whether the Pi Network is safe to use, the answer is you have to be vigilant. Because by being careful, you can avoid the risk of loss.

In Indonesia, the Pi Network still needs to be officially registered or can be considered illegal.

The Ministry of Trade of the Republic of Indonesia has confirmed that a Pi Network is a crypto asset that does not have a license to operate in Indonesia.

Advantages of the Pi Network

Although Pi Network does not yet have official licenses in Indonesia, Pi Network has the following advantages:

1. Decentralized

Decentralized, which means that the Pi Network has digital money that is very secure, cannot be changed in anything, cannot be imitated or counterfeited, and can be operated.

2. User-friendly

Pi Network has a user-friendly system. Because the Pi Network is easy to use and accessible only with a smartphone.

Nowadays, everything has to be user-friendly because humans always look for the easy in their lives.

3. Mobile first

For those who don’t know, the Pi Network can also be accessed using a smartphone and provides security.

In addition, the Pi network will be easy to use on a large scale without high wastage of electricity.

Conclusion

Pi Network claims to be a cryptocurrency or crypto asset. This is very contrary to the status of crypto in Indonesia, which is only limited to assets, not as currency.

To mine Pi Coin, you must receive an affiliate code from a previous miner.

After that, you will become a pioneer-level miner. Pi Coin is the original crypto asset on the Pi Network.

In Indonesia, the Pi Network still needs to be officially registered or can be considered illegal.

The Ministry of Trade of the Republic of Indonesia has confirmed that the Pi Network is a crypto asset that does not have a license to operate in Indonesia.

The Pi Network has advantages such as being decentralized, user-friendly, and mobile-first.

For those who want to try the Pi Network, you have to be careful because it’s still illegal, and make sure you don’t lose when you invest.