Lately I have entered several pages of Microjobs and I have found several requests to open an account on Pi Network. Normally I would have accepted the job and then I would have forgotten about it, but there were so many requests that it ended up arousing my curiosity.
After some reading, both within the app and in other internet blogs, I have made an idea of what this crypto that has caused such a sensation consists of.
What is Pi?
Pi Network (PI) is a digital currency project developed by a team from Stanford University, and allows users to mine coins through its mobile phone application. The project is still in its Phase 2 and its current value is 0.0 USD / EUR but in March 2021 it already reached 14 million users and the number continues to increase. Pi Coin is the cryptocurrency that runs on the Pi network, and like other cryptocurrencies like Bitcoin, PI was designed to "halve" or Halving regularly to maintain its scarcity.
Unlike nodes in networks like Bitcoin or Ethereum, which use proof-of-work protocols, Pi Nodes use an algorithm based on the Stellar Consensus Protocol (SCP). Pi Nodes validate transactions in a distributed ledger and reach consensus on the order of new transactions that are recorded on the network.
In the SCP protocol, PI nodes form security circles, or groups, of three to five trusted persons known to each user on the network. Security circles build a global trusted network that prevents fraudulent transactions as they can only be validated against the distributed ledger if the trusted nodes approve them.
Is it scam or is it real?
Searching the net I found divided opinions. Some users believe that it is a way to get involved in a cryptocurrency from its birth and profit in the future, just as early adopters of Bitcoin accumulated huge profits from mining and owning the coin. Others have linked Pi to a multi-level marketing (MLM) scam and claim it is worthless. The latter have some reason, since Pi currently has no value, but that does not mean that it never will. On the other hand, the propaganda that its users give it on social networks has made it look like MLM but when you look closely you will see that that is not so true. Only your direct referrals will increase your mining capacity and not the ones they add later, in addition, even if you have no referrals, you can always mine from your device (the current mining capacity is 0.12 π / hr) without consuming almost any battery or data.
How do I join the Pi Network?
It is not enough to download the app, you need a link and an invitation code and then you must confirm your Facebook or your mobile number. Once you are registered you must open the app every 24 and press the icon with a lightning bolt to start mining. Once you're mining, you can increase your hourly rate by inviting trusted friends and family to join the community. After 3 days of mining, you will be able to further increase your profits by building your security circle, which contributes to the overall security of the network.
The Security Circle allows you to become a Contributor, for this you will need to add 3-5 trusted people within your Circle of Trust and thus be able to earn more Pi.
Conclusions: To date Pi Network has not asked its users for any money and has not lied about any part of the coin acquisition process. The worst that can happen is that the project fails in its Phase 3 or that it does not have much value in the market, but even so, if you are not investing anything ... really what can you lose?
Disclaimer: I am not an economics hopeful and do not claim in any way to be an economic advisor. What I present in this blog is only my opinion and any decision you make will be at your own risk and responsibility.