Pi Network: Where Are We Now? Is It Worth It?

By Cje95 | Chronic Illness and Crypto | 20 Jan 2022


While many people have written it off as a scam or otherwise useless thing the Pi Network has continued to chug along at a slow but steady pace. In my view, people have come after this project for all of the wrong reasons. For instance why has everything taken so long to develop? Well, they did not do anything like an ICO or receive a grant instead it has been paid for by the Team members themselves and the ads that sometimes pop up on the Pi mining screen when you click to mine. By choosing this route the creators had control over the project and were not rushed into anything but it was going to take more time. My view of this project would be entirely different if it had done an ICO or accepted grant money from some organization or even had a huge backing financing it. Without this, though It is really hard to fault the team for the pace at which the rollout has occurred. In the team's profiles, you can see they are professors at Standford so they do have another job as well one that they are using to support themselves and their families. 

 

Recently they have released updates to their Whitepaper and even created a blog post about what all has been done in November and December of last year. To be honest they were really busy as I had to update my app a few times and now it is clear why that was the case. I am going to link the post here if you would like a more in-depth look into what they have done as I am going to just hit on the main points so far. 

 

Mainnet

The wait for the Mainnet deployment is what I would call halfway over. Mainnet is a thing it does exist however it is enclosed meaning Pi stays on the Pi network and is not connected to other chains. To go along with this they created a checklist of things that pioneers need to do to have their Pi they have generated move to the Mainnet. The last point I want to highlight is that they added the feature for the way mining will be once the Mainnet is no longer enclosed. You can select the amount of the Pi you want to lock up if you so chose to and the benefits you will get for doing that. It is a super interesting thing and a great idea that reminds me of a sort of staking.

 

KYC

This is something that I know people hate and it often drives people away from projects that involve them but really to function in the United States it is vital that projects do this especially ones that are young and don't have huge backers. The KYC release was done for a set number of people, 100 per country, or 50 depending on what part of the US you live in. By running these tests they were able to identify some areas where bottlenecks could occur and have/continue to address these so when it is mass released the system works. They have also created and are possessing people who passed the KYC to become validators for the next phase of release thus distributing the immense task at hand and lowering the stress it will have on the system. Overall this is a huge step to bring this app fully live as KYC is going to be something that the crypto world is going to have to get used to for better or for worse. 

 

Pi Browser/ Pi Wallet

A new generation of the Browser was released as well that brought on board some of the necessary capabilities for KYC like the ability to take a photo and even some basic things like push notifications that will take you to a certain place in the browser when they pop up. The wallet is located within the browser and through this, you can now navigate between the Mainnet and Testnet. Overall the browser is now much more polished than when it was first released. It has a ton of different things you can explore and see further just showing the project is still moving in the right direction. 

 

Final Thoughts

Since I first joined this project and started the whole mining on my phone idea I have always chalked this up to a moonshot coin. It could be worthless and I wasted 30 seconds out of my day clicking the mining button but at the same time if it turns out to be worth anything that is a win in my book. I have seen different predictions on what Pi would be worth and what it could be worth in the future but the whole thing is really moot until it can be exchanged and transactions occur. After all, Bitcoin started out a lot like this as well so if this just has the smallest slice of success and a single Pi is worth $0.001 that is still something, and would be really cool to be able to say I was part of the experience.

 

Please know I am not a financial advisor I am just someone who picked up on a trend and wanted to express it! Makes sure you always do your own research and never invest money you cannot afford to lose! If you enjoyed this article and would like to further support me below are a couple of referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_

 

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Cje95
Cje95

Graduated from Texas A&M in May of 2020 had dabbled in crypto since 2017 but dove in at the end of 2019. December of 2020 packed up and moved to D.C.! Huge sports fan, space nerd, and international newsreader! Follow me on Twitter @Cje95_


Chronic Illness and Crypto
Chronic Illness and Crypto

Cryptocurrency and Blockchain are going to be a huge part of the future and no matter who tries it isn't going to be stopped! Here I try to give my best insight and thoughts into the latest crypto news, features, developments. Further, I look to discover any link to news from the United States ranging from social-political issues to stock market and economic data.

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