PI Network This organisation set out to find a way for ordinary people to mine Bitcoins. Their solution allows you to earn money by mining cryptocurrencies from your phone. You just download the app and, once a day, open it and automatically mine Bitcoins. pi network also has a platform for members.
The Pi network works a bit differently than other cryptocurrency networks. Here, users need to secure the currency in order to be able to mine coins. In addition to this, they also need to grow their network by referring it to others. On a daily basis, the results of both systems will be compared to detect gaps and bugs in the test network, which will allow Pi developers to propose and implement fixes.
After 3 days of mining, you can further increase your earnings by building your security circle, which contributes to the overall security of the network. Pi coin, or PI, is the cryptocurrency that runs on the Pi network, and like other cryptocurrencies such as bitcoin, it was designed to undergo regular "halving" to protect its scarcity. While cryptocurrencies like bitcoin secure their ledgers by forcing miners to burn energy (proof of work), Pi secures its ledger when its members vouch for each other as trustworthy. There is a diagram of the payment path in the SDK that indicates a high level of centralisation within the Pi network.
Just one more thing, the example of the OneCoin scam executive touting his past experiences at McKinsey, comparing them to those of the Pi Network founders, seemed a bit off to me. According to Pi's roadmap, they plan to introduce a Know Your Customer (KYC) solution, expanded developer resources, more apps and community content, along with the launch of the mainnet. Based on the aforementioned lack of response from Pi support, it appears that they do not have a dedicated support team, except for the community. To make and especially maintain the accessibility of Pi mining the founders jumped into the smartphone market allowing any user to start making Pi coins.
I have been mining Pi for almost a year now and will continue to do so as it takes very little time and effort and you never know. Under the SCP, Pi nodes form security circles, or groups, of three to five trusted people known to each of the users in the network. This further confirms that your understanding of the pi network, its objectives and how it will create value is incorrect. The only real value I see is in identity verification due to overlapping networks, adding another level of trust in identity.
But have you ever reviewed your article and the recent status of what you once called a scam? In addition to the 25 million passive followers, PI now has a huge community of programmers, who are building a bunch of platform applications to form the PI ecosystem that will come to life in about 4 months time.
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