There are now 33 million so-called Pioneers, that is miners in the Pi Network, and many of them are still waiting for some clear indication of how or when - or even if - they are ever going to benefit from their coins.
Debate continues over whether Pi Network, the app that claims it is intended to open cryptocurrencies to everyone, is a well-intentioned initiative or a scam.
If it is a scam it is not a traditional one in the fashion of a Ponzi scheme because users are not investing their money, they are investing some time on their mobile phones.
Where the organisation has been criticised is for exploiting its community by selling advertising to reach these 33 million Pioneers.
However, the team behind Network Pi says it is a "genuine effort by a team of Stanford graduates to give everyday people greater access to cryptocurrency".
And there are plenty of crypto faithful who see it as an opportunity to get involved in a cryptocurrency from the ground up and possibly profit sometime in the future. They do this, perhaps, with one eye on some of the early bitcoin (BTC) adopters who have racked up huge gains from mining and holding the coin.
However, others have likened Pi crypto to a multi-level marketing (MLM) scam that holds no value. As of 20 April there are still no coins being traded; meaning no transactions and no fiat rewards.
The organisation behind it tweeted recently: "Pi Network had an amazing year of growth filled with accomplishments that fulfilled its roadmap objectives and grew the utility of the network." This includes the launch of the enclosed mainnet which means it is live but with a firewall that 'prevents any unwanted external connectivity'.
It said this will give its pioneers time to pass KYC (know your customer), tweak the mainnet and add more apps. It does not say when the network will become open only that 'the Enclosed Network period is in line with Pi’s vision of a utility-based ecosystem and its iterative philosophy'.
On its Pi Day on 14 March (a conceit that works better if you use the US date styling) it announced two more innovations: the rollout of mass KYC (know your customer) solution, and a new Pi mining mechanism that allows more diverse mining rewards. These actions could potentially enhance the value to advertisers.
Pi Network has continued to insist it is not running an inital coin offering (ICO) or crowdfunding sale and coins which can be mined in the ecosystem currently stay in the ecosystem.
In its white paper the organisation states that in phase three "only accounts validated to belong to distinct real individuals will be honored". This is the KYC process.
It adds: "This is the phase when Pi can be connected to exchanges and be exchanged for other currencies." Many Pioneers are keen for this to happen as they see little value in the coins they have mined if they can not sell them.
This article provides an overview of what the Pi Network aims to achieve and how the Pi coin price prediction is taking shape.
https://minepi.com/zico101067
zico101067
Your post was upvoted and resteemed on @crypto.defrag
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit