What is Pi Network? Is Pi Network a scam?
The Pi Network ecosystem consists of only one mobile application used to mine Pi every 24 hours and no other functions. This Pi mining is actually distributed because they say that this Pi has already been mined, meaning your app doesn't run any consensus algorithms or protocols. The number of pi "mined" will be halved every time the number of users of Pi increases tenfold.
The Vietnamese crypto community in the past few days has been extremely excited about an emerging cryptocurrency called Pi Network that is flooded with ads throughout Facebook groups, so what is the truth about Pi Network in this article. clearly presented to the reader.
What is Pi Network?
On Pi's homepage, they present Pi as a dedicated cryptocurrency for mobile devices that can be easily mined offline with no energy due to the use of the Stellar consensus protocol. However, the Pi Network project owner does not make the project's source code public, so no one knows if they use this consensus protocol or not. This is not a must for a Blockchain project, but publicizing the source code can prove they are a real project.
How does Pi Network work?
The Pi Network ecosystem consists of only one mobile application used to mine Pi every 24 hours and no other functions. This Pi mining is actually distributed because they say that this Pi has already been mined, meaning your app doesn't run any consensus algorithms or protocols. The number of pi "mined" will be halved every time the number of users of Pi increases tenfold. You can increase the amount of Pi mined by referring more Pi users (Affiliate model).
To use the Pi Network application, you must go through a KYC (know your customer) process to avoid fraud, which means collecting your data. This is unacceptable for a Blockchain project because one of the most important characteristics of Blockchain is anonymity.
The founders of Pi Network are also calling for the community to build applications on the Pi Network platform, but there are currently no applications.
Who are the founders of Pi Network?
Pi Network has three main founders including:
- Dr. Nicolas Kokkalis – responsible for engineering
- Dr. Chengdiao Fan – Responsible for the product
- Vincent McPhillip – Pi Network Community Manager
Nicolas Kokkalis is currently a PhD student teaching a class on decentralized applications at Stanford University, in addition to studying social computing, is a member of the founding team of StartX, a community of non-profit entrepreneurs. profit. He has a PhD. degree in Computer Engineering and a Master of Science in Management and Engineering from Stanford University.
Dr. Chengdiao Fan is a PhD student in Anthropology from Stanford University. Her focus is on social computing interaction, specifically how technology positively impacts human behavior and society. She also founded a startup and an email production platform.
Vincent McPhillips– The person responsible for the Pi Network community is a member of the Stanford Blockchain Research Center. He graduated with a bachelor's degree in Political Science from Yale University, then joined the nonprofit Bridgespan, which specializes in education and workforce development for communities across the United States.
Doubtful points around the Pi Network project
Pi Network collects user data
In addition to requiring users to conduct KYC, Pi Network also collects an incredible amount of data about your phone, which they collect including:
- Modify or delete the contents of the USB storage.
- Read the contents of the USB storage.
- View device ID and call information.
- Read phone status and identity.
- Read your contacts.
- Read phone status and identity.
- View Wifi connections.
- Modify or delete the contents of your USB storage.
- Read the contents of your USB storage.
- Get data from the Internet.
- View network connections.
- Vibration control.
- Run at startup.
- Full network access.
- Runs on other applications.
- Prevent device from resting.
The collection of data is extremely unreasonable behavior, because Pi mining almost does not require any of the above permissions . Moreover, Blockchain technology itself has an important criterion of anonymity, it is clear that the Pi Network project goes against this criterion. The amount of data that Pi Network collects can be of great value to project founders if they disregard user privacy and sell it to third parties.
Pi Network does not bring any value
You have nothing to do when using the Pi Network app other than clicking get Pi every 24 hours. It's hard to understand how this action can be of any great value. Although Pi Network is calling for building applications based on the Pi Network platform, the platform itself does not do much for both developers and users. With a large supply and without any use cases of Pi, the value of Pi can be forever zero.
Lack of transparency
While emphasizing the founders' qualifications, the project itself does not provide the source code publicly, nor does Pi Network's White Paper provide any technical information, but merely describes their intentions for the project. with the project. We do n't even know if the Pi Network Blockchain exists or not.
Pi Network is running ads for profit
Until now the value of Pi Network has remained zero due to the unknown project, but the founders have started to profit by running ads when starting the application. Combined with the amount of data they collect, this is a substantial amount of income. This means that Pi Network provides nothing of value to you, it is you who provide value to them
So in the end, is the Pi Network project a scam or not?
Although there are many doubts above, but Pi Network does not call for investment , so it is difficult to consider this as a scam project. But there is a high possibility that Pi is a worthless cryptocurrency since it is a shell project to mine user information. Your data can be used for malicious purposes over which you have no control, so be careful. It's okay if you don't care about personal data and accept the time-consuming use of Pi Network, but remember this does not bring any value.
In addition, please read through the article Major Vietnamese newspapers simultaneously voiced warnings about Pi Network for more warnings from the mainstream press.
Disclaimer: All information in the article is information compiled and researched by Coin68. The information is also objective and should not be considered investment advice. You should learn fully before participating in this extremely potential but also risky market.
