Pi Network is a fast-growing blockchain project built on top of the Stellar Consensus Protocol (SCP). It aims to become a leading cryptocurrency that is a viable alternative to Bitcoin and Ravencoin. In this article, we will explain what Pi coin is and evaluate whether it is a scam or legit cryptocurrency to own.
What is Pi Network?
Pi Network is a cryptocurrency that was created in 2019 with the goal of taking cryptocurrencies mainstream. Its goal is to ensure that users can easily mine cryptocurrencies using their smartphones. As such, instead of buying expensive mining rigs, anyone can mine the coin using their smartphones.
Pi Network was created using Stellar’s Consensus Protocol, which was proposed by the Stellar Development Foundation (SDF). It is based on the federated Byzantine Agreement (FBA). As such,it has decentralized control, low latency, flexible trust, and asymptotic security. It uses a voting system where nodes on the network vote on the validity of a block and the next one to be mined.
Users of Pi Network mine Pi coins by just launching their mobile applications. In most cases, they mine by just viewing adverts on the ecosystem. They can then spend these coins in the ecosystem and to pay for transactions in the ecosystem.
Is Pi Coin legit or a scam?
As we have written before, there are concerns that the Pi Network is a scam. Besides, it is not possible to turn the Pi coin into fiat currency. That’s because it is not listed in exchanges like Coinbase, Binance, Huobi, and OKX.
The founders have long claimed that they were working on updates before they can launch the mainnet in these exchanges. Still, there are questions about whether this launch will be launched. For one, the project is now in its fourth year and there are no signs of a launch yet.
Therefore, it is impossible to conduct a Pi coin price prediction since its mainnet has not been launched yet. Still, we can predict that its price will drop if it get launched as existing holders exit their positions.