The 3 most important things you need to know about the Pi Network (PI)

Pi Network is a very popular project in the cryptocurrency space, which has attracted the attention of hundreds of thousands of people worldwide.

It has been around for years and is probably one of the most controversial initiatives in the sector. In the following article, we take a look at the three most important things you need to know about the Pi network.

The Pi network was announced many years ago

One of the most frequently asked questions about the Pi Network is when it was launched. Well, he first came out with his white paper on March 14, 2019, which his supporters often refer to as “Pine Day.”

In essence, it is a smartphone-based blockchain mining project that allows users to perform mining operations on their phones. Since its introduction, millions of people have downloaded the app and regularly performed various tasks that supposedly earn them tokens that they could, at some point, sell.

Nicolas Kokkalis, Chengdiao Fan, Aurelien Shiltz and Vince McPhillips, all graduates of Stanford University, are the brains behind the project.

Pi Network boldly claims that it simplifies the mining process. Its users only need to tap a button every 24 hours to carry out mining activities through their smartphones. To grow its user base, the project uses a multi-level marketing (MLM) approach where existing users are rewarded for inviting new users.

The network’s native cryptocurrency is called Pi coin.

Lack of market availability

At the moment, Pi cannot be traded on any major or second-tier cryptocurrency exchanges. This means that it currently has no market value in the traditional sense, and many users are wondering when, if ever, they will be able to convert their mined Pi into other cryptocurrencies or use it for transactions outside of the Pi ecosystem.

This is important because the lack of liquidity and external market validation could raise concerns about the value and long-term viability of the Pi coin.

It is unclear when the cryptocurrency will be listed on an exchange and whether the millions of users will be able to sell or transfer their Pi coins.

Unclear roadmap

Recently, the team behind the project updated their community with the information that 13 million people have passed KYC and more than 6 million users have “migrated to Mainnet”.

This is part of their open network goals, and it’s important to understand that the main network in question is not up and running (at least not to the public). In essence, this just means that users have completed a “Main Network Checklist”.

As of today, there is no clear information on when the network will be launched to the public, which makes many people skeptical about its prospects.

The Pi Network team continues to outline very ambitious goals, including the creation of a decentralized digital economy. Many, however, have criticized the project’s roadmap, noting that it is vague and that the timeline for developments has been slower than expected.

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