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The cryptocurrency world is moving faster than ever, with new coins and tokens being introduced daily. This can be quite confusing, especially to the average investor. It can also be difficult to tell whether new cryptocurrency projects are simply ways of making money, or just scams. One of these is Pi Network.
With 33 million “Pioneers” spanning the globe, the Pi Network is nothing less than a wildfire. Active users of the Pi Network have grown from 1,000 to millions in a mere three years. Just what is Pi Network, and why is it so popular? One main reason is that unlike traditional blockchains such as Bitcoin, Pi tokens can be mined with a single click. Yet there are some uncertainties surrounding the coin. For one, the Pi coin still has no value — as it hasn’t yet been listed on any exchange. Its model is also undeniably similar to multi-level marketing (MLM) and pyramid schemes.
Want to understand more about the workings of this mysterious network? Then read on to find out more about it and decide for yourself if it’s legitimate or a scam.
The Pi Network is designed to be a revolutionary decentralized network in which its currency is mined on smartphones, rather than energy-intensive ASICs or GPUs. Founded by Stanford researchers Nicolas Kokkalis and Chengdiao Fan, Pi Network strives to be a more efficient and accessible way of conducting transactions. As compared to traditionally established networks like Bitcoin, which require energy intensive machines, the Pi Network is easy to operate and claims to be energy efficient. It’s still in its initial stages of development, but the team intends to make it the go-to currency for transactions.