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

Pi Network is a very popular project in the cryptocurrency space that attracts the attention of hundreds of thousands of people around the world.

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

Pi Network was announced many years ago

One of the most common questions about the Pi Network is when it was launched. Well, it was first unveiled with its whitepaper on March 14, 2019, which its supporters commonly refer to as “Pi Day.”

Essentially, it is a smartphone-based blockchain mining project that allows users to perform mining operations on their phones. Since its launch, millions of people have downloaded the application and regularly perform various tasks that supposedly earn them tokens that they could eventually sell.

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

Pi Network boldly claims to simplify the mining process. Its users only need to tap a button once every 24 hours to perform 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

Currently, Pi cannot be traded on any major or secondary 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 significant because the lack of liquidity and external market validation could raise doubts about the long-term value and profitability of the Pi coin.

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

Unclear timetable

Just recently, the team behind the project informed its community that 13 million people had passed the KYC test and over 6 million users had “migrated to the mainnet.”

This is part of their Open Network goals and it’s important to understand that the mainnet in question has not launched or is functioning (at least not for the public). Essentially, it just means that users have completed a “mainnet checklist”.

To date, there is no clear information about when the network will be made available to the public, which makes many people skeptical about its prospects.

The Pi Network team continues to have very ambitious goals, including creating a decentralized digital economy. However, many have criticized the project’s roadmap, pointing out that it is vague and that the timeline of developments is slower than expected.