Pi Network is a blockchain project that was launched in 2019. “After identifying key barriers to Crypto accessibility and adoption, the Pi Founders set out to build the next generation of web integrated with blockchain,” Pi Network states. 

The project’s vision: “Build the world’s most inclusive peer-to-peer ecosystem and online experience, fueled by Pi, the world’s most widely distributed cryptocurrency.”

Notably, the project allows users to mine the native tokens: Pi, directly on their smart devices. While other conventional crypto tokens require considerable energy and computing, Pi users seamlessly mine on their phones by tapping their screen once a day.

Hence, the Pi Network keeps attracting millions of users globally. Though many view Pi as an enterprise with promising prospects, some still wonder if the network is legit.

Pi Network Structure

The project is unique, featuring an upcoming cryptocurrency, mobile app mining and network/referral marketing. Millions of users mine Pi tokens daily using the Pi mobile app.

Mining rates (Pi coins per hour) have diminished since the inception of the Pi Network in 2019. Hence, members who joined initially mined more tokens at a significant rate than members who joined later and mined at lower rates.

On the network, there are nodes, pioneers, and contributors. Pioneers execute their once-daily mining activities on the network while contributors mine several times daily. In addition, contributors’ 

Nodes install and run Pi Node software on their PCs which enables them to be validators on the Pi ecosystem. Interestingly, users can serve multiple functions concurrently on the network, increasing their Pi tokens.

Pi Network Testnet and Mainnet

Through its timeline, Pi launched a testnet requiring users to download test wallets and transfer test Pi tokens. This was to evaluate the feasibility of the project’s main launch.

Currently, Pi is in its Mainnet phase where users complete several Know Your Customer (KYC) requirements to migrate to the mainnet. Completing the KYC allows each user to transfer accumulated mine tokens to his/her main wallet on the network.

Notably, users can’t transfer their entire amount at once as there is a compulsory lock-up fraction policy in the project. Many users have migrated while others have pending KYC obligations.

Is Pi Legit?

This is a question many a crypto user have asked since 2019. Is Pi Network legitimate or is it another scam project?

First, the project’s unique mining raises questions due to its stark contrast with conventional crypto mining—also, some speculations concerning the project’s protracted prelaunch period point to a scam. To date, the Pi token is not listed on any exchange.

Moreover, some entities opine that Pi Network’s white paper is not clear enough, not detailing the project’s plans and tokenomics properly. Then there’s the referral marketing component of Pi Network which simulates the features of a pyramid scheme.

Meanwhile, others speculate the source of the project’s funding, implying that Pi Network may be a pump-and-dump project. 

In contrast, the network’s enthusiasts on social media highlight a thriving Pi community with revolutionary crypto mining. Furthermore, they emphasize that the prelaunch period aligns with the project’s roadmap while activities are ongoing for a massive launch.

To tackle the burning question on everyone’s mind: Is Pi Network Legit? Currently, Pi Network has not been tagged as a scam by authorities, though its long-term success and the potential value of its token remain undetermined.

The future remains a mystery, leaving us all to wonder—will Pi Network rise or fade into obscurity?

Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments are highly speculative and volatile, and prices can fluctuate significantly. Always research and consult a qualified financial advisor before making any investment decisions. The author and the platform do not assume responsibility for any losses from investing in cryptocurrencies