Pi Network: Mining Crypto on Smartphones, Between Opportunities and Risks

Bittime - Pi Network, dlaunched in March 2019, taking the crypto world by storm by offering Pi coin mining directly from smartphones. The platform promises easy access to the world of crypto for anyone, attracting the interest of many. However, before you get tempted to mine Pi, let's dive deeper into the platform, how it works, and the controversies that come with it.

What is Pi Network?

Pi Network is positioned as an effort to simplify access and introduce more people to the world of crypto through an easy mining and crypto management system. Launched by Nicolas Kokkalis and Chengdiao Fan, the platform allows users to “mine” Pi coins using their mobile app.

How Does the Pi Network Work?

Users can “mine” Pi coins by running the Pi app on their smartphone. This mining process does not require special hardware or large power consumption.

Pi Network uses the Stellar Consensus protocol (SCP) to ensure the accuracy of updates to the blockchain. Users can play a role in block validation and receive Pi rewards.

Pi Coin: Token Asli Pi Network

Pi Coin is Pi Network's native token that serves as a payment tool in the Pi ecosystem. Users can use Pi Coin to:

• Pay transaction fees
• Make transactions on applications and marketplaces built on the Pi Network

However, keep in mind that Pi Coin cannot currently be traded on major crypto exchanges.

Pi Network Governance System

Pi Network uses a 'Semi-DAO' governance model. This means the core team maintains control over the platform, but the community has a voice in decision-making through forums and other media. This governance model may change depending on the number of active users.

Mainnet Pi Network and KYC

The Pi Network mainnet launched in the last quarter of 2021, allowing users to create wallets and carry out Pi Coin transactions.

However, to migrate to mainnet, users are required to complete the Know Your Customer (KYC) process. KYC delays can result in the user's Pi being forfeited.

Pi Network Controversy and Concerns of Some Parties

Pi Network has attracted controversy for several reasons:

• Delays in mainnet launch and listing of Pi on exchanges: Many users were disappointed by this delay, which fueled speculation about the value and future of Pi Coin.
• KYC Obligations: The KYC process has been criticized for being centralized and potentially exposing users' personal data.
• Concerns about multi-level marketing schemes: Some parties accuse Pi Network of being a multi-level marketing scheme because of its focus on recruiting new users.

Hope and Future of Pi Network

Despite the existing controversy, Pi Network still has some hope:

• PiChain International marketplace launch: This marketplace is rumored to be accepting Pi Coin as a means of payment, opening up new opportunities for Pi Coin use.
• Pi listing on the official exchange: If Pi Coin is listed on a major exchange, its value could potentially increase and make it easier for users to trade.

Conclusion

Pi Network offers the convenience of crypto mining on smartphones. However, this platform is still shrouded in uncertainty and controversy.

Before deciding to get involved in Pi Network, it is important to do in-depth research, understand the risks involved, and not invest more than you can afford to lose.

How To Buy Crypto With Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.