Pi Network is a controversial cryptocurrency project that has been making rounds across the crypto industry over the past few weeks after the token was listed on some crypto exchanges, including the popular trading platform Huobi.
Since its inception four years ago, the project has attracted millions worldwide as users can mine and earn its native token, dubbed Pi, by completing simple tasks.
Some experts have raised concerns about the legitimacy of the Pi Network, claiming the project is nothing but a classic Ponzi Scheme seeking to defraud investors in the long run. But is this true? Let’s take a look.
This article unravels everything about Pi Network, from its beginning to its latest controversial listing.
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What is Pi Network?
Pi Network is a cryptocurrency project that allows users to perform mining operations through their smartphones. The platform was designed to onboard anyone into the crypto space, regardless of their familiarity with digital assets.
Pi Network is the brainchild of Stanford University graduates – Nicolas Kokkalis, Chengdiao Fan, Aurélien Schiltz, and Vince McPhillips. The team started developing the project in 2018, but they released the whitepaper and launched the application a year later, on March 14, 2019.
Miners on the Pi Network are rewarded with the Pi coin, which the project’s creators claim will gain value once the protocol launches to mainnet.
Unlike Bitcoin miners, individuals who mine on the Pi…
