Pi Network - Is it real or fake?

 Today we are going to take a look at Pi Network an application that I’m using myself on my phone to mine a so-called pi coin.

Now obviously if you want to know more about the Pi Network. I recommend that you must read this article till the end.

What exactly is a pi network?

Pi Network is the first cryptocurrency project to allow users to mine using their smartphone. Pi network is a new cryptocurrency that allows you to mine the new coin called pie coin on your phone by simply pressing a button once per day.

Is the pi network a real cryptocurrency?

Not yet, the pi network is a project that aims to create and launch a new cryptocurrency called pi in three phases and currently, the project is in phase two out of three and according to the core team, we will see phase three when it becomes a real cryptocurrency within the next 12 months so either at the end of 2021 or in early 2022.

Do you actually mine pie coins on your phone or not?

No, you're not really mining the coin on your phone because unlike bitcoin which uses proof of work so where you actually have to do calculations. For example with your computer or with a dedicated ASIC ( Application-Specific Integrated Circuit) miner Pi coins use the stellar consensus protocol and that basically means that the pi coin supply can be pre-created by the pi core team. So all coins already exist and you're not mining them, but you simply receive a reward for every time you push the button in the pi network application. So, every time you start the app once per day and push the button to start your mining session you receive coins credited to your account for completing the 24-hour mining session.

In order for the pi network to succeed or to establish a value for their coin once they reach phase 3 at the end of 2021 or early 2022, they need an active community and that community needs to be big enough.

Now if you signed up in 2019 when the pi network project actually started and you wouldn't have to open the app once per day chances are that by now you would have already forgotten everything about the project and when they go live, you wouldn't even know that you have any coins, which means pi network would fail and be dead in the water because they would have maybe millions of users but none of them would be active. So by providing you with an incentive or you receive coins for opening the app once per day by pressing a button, they make sure that as many users as possible stay up to date and involved in the project.

Because every day you open the app you are able to see any news that they might publish on the app's home screen and you stay more involved with the project. This means you don't miss the launch of the pi network, which means when they reach phase 3 at the end of 2021 or early 2022, you'll actually be an active member and willing and looking forward to using your coins which is a core element for pi to have a chance of success or of succeeding and which explains why you receive pi coins for pushing a button once per day. Although those pi coins pretty much already exist and there is no mining involved.

Pi network is a scam or not?

Some people say that the pi network is just a pyramid scheme or a multi-level marketing scheme because you receive a bonus when somebody signs up with your referral code. And if we think about it we realize why that is high network needs a huge amount of active users once they achieve phase 3 which again is scheduled for late 2021 or early 2022. Because only if they have enough users at that point and especially active users they have a chance that the pi coin actually establishes itself as a currency like planned and outlined in the pi network “white paper”.

Now in order to do that they provide users with an incentive for inviting new users because if there would be no incentive you could say I'm not going to tell other people about it. So, I have a bigger share of the pi but by providing you with an incentive, so you mine more coins when you invite other users and they are also active. 

You actually have a reason to promote the pi network to other people and inviting. Due to New users, you suddenly get a mining boost when those people are actively mining in your team. It also helps the whole pi ecosystem

because again the more people are active. Once pi reaches phase three the higher the chances that pi actually establishes itself as a currency on the market. 

The KYC process

Here people make allegations that the KYC process is something that no other cryptocurrency does and it's just the proof or evidence or whatever that pi network is a scam aiming to get or gain access to your personal data. But if we think about that for a second we realize a few things, first of all, because the pi network grants your referral bonus so when you have people that join your team and they're actively mining you are mining faster. That means it opens up the pi for potential fraud. Make sure everyone has the same account by submitting the KYC process. Now KYC means know your customer, and that means you have to prove who you say you are. And it ensures that you only have one verified PI account. So if you create multiple accounts they will eventually be deleted and their coins will burn. But not only the coins on your fake accounts or duplicate accounts get burned but also the coins that you received as a bonus from those duplicate fake accounts.

That, ensures in the end the pi supply only contains coins that have been mined from unique verified human beings like me and you. That's why the pi network needs a KYC process. And it's actually in all our benefit that they have one. Because otherwise tax heavy people could manipulate the system, improve and increase their mining rates artificially and gain a huge unfair advantage. That would just harm the whole pi economy.

Is the KYC process secure?

From my perspective, this is one of the points where you really have to give huge credit to the Pi Network and the main team. Because they didn't just implement the feature in the application where it asks you to upload your passport or driving license or something and then stores it on pi network servers. They had decided to use an established third-party company called Yoti for the KYC process. Now with Yoti, we get to an other set of questions because there are people that claim Yoti is not legit because they have a set or a bunch of negative reviews on the app store. But if you think about it, if you have an app that you only use to verify your account, are you going to spend time to leave a positive review if everything works flawlessly in just a couple of minutes, or are you only or more likely going to go to the app store and leave a negative review, if Yoti for some reason declines your id which most likely is your own fault.

 Now obviously that alone is not proof enough that Yoti is legit and that you can trust it with your personal data. But if you do a little research you can go to google and just enter Yoti certifications, you will actually find their help center article. There, they explain which organizations Yoti is working with and what kind of certifications they've received over the years and are currently holding, and once you read that you'll actually realize that Yoti is one of the best solutions that pi network could have chosen for their KYC process. Because if you dig a little deeper, you'll also see that if you upload your passport for example in Yoti it's only visible for the verification process. Once the document is confirmed, it will be stored encrypted and basically no longer available to anyone but used. So Yoti then only stores the information that your name, your birth date, your address, and everything that you entered and wanted to verify is actually valid. But at no point is anyone not even Yoti themselves able to look at the picture of your passport or driving license again. Just visit the Yoti website and read some of the articles and certification, you’ll see that you have nothing to worry about Yoti.

If you had not downloaded Pi app till now. Then click on below link, hurry up and start getting pi coin rewards everyday.I am sending you 1π! Pi is a new digital currency developed by Stanford PhDs, with over 10 million members worldwide. To claim your Pi, follow this link https://minepi.com/singaurav9 and use my username (singaurav9) as your invitation code.

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