5 Convincing Reasons to Believe in the Pi Network
The Pi Network has gained significant credibility and attention since its launch on March 14, 2019, establishing itself as a prominent player in the cryptocurrency realm.
Despite not being listed on crypto exchanges, the mobile-mineable digital currency has managed to build a strong reputation, which speaks to its community’s supportive and engaged nature.
However, one key aspect that the Pi community is desperately awaiting is its open mainnet launch. Until the Pi Network’s open mainnet period goes live, the Pi coin holds no value in the public market and cannot be traded.
The uncertainty surrounding the timing of the open mainnet launch has raised concerns about the Pi Network’s legitimacy, leaving users wondering whether it is a legitimate endeavor or potentially a scam. Many people also believe that the project is nothing more than a multi-level marketing (MLM) strategy.
It is critical to consider both the positive and negative aspects of the Pi Network, as both sides have valid points. With that said, in this article, we will focus on five compelling indicators that contribute to the Pi Network’s trustworthiness, shedding light on its positive side.
You may also want to read our detailed guide for transferring Pi coins to the Mainnet.
Is Pi Network Trustworthy – Yes (5 Reasons in its Favor)
1) The Pi Network team is made up of experienced professionals
The core team of a project is unquestionably the most important factor to consider in determining whether it will succeed or not. If we look at the Pi Network’s core team, it is composed of 35+ experienced professionals around the world.
The founders, Dr. Nicolas Kokkalis and Dr. Chengdiao Fan, who hold Stanford PhDs, are the most well-known members of the team. Kokkalis is the head of technology, and Fan is the head of product. Both of them have been quite active in interactions within the community.
The founders’ vision of integrating theory and practice led them to create Pi Network, aiming to overcome barriers to cryptocurrency accessibility and adoption. Their goal is to create a diverse peer-to-peer ecosystem that is supported by the widely used cryptocurrency Pi.
The Pi Core Team’s global reach extends to Pi’s Silicon Valley headquarters and across the United States, Europe, and Asia.
2) The Pi Network community is massive and expanding rapidly
The Pi Network community is highly commendable. As of June 2023, the Pi Network had more than 45 million active users, according to officials.
In addition to Apple App Store downloads, the Pi Network app has received over 50 million installs on Google Play alone. Downloaders come from over 225 countries around the world, with India, Nigeria, and the United States having the most number of downloaders.
Moving on to its community size, the Pi Network has over 2.5 million followers on Twitter and over 1.5 million followers on Instagram. These two figures are enough to justify the vast size of the Pi Network community.
The release of the Fireside Forum app has strengthened the Pi Network community even further. Users have been quite active since the core team launched this revolutionary app.
Such a sizable community clearly indicates that the Pi Network ecosystem is home to a sizable number of crypto professionals and experienced users who support the overall project. A hazy endeavor shouldn’t have attracted such a large global audience.
3) Pi Network has a clear and futuristic white paper
The Pi Network’s white paper is quite impressive; not only is the white paper impressive, but so are the efforts taken by the project to accomplish its goals.
In the white paper, the Pi Network claims to serve the world with the most easily accessible and mineable cryptocurrency that does not cause environmental damage. The Pi coin is that cryptocurrency.
The white paper mentions that they are focused on building utilities that will contribute to the betterment of Web3 and also contribute to constructing Pi’s value, and undoubtedly already doing this. Recently, they unveiled Fireside Forum, a revolutionary social platform powered by Pi cryptocurrency.
The white paper has described the roadmap of the Pi Network project in three phases: Beta, Testnet, and Mainnet. The first two have already been completed, and the project is currently in the Mainnet phase.
In the Mainnet phase, particularly the enclosed mainnet phase, their primary goal is to authenticate all Pi users using a mass KYC solution in order to preserve fairness and minimize duplicate accounts or bots.
The Pi Network has stated that the open mainnet will be launched once the project gains enough maturity and successfully addresses KYC issues.
The Pi Network is futuristic in terms of transaction speed, security, and consensus method (Steller Consensus Algorithm).
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4) Pi Network is focused on building utilities
As previously stated, the blockchain project is dedicated to creating real-world utilities that would ultimately support the expansion of Pi’s ecosystem. The Pi core team organizes large-scale hackathons on a regular basis to encourage creative developers from all over the world to participate, share their ideas, and create breakthrough dApps (decentralized apps) that will play critical roles in the Web3 future.
The Fireside Forum app, one of the most recent releases, is an example of a utility-based, innovative, decentralized social platform powered by the Pi cryptocurrency.
Pi Network’s goal to create value inside the ecosystem demonstrates its commitment to the project.
Unlike many popular cryptocurrencies, the Pi Network does not want to enter the market just as another typical digital currency; rather, they are trying to come up with an innovative ecosystem, as Bitcoin and Ethereum did in their time. This will undoubtedly take enough time, causing delays in the launch of the Open Mainnet.
5) Many companies and individuals are willing to deal with Pi
In the enclosed mainnet phase, Pioneers can transact within the enclosed network for the exchange of goods and services.
In fact, one can find individuals across social media platforms and other channels asking for Pi coins in exchange for fiat currency.
Regardless of the legitimacy of this act, it clearly demonstrates the interest of Pi holders in accumulating more Pi coins today that may provide many times returns in the future. This demonstrates the community’s readiness to transact using Pi currencies and help this project succeed.
Several platforms and businesses in several countries have reportedly begun taking Pi currencies in return for goods and services.
You may also want to read 6 challenges for Pi Network before Open Mainnet success.
What makes people doubtful about the Pi Network?
To ensure that this article remains unbiased, below are some facts regarding the Pi Network project’s drawbacks that often cause people to mistrust it:
- Even after 4 years of the project’s initiation, the open mainnet launch is still uncertain. Although the white paper explains the favorable conditions for its launch, it does not clearly specify the exact milestones to be achieved before the open mainnet launch.
- There is no evidence of Pi’s blockchain
Final Thoughts
To summarize, the Pi Network project is still in its early stages of development, and perceptions concerning its credibility and reliability vary from person to person, particularly ahead of the open mainnet launch.
Many early users may have become frustrated, and newbies may not stay in the community for long if they do not learn the fundamentals of the Pi Network.
It is important to note that success is not always confirmed for a project – but the odds of Pi Network being a tremendous success are very strong.
Disclaimer: This article solely reflects the author’s opinion.
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