Maybe You Have Been Invited By Your Friends To Register And Participate In A Project Called Pi Network In Recent Years On Various Social Networks And Messengers; A Project With Attractive Promises, But Baseless And Baseless, Which Have Not Yet Been Implemented After 4 Years Since Its White Paper Was Published, And For Some Time Now, In Addition To The Digital Currency Community, It Has Also Involved Ordinary People, Especially In Iran. 

But what is the Pie Network project, and what is its purpose? How reliable is this project? Will participation in this project be beneficial?

The advertising fever of digital currency Pi Network now and in 2023 has significantly subsided compared to three years ago.

However, since people are still following this project, we will answer these questions in this article and investigate the claim that Pi Network is a scam project.

What is the purpose of the Pi Network project?

We refer to its official website for how the Pie Network project introduced itself.

The first page of Pie Network’s website.

The first lie on the front page!

On the first page of the website, there is a big lie, and Pie Network has introduced itself as: “The first digital currency that you can mine with your phone.”

Theoretically and on paper, any hardware with processing power can mine all digital currencies, evenBitcoinused. Of course, mobile phone mining is not profitable, but know that all digital coins can be mined with a mobile phone on paper.

Also, experienced people in this field, possibly with digital currencyElectroniumare familiar with Electroneum and a few other projects that had long ago presented the idea of ​​mobile phone mining. So the first and perhaps the most crucial thing proposed as one of the features of Pie Network is nothing more than a lie.

The foot has replaced the means to the goal.

By examining this site further, we will understand the purpose of the Pi Network and what it is for. Pai Network considers mining a problematic task that consumes much energy and aims to facilitate this process. Pai claims to make the mining process more accessible.

But the point is that easy mining cannot be the goal. Even the mining process is not a goal, but a means to secure the network, which has other plans. For example, Bitcoin aims to provide a method for decentralized peer-to-peer payments where the problem of double spending also does not exist. TargetEthereum PresentationSmart contracts. It is on a decentralized platform. TargetPolkadat Communicate betweenBlockchainsIt is different. But what is the ultimate goal of the blockchain pie network?

It is discussed in general in the white paper.

Anyone who has even taken a quick look at the whitepapers of significant blockchain projects will notice the unprofessional and promotional aspects of Pi Network. to review a white paper by the network; you don’t need to have particular technical knowledge about this. Just turn it over with whitepaper projects likeCardanocompare. A glance shows the difference between a good project and a clumsy scam.

One of the general rules in identifying unreliable projects and scams in digital currencies is that the project owners do not talk about technical details. A good project is one in which all conceptual and technical details are well explained.

The whitepaper tries to compare Pi to Bitcoin, while the authors do not have the slightest knowledge of the technical details of Bitcoin. They seem more interested in comparing themselves to Bitcoin than detailing their project.

A clear example of generalization in this article is the Roadmap section. The Pi network roadmap briefly states that this project consists of three parts: design, testing, and final implementation of the leading network. The question is, is there any project that does not have these three stages? All projects generally go through these three stages, and these details make each project’s roadmap different from another. In addition, it should be determined on what date the project will reach what stage of development. For example, in the image below, you can see the roadmap of the Ton Coin (TON) project.

Toncoin network roadmap.

The structure of the white paper is clumsy.

Those with graduate education know how an academic essay should be structured. This white paper looks nothing like an average article and more like a blog post. For example, the piece ends with a road map. At the same time, we know that every good work ends with a summary section and finally citing sources. Pie Network’s whitepaper is like a 100-page book that ends on page 37!

The technical explanation is incomprehensible and wrong

This coin’s supply (or token!) has been discussed in a part of the white paper. We will examine this matter further.

The final supply of this token is obtained from the sum of the three numbers M, R, and D. R is the reward for referrals (inviting others), which is a percentage of M. D is also the developer bonus, which is a percentage of the sum of M and R. So, to calculate R and D, we must first have M. In this article, a formula for calculating M is given:

M=∫f(p)dx

In this regard, P is the number of people participating in the mining process. f also represents a function whose variable is P. The first drawback of the formula is that there is no information about the function f, and we do not know what the integral is supposed to be taken from. The second problem is that the function variable differs from the crucial variable.

Of course, this issue does not create a problem in the integration process, but the answer of the integral will be a bivariate function of x and p, the upper and lower limits of which we do not know! In fact, instead of being a number, M is a bivariate function plus a constant number that we do not know the limits of any of the variables or the serial number!

What do the fans of Pie Network say in defense of it?

If you ask your doubts about this project, the people who invite you to it will make claims to prove the project’s authenticity. We will examine these claims further.

The developers of the project are from Stanford University.

Nicolas Kokkalis, Chengdiao Fan, and Vincent McPhillips are credited as the early developers of the Pi Network. Kokalis and Fan are husband and wife and are still connected to Pai Network. McPhillip, in February 2021, without any explanation, announced that the team had left the network and left the questions about the reason for leaving this team suspiciously unanswered.

McPhillips wrote in his statement:

I’m sorry to be so cryptic. I must announce that I no longer have any connection with Pai Network. My attorney has advised me not to comment further because I have a pending lawsuit in Santa Clara County Superior Court.

According to themselves, both Kokalis and Fan have a Ph.D. from Stanford University. Of course, their names are also on ita page that can be seen on the website of Stanford University, which is related to one of the postgraduate courses in the field of human-computer interaction.

However, even assuming that the two leading developers of Pie Network have a prestigious academic background at Stanford University, studying at a famous university cannot in any way indicate the good intentions of the developers of a project. For example, Two KwansThe networkTerra (Luna) founder has received a degree from the same university and is now facing various charges, including fraud in South Korea and America.

Pi Network is listed on CoinMarketCap and several significant exchanges

One of the latest Pi Network news that the followers of this project have noticed is the addition of the name of this token to Coin Market Cap, and this claim is valid by itself; But for several reasons, it is misunderstood, and there are essential points that are not taken into account in this story.

In the following, we will explain that the information about the current price of Pie Network digital currency in Coin Market Cap and the tokens that are available with the name of Pie Network in digital currency exchanges have nothing to do with the project we are talking about. Coinmarketcap takes no responsibility for the currencies it lists on its platform. We have often seen that information about various scam projects has been provided on this website. Therefore, Pie Network’s name in Coin Market Cap does not bring any credit to this project.

Coin Market Cap has introduced six exchanges, including the relatively famous Huobi exchange, as the buying and selling markets of Pie Network. Pi Network website and pages of this project in social networks; however, they say that the primary and open network of this project has not been launched at all yet, and what exists now is introduced by the Pi Network team as an enclosed network (Enclosed Mainnet) that interacts with the outside does not have. These talks of the Pi Network team in format announcement are available on this project’s website and even placed on the site’s main page to attract attention.

Exchanges that have been introduced as Pie Network Markets in CoinMarketCap.

Why is the digital currency not listed on Pie Network?

In this announcement, the Pi Network team clearly said that “the listing of their token in any of these exchanges has not been confirmed by Pi Network” and warned its users that making transactions to exchanges “is a violation of Pi Network’s policies and can cause harm to the users of Pie.”

In addition, the same exchanges listed in Coin Market Cap have closed Pi deposits and withdrawals to their platform. This means that even if Pi withdrawals are available for users, depositing this token to these exchanges for trading is impossible. All in all, it must be said that what is presented in the sales and even the information provided in Coin Market Cap as Pi Network Token only carries the name of this project; it does not exist on any blockchain, and therefore, the price in Coin Market Cap cannot Consider as the price of Pi network digital currency.

We are closing the possibility of transferring the token with the same name as Pthe, i.e., in the Huobi exchange.

At best, the Pi tokens you see on exchanges are an “IOU” or “debt.” An IOU can be defined as an informal document that shows how much of an asset one party owes to another. Two essential points about IOUs are that the repayment time is not specified in them and, as mentioned, they are informal; That is, most of these documents, which may be in the majority of tokens in the exchange, do not create a legal obligation for the parties.

All in all, considering the distorted history and the uncertain future of Pie Network and the fact that it is not clear what the price of each unit of Pie will be even if its leading network is launched, trading tokens with the same name as Pie in exchanges is also very risky and is not recommended in any way.

The Pie Network app has been downloaded more than 50 million times

Another claim of the fans of this project is that the software introduced by this team is available on Google Play and has been downloaded more than 50 million times, which shows the project’s validity.

First, we should know that many times, Google mistakenly placed malicious software in Google Play and later removed them. So this issue cannot be an indication of the validity of the software.

Second, the large number of downloads of this software is due to receiving a reward with a link and invitation ID (referral). So don’t be happy with this number! People who don’t have the slightest information about it start downloading software that might bring them windfall money one day.

The test is free

Proponents of the project say there is no need to invest capital in participating in mining this currency, so even if the project does not go anywhere, we will not lose.

Mining that is done through hardware, but does not use any electricity or data, is not mining. This software shows you a number that increases over time and has no value.

Claiming that no capital has been invested is true, but fraud does not always happen with financial methods. You do not know for what purpose your phone and millions of others will use it. By participating in this project, you have given your precious time, personal information, and hardware to those you don’t know and their goals.

What is the method of transferring digital currency through the network?

The Pi Network application has a section called “Pi Browser,” in which a section called “wallet. pi” is embedded. Some users claim that by doing KYC in Pi Browser, they have succeeded in enabling the possibility of transferring their Pis to other active accounts of this application.

But the main point here is that the possibility of authentication has not yet been activated for most application users. Some users say that before the authentication process begins, they are told that this possibility is closed. Others have reported that their account was not verified after sending their identity documents, and their balance remained untransferable. It should be noted that the identity documents of Iranian citizens are also not accepted.

This whole process seems highly suspicious for a project that claims to be a decentralized and open network. In general, even if the possibility of sending identity documents for your user account was activated in this program, considering the case of misuse of your personal information during this process, it is not recommended at all to attempt authentication.

final word

, This project has many problems, but only some were mentioned in this article. Pi Network’s promotional activities and development process from the very first day have not fit with the fundamental values ​​of the digital currency space, including decentralization and maintaining privacy, and there was no transparency.

Also, as a general rule, when even grandmothers promote a project, and a viral marketing plan is used for it, the project will go nowhere.

So far, no credible person has introduced this project, the activities of the Pie Network team have never been transparent, and it is not clear what this project does with the personal data of its users.

If you are still looking to know what Pi Network is and how you should buy this digital currency, We must say directly that you are dealing with a fraudulent project. So please don’t fall for the empty promises of this project, and don’t fall into its trap. Advise those around you not to waste their time on the pie scam project.

The mission of the digital currency community is to inform people about projects Ponzi and fraud schemes. Remember that the increase in the number of those who fall into the trap of fraudulent projects will cause the general public and regulators to distrust digital currencies. As a result, the adoption and acceptance of these assets in society will be delayed.

Frequently asked questions

What is the method of extracting digital currency from Pie Network?

Mining occurs in several digital currencies implemented on the blockchain platform and uses a particular consensus mechanism. From a technical point of view, Pie Network does not have a specific tool for mining, and it cannot even be said with certainty that an active and decentralized blockchain is at work.

Can I earn daily lightning touch on pie software?

No, Pai does not have a specific identity as a digital currency. The number shown as assets in the software is worthless and does not represent your assets.

What is the method of selling the pie network?

Pie is not listed in any digital currency exchange and cannot be bought and sold. According to Pi’s team, tokens available in some businesses under the name of Pi are not related to this project and have not been verified.

What is the last price of the network?

Pie cannot be traded in any domestic or foreign exchange and therefore has no specific value. Of course, the price of the Pi network is unknown in Tomans, and it is impossible to predict the price of Pi currency.

Can the Pi network be used in Iran?

Creating an account in the Pi Network mobile application with Iranian numbers is possible, but Iranian documents are not accepted for authentication in this program. It should be noted that authentication in this program and personal paper presentation is not recommended for security reasons. Authentication with fake documents is not a reliable and guaranteed method.

Is PI Network a scam?

There are fundamental flaws in the network and the marketing method of this project, and the overall evidence shows that this project is still a fraud plan.

What are the benefits and applications of Pi digital currency?

Since it is impossible to move the network’s legs conventionally, and the future of this network is not clear, it is impossible to imagine a particular use or advantage for it.