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Is Pi Network Legit? Is it Worth Your Time & Effort?

The short answer is YES, Pi Network is legit. Is it worth your time and effort? It depends. If you are looking for a quick getting rich scheme, then this is not for you. Pi Network as of this writing has no value and is currently at its early stage. Most of the Pioneers are only speculating as to its future value. But if you are more of a long term investor, or a position trader, then this might just be what you need.

So what will it cost you? NOTHING! The good thing about Pi Network as of this moment is that it is absolutely free. You only need to check in once a day and let the app do the trick! It’s not so hard, right? I mean there’s no harm in trying.

Download the Pi Network App now and use my invitation code “ch4dz” after installing the app.

Should you be in a hurry to join the network? You should be! Because the mining rate will either halve or fall to zero when Pi reaches 10 million engaged Pioneers. So don’t miss out while it is still early. As of this writing (February 27, 2020), Pi Network has over 3.5 million engaged Pioneers and the number is increasing tremendously.

What is Pi?

PI Network is a revolutionary SocialChain App by the team of Stanford PhD’s giving the economic and social power of blockchain technology and the cryptocurrencies into the hands of everyday people by redefining wealth. PI’s vision is to build the world’s most inclusive peer-to-peer marketplace, fueled by Pi, the world’s most widely used cryptocurrency.

As in the earlier days of Bitcoin, it was really easy to mine it. Though you could have earned 50 BTC only by running the mining software on your personal computer. It didn’t remain for so long until one after the other the mining companies began spreading around the world. It turned into such a frenzy that these companies started developing specialised chips (ASIC) to mine this digital currency.

This approach gave the power to the companies like Bitmain etc. For a better understanding what it caused is that in 2019 more than 80% of the Bitcoins are owned by only the 1% of the network! It was against the purpose of this technology and created a very huge handicap for solo miners, not even mentioning everyday people. Most can only buy it… a fraction of it, to be honest!

The Pi Network is a cryptocurrency that uses Proof of Work without the need to burn massive amounts of electricity. You can mine on your phone without using up battery power. It is decentralized, mobile-based and eco-friendly.

The Pi Network Has Three Phases.

Phase 1- Design, Distribution, Trust Graph Bootstrap.

During this phase, the team will distribute tokens on a centralized Pi server. The team will be testing and improving aspects of the Pi Network and app. The Pi coin will not be listed on any exchanges during this period.

Phase 2- Testnet.

During this phase, the team will begin deploying Pi Network nodes as well as allow users to run their own nodes on the Testnet. This will be used to test the Nodes against the phase 1 emulator.

Phase 3- Mainnet.

It is time for Primetime! The emulator will be shut down and the network will be allowed to operate on its own. Similar to other cryptocurrency projects Pi Network will be open to developers to join the community and improve the network alongside the original team. During this phase, the Pi Network coin will be listed on exchanges.

Pi’s economic model design requirements:

Simple: Build an intuitive and transparent model

Fair distribution: Give a critical mass of the world’s population access to Pi

Scarcity: Create a sense of scarcity to sustain Pi’s price over time

Meritocratic earning: Reward contributions to build and sustain the network

There are four roles Pi users can play, as Pi miners. Namely:

Pioneer. A user of the Pi mobile app who is simply confirming that they are not a “robot” on a daily basis. This user validates their presence every time they sign in to the app. They can also open the app to request transactions (e.g. make a payment in Pi to another Pioneer)

Contributor. A user of the Pi mobile app who is contributing by providing a list of pioneers he or she knows and trusts. In aggregate, Pi contributors will build a global trust graph.

Ambassador. A user of the Pi mobile app who is introducing other users into Pi network.

Node. A user who is a pioneer, a contributor using the Pi mobile app, and is also running the Pi node software on their desktop or laptop computer. The Pi node software is the software that runs the core SCP algorithm, taking into account the trust graph information provided by the Contributors.

Pi Network price prediction

There are no certain Pi Network price predictions on the Net. The app is in beta version, so the coin’s price is not likely to change in the upcoming months.

When Pi Network app goes 100% live, a lot will depend on the number of users and exchanges accepting or rejecting PI coin. In the best case, PI price prediction by the end of 2020 or early 2021 is $1 – Pi Network crypto value should raise to create conditions for healthy growth.

It is hard to predict Pi Network value in 2025 since this is too long term, and the project is very young. However, the price of PI might raise to $5 and higher if the network will be properly developed. Cryptocurrencies with unique features and value always manage to get a piece of the pie.

Disclaimer: This article should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. While price analysis is a useful tool, it should not be considered predictive for the future performance of any investment instrument.