After the exorbitant price increase of Bitcoin, Pi Network has also become an extremely hot virtual currency that is being interested by many users and heavily advertised on virtual currency groups. So, what is Pi Network virtual currency, how does it work, is it a scam? This article will answer these questions in detail.
1. What is Pi Network?
On the Pi Network homepage, Pi is featured as a dedicated mobile cryptocurrency that can be mined offline easily, for free, and with no energy.
2. How Pi Network Works
Pi Network is an ecosystem consisting of only one mobile application used to mine Pi every 24 hours and no other functions.
February 2021, new joiners can get 0.1 Pi per hour. The number of Pi "mined" will be halved if the user of Pi increases tenfold. In addition, you can increase the amount of Pi mined by referring more users (Affiliate model).
3. Pi Network's questionable points
At first glance, the Pi Network model seems to be a "golden egg" for those who like to be idle. However, it also exists many ambiguities that make users question the authenticity of this virtual currency:
3.1. Lack of transparency
The project has earned a reputation for its strong emphasis on the qualifications of its founders, however, the project itself does not provide the source code publicly. On the other hand, the user has an account to mine Pi, but no wallet address and secret key. Thus, the money is only saved on the phone or a centralized server, not sure about the ability to transfer or spend money, the administrator can also change the value and create as much money as you want.
3.2. User data collection
Pi Network requires completing the KYC (Know Your Customer) process – verifying customer information to avoid fraud, which means collecting your data.
In addition to personal information, Pi also requests a series of permissions from device ID, contacts, call information, memory, view network connections, run on startup, block other applications. This allows Pi to easily read your bank code messages, steal passwords, etc.
This is one of the questionable points when Pi goes against the security and privacy criteria of Blockchain technology.
3.3. Doesn't bring any value
Apart from taking attendance to get Pi every 24 hours, you have nothing else to do on this app. The action itself and the current Pi Network platform has not brought much benefit to the community other than a virtual currency with the belief that it has value in users and a large number of people accessing the application with a huge cost. personal information to the developer.
3.4. Pi Network is running ads for profit
Many Pi Network users have discovered that this app continuously sends unusual data packets to third parties, “socialchain.app” and “rayjump.com”.
The more people invited in, the more users see the ad. The massive amount of participants on the app is currently enough to provide developers with a substantial income. And actually you are only being "gifted" by the system to Pi through the time you have spent on Pi Network.
4. Is Pi Network a scam?
Although there are many questions raised about Pi Network, in fact, this project does not call for investment, so it is difficult to consider this as a scam project. However, according to VNExpress, in the face of ambiguity about the information provided by the developer, many experts are concerned that this crypto-covered project is being used for the purpose of exploiting user information.
Besides warnings about data hacking and exploiting it for malicious purposes, you can also get malicious code because you have granted permission to the application to affect some content on mobile devices. And if you don't care about personal data or accept to spend time using Pi, chances are this coin will be worth nothing in the future if the supplier decides to mass production (due to closed source, no wallet addresses and private keys, which means the producer can release as many coins as he wants).
The identity of the founders is also a big question mark for this virtual currency application.
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