Department head Le Xuan Minh expressed concerns that the Pi Network model is “exceedingly complex and unmanaged recently.” He added that “There is no other business activity that can generate such high levels of income online,” according to local media.
He also warned that cryptocurrency promoters have lured people into “business models resembling multi-marketing models.”
According to VN Express, the crypto network lacks the necessary level of transparency for a blockchain project. Furthermore, it may be “utilized for nefarious purposes like fraud or data collection.”
The Pi Network launched in March 2019 and grew in popularity in Vietnam and India during the 2021 bull market. This is because PI tokens can be ‘mined’ on a mobile phone, negating the costs of buying expensive crypto-mining hardware.
However, the network doesn’t appear to have any purpose other than acting as a medium of exchange for PI tokens.
Nevertheless, co-founder Dr. Nicolas Kokkalis is a Stanford Ph.D. and instructor of Stanford’s first decentralized applications class. Stanford professor Dr. Chengdiao Fan, the other co-founder, has a Ph.D. in Anthropological Sciences.
For most people, especially those unfamiliar with cryptocurrency or blockchain, the Pi Network sounds like a great way to potentially earn some extra money. All you have to do is click a button every day and earn yourself some free tokens.
Many see this as a way to ‘get in on the ground floor,’ similar to getting Bitcoin back in the early years. But this will likely never be the case. As the adage goes, ‘If you aren’t paying for the product, you are the product.’
At the end of 2022, Pi Network proponents rejoiced at the news that Huobi listed PI, and the price quickly rose to $230. This, however, turned out to be a farce, and the Pi Network team had to clarify that this was an unauthorized listing.
As Pi Network continues to evolve and mature, the expectations of its users have grown in tandem. From the launch of the mainnet to enhanced security measures, increased scalability, improved accessibility, and community empowerment, Pi Network users have high hopes for 2023. Meeting these expectations will be crucial in establishing Pi Network as a leading cryptocurrency platform, attracting new users, and fostering long-term engagement within the network. Ultimately, the fulfillment of these expectations will determine the success and impact of Pi Network in the broader landscape of decentralized finance. – source: newsway.com.ng
