I came across the Pi Network and the claim is that you can "mine Pi from your phone." I'm a newbie and thought I'd take a deep dive into looking up articles about Pi and trying to figure out exactly what it is, how it works, and if it is for real. The goal here is not to lead you one way or the other, but rather, just provide information on what I have learned.
The first thing I saw was that Pi claims that you are mining crypto (Pi) from your phone. Now, I've read a lot about mining crypto and all of the power and resources it takes. Mining this from your phone is either too good to be true or cutting edge. In the frequently asked questions of the app, they state that "Pi secures its LEDGER when member vouch for each other as trustworthy. This novel approach allows crypto mining on your phone by leveraging your existing social connections, with no financial cost, no battery drain and a light footprint on the planet." You don't even have to have the app open to "mine Pi." I'd highly encourage you to check out their white paper to learn more of the details before you decide to jump into it.
Something I found odd is that the third FAQ on their app asks "Is this real? Is Pi a scam?" Obviously they've had enough questions about this that it is one of the first things you see on the FAQ page. They cite that it is not a scam and it's a genuine effort that was put together by a team of Stanford graduates to "give everyday people greater access to cryptocurrency." Now, you currently can't do anything with this crypto and they even admit that it is not guaranteed to succeed, but the founders have their name on it under the "Core Team" section of the app and by all accounts, they seem very committed. I've posted a link to their bios in the resources. Dr. Nicolas Kokkalis has credited in several publications.
After downloading the app, you start earning Pi as a "Pioneer." I'm not sure if that is just a play on the word "Pi?" You know... "Pi"-oneer? Anyway, after you complete three earning sessions, which essentially means you just restart the mining process at, I think, the 24 hour mark, you become a "Contributor." If you invite people to be Pioneers, you become an "Ambassador" and earn 25% of their mining. The whole recruiting other people feels like a pyramid scheme. But, one has to ask, to what end? To get more users? There are no advertisements on the app, so it doesn't seem to be about building followers to earn ad revenue. There is no financial ask of anything or payments that need made or anything along those lines. I really can't find anything that points to anyone getting anything of benefit out of this right now. I'm not sure why the founders made this feel like a pyramid scheme, but right now I can only surmise that they need a volume of people to get interested in this and what better way to do that than to dangle the carrot of earning more Pi if you recruit others.
The FAQ page also cites that the Pi Network is building a "peer-to-peer" marketplace. I've not found anything about their experimentation with transferring Pi to buy goods and services. That was supposed to happen at the end of 2019 and it appears the FAQ page hasn't been updated. A quick look on their Facebook page gives more updated information. It was through there that I learned that Pi will operate in testnet until the end of 2021, after which it will launch on mainnet. This means that by the end of this year, the blockchain protocol should be ready to roll.
Should you get in on the Pi Network? Personally, I see no harm in jumping in. The only downside seems to be that if it doesn't work out, you've downloaded an app on your phone and wasted time pioneering. The upside? Maybe it is something and it becomes a popular cryptocurrency. Either way, I highly recommend you follow them on Facebook and do your own research. Facebook seems to be their primary way to communicate. And please, comment below with your own information about the Pi Network. Even though I've stepped into it already, I would like to learn more.
Finally, since you do have to be invited to mine Pi, feel free to click here to get started after you've researched it. You do have to be invited so consider this me inviting you. We will either waste time together or maybe be part of the start of Pi. Time will tell.
