Stories of Bitcoin making the rich out of the poor have acted as a catalyst for the birth of various cryptocurrencies that may finally fall into a mess. Global smash hit as it is, Pi is no exception.
Pi Network claims that traders can mine on their phones and praises itself for its simple operation compared to its counterparts in the industry. Only downloading Pi Network APP and clicking it once a day can provide you with a free chance for mining. According to the project, the worth of a Pi is US 100 dollars, and the Pi-related prices in the future will be the same as Bitcoin. The hash rate can be increased by inviting more friends to this project.
It can be said that the basic algorithm of Pi is relatively simplistic as it allows traders to mine on the phone, which means that it wont boast a well-designed algorithm as Bitcoin does. In addition, when cell phones can be a tool for mining without the consumption of their storage, both the costs of this operation and its market value must be low, according to researchers from the Chinese University of Hong Kong (CUHK).
What‘s more, the project of Pi Network hasn’t filed its official website in the U.S. for the record, and its open-source code cannot be found on GitHub, the facts testifying that it is not a decentralized exchange (DEX).
A professional in this industry noted that Pi Network has adopted a Ponzi scheme. It continuously hypes up a notion that investors can obtain profits in the short run by inducing beginners to pay. However, novices will suffer losses because of more participates and the shortage of capital inflow.
As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!
