What Is the Pi Network? Is Pi Coin a Scam?

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The cryptocurrency industry is no stranger to shady schemes and scams. With each new blockchain and coin launched, investors must consider the risk of being conned. As another project gains popularity, known as the Pi Network, suspicions are arising around its legitimacy.

Founded in 2019 by Stanford University students Nicolas Kokkalis and Chengdiao Fan, the Pi Network comes in the form of an app, a coin, and, controversially, a multi-level marketing (MLM) scheme.

On the official Pi Network website, the service is described as one which makes crypto mining easier by allowing you to mine on your smartphone. It is also claimed on the site that this can be done without taking a large toll on your battery.

If you’re familiar with crypto mining, then you’ll know that it usually requires expensive specialized equipment that eats up energy at an almost exorbitant rate. The sheer cost of crypto mining makes it a no-go for many individuals, but the Pi Network has attracted many because it allows smartphone mining.

You can mine crypto and monitor your metrics on the Pi Network app. This is a free app available for both Android and iOS devices. Let’s look at what this app offers to get a better idea of the Pi Network.

Content retrieved from: https://www.makeuseof.com/what-is-pi-network-is-pi-coin-scam/.

1 comment

  1. Be wary of any scheme that involves multi-level marketing. MLMs are notoriously bad business schemes that seem to almost always end badly for most participants who typically lose money.

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