Now a days a question is around every where about that PI Network is a scam providing no value to users?!!
Could anyone or founder may get benifit from the PI Network in a significant way! Thats is a real question.
Pioneers are putting efforts and get value in the app without tangible benefits (just it appear on as a numbers).
According to this app- its cannot use any bill of utility or app based service but it can play a role like messaging each other. Everyone getting delighted about that some day it will be turn into a real value by converting the virtual value.
The app works trend to be more selling or affiliate marketing program or system, announcements for future rewards which leads users more engaging for bringing in new users. So, users try to ensure extra and additional time and effort to attract new users. Something find common in similar to Multi Level Marketing. As it provides increased potential benefits to early users (i.e. earlier users mine at an increased rate), however affiliate or direct selling are possibly better analogies.
In the regards of most pioneer, PI Network can not be a scam because users do not invest any money here. But Users’ time and data are valuable to those users and they are spending these on the app. We can see the analysis of the app’s privacy policy, its data collections, permissions and the 3rd party software included in the app.
The main quesyion is that app creates limited value. Pioneer create no value by itself except for providing their basic and vital information like name, date of birth, mobile number, emails address, Facebook address, passport information to the mobile app, this can managing viewing ads or messaging other users from the two or more chatting group. Anyone can ensure about that the value of these such a kind of activities is unlikely to generate significant wealth for the large user base!
The owners or founders are already benefitting from the app. How- They launched several and optional video ads at launch to monetize the active user base. The app also has a KYC process of collecting passport information, but it will be done by third party apps name yoti. If you are having a verified audience for Pi Network through a KYC process would increase business portfolio or advertising revenues. Its not the against ad funded businesses, we are all also including such a business.
How does Pi Network work?
It is an app where users open the app and itsl very simple to login, just open the app and click the power icon after every 24hrs and every day- simply click a button to get digital currency. Most of the have no actual feature to monitor proof of work except some condition but there is no proof of work being performed, they just login and click a button. This currency is not traded yet so currently holds no value.
As i early mentioned that mining level or earning per hour will be up by inviting more users and add them to your security circle to the platform. This allows all pioneer to gain more digital currency per day. This is a common model in Pyramid Schemes and Multi level marketing!
Another question is could Pi Networks’ currency be valuable in the future? Ans will be- sure it is. As lots of project done an evidence based analysis here and there are also evidence that show that PI Networks is at least attempting to build something of value to its pioneer in near future.
Its mentionable that the Pi team have published a proper level and enriched whitepaper and draw outlining their ambitions and expection from the crypto market and its user based, but without clarify and providing technical details on how their Pi Stack would work. Its clearly visibile that Pi try to build apps on PI network to benefit from PI network users' or pioneer attention. It seems like Pi network companies installed software on user devices and acted as middleman between users and advertisers without generating substantial benefit to either party.
They are working towards building a developer community to build apps on their platform which can add value to the platform. Given the value of developer time and the current test status of the Pi Network, it will be challenging for them to get attractive 3rd party apps built on the platform. However, they are clearly trying it by running a hackathon and releasing a Software Development Kit (SDK) for 3rd party applications to initiate Pi coin transactions.
They claim to have run a pilot in 2020 for people to exchange goods and services using Pi. Instead of running pilots, they could have listed their coin on an exchange as it has been done by companies like electroneum. Pi users claim that Pi team’s approach of forking the open source Stellar blockchain to build their implementation requires significant effort due to various reasons and that this is the reason for the delay. It will not know until appear or launch the mainnet and the criteria for launching the mainnet remains vague in the whitepaper. Mainnet will be launched once the community feels that it is the time and sufficient testing has been completed.
According to their Linkedin page, they have 70 employees as of 2021.
It could be the next version of the app or the blockchain network, that is hard to verify from outside the company. What we can see are they have launched a test version of their blockchain
users claim that they have shared some of their code on github.
Pi Network has had significant growth. It have ±250k reviews and a good rating on Google Play Store. However, models similar to MLM tend to generate fast growth.
Could Pi Network make you rich?
Unlikely. For us, the question is why they don’t already launch the blockchain and the exchange. These are trivial engineering tasks. Its have two theories:
It may be waiting for the pioneer or user base to reach enough scale, so it can represent and generate value for advertisers. It also found that large advertisers will show ads in a network where users login to make money by seeing ads. The concept isn’t new. Such websites existed since the early days of internet. However, none of them reached mass adoption. This is because it is more valuable for advertisers to advertise in websites which are used since they provide some value to users.
Is there any free apps that pay users?
Yes, the Brave browser replaces ads on websites with its own ads and shares the value with its users. There are also other free-to-use apps which provide virtual currency. It could be turned into both towards for scaming or real crypto currency but till have to wait to lunching mainet of Pi network.
StormX is one of type of app based like mining every 30 or 10 minutes get a simple math and watching a addvertise and addition to your wallet a few stormX coin, which is transferred to your btc or eth wallet and its about four years ago story. Pi network also have wallet with its browser but only test Pi coin and ther is no sign about add other wallet address added option.
However its now like 50-50 and left over for you to decide that is Pi network is a scam or something value for it pioneers'.
Finally, in spite lof those drawback, you may join and continue with Pi Network with the using my referral code 'sharifmx' and you know a referral code is must for joining with this network. Let's left for future and waiting for what come up next.
(all the images source from Internet)