Pi Network continues to be controversial due to lack of transparency about the Blockchain and limited information about the founding team. The "fanaticism" of the community also contributes to the project becoming a subject of controversy in the cryptocurrency community.
Launched on 14/3/2019 by Nicolas Kokkalis, Chengdiao Fan and Vince McPhillip (the latter has left the project due to disagreement), Pi Network quickly attracted users by promising to "mine" cryptocurrency on mobile phones. After the testnet phase in 2020, the project moved to a "closed mainnet" in December 2021, allowing internal Pi transactions.
By 2025, Pi Network has over 100 million users, exceeding 10 million mainnet transactions and 19 million KYC-verified accounts. However, independent data shows only about 6-10 million active wallets.
Unlike traditional cryptocurrencies like Bit, Pi Network applies the Federated Byzantine Agreement (FBA) consensus mechanism of Stellar, based on "trust" between network nodes instead of complete independence.
While Bit is mined by solving computer problems, Pi is "mined" by logging in daily and clicking a button. Many experts believe this only creates a "mining illusion" rather than actually contributing to network security.
Furthermore, after 6 years, the project has not yet integrated smart contracts, although Stellar has supported them since version 20.
Pi Network requires users to complete KYC by providing a selfie video and compliance documents. This verification is entrusted to regional validators, raising the risk of personal information leakage and identity theft. There are reports of 10,000 Vietnamese citizen ID cards being leaked.
Pi Network attracts a large loyal community, but is also said to be a "cult". Criticism of the project is often criticized and attacked by this community.
Some groups even propose a "consensus price" (GCV) of $314.159 per Pi, despite lack of real basis. With a max supply of 100 Billion Pi, if the price reaches hundreds of dollars, the market capitalization would be astronomical.
According to some experts, this is an "unrealistic" number, as the max supply is 100 Billion Pi. Meanwhile, the initial supply was estimated at around 6 Billion Pi to be released to the market after the mainnet. As of January, the circulating supply reached 5.56 Billion tokens.
Alongside the controversies, Pi Network has some bright spots worth noting. First, the project has helped make cryptocurrency more accessible to the public. Unlike Bit or ETH, which require specialized equipment and consume a lot of resources to mine, Pi Network allows users to "mine" directly on their phones, reducing the barrier to entry into the cryptocurrency market.
Additionally, the Pi Network community has grown strongly with tens of millions of users globally, creating a potential ecosystem. This cohesion could be an important foundation for future applications and utilities if the Pi Network ecosystem is developed in the right direction. Compared to the rampant memecoins issued by celebrities or their pets as seen today, Pi deserves a higher standing in the crypto community, as the 6-year period of observation and waiting is not short at all.
Despite the many controversies, the project is also gradually improving, with mainnet plans and technology upgrades. If the development team implements the roadmap correctly and is more transparent in the next steps, Pi Network could very well become a notable cryptocurrency platform in the Blockchain ecosystem.
Pi Network has gained a huge user base thanks to its unique approach. However, questions about transparency, decentralization, and the real impact of the Blockchain are still raising many questions.
Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
Join Telegram: https://t.me/tapchibitcoinvn
Twitter (X): https://twitter.com/tapchibtc_io
Tiktok: https://www.tiktok.com/@tapchibitcoin
Youtube: https://www.youtube.com/@tapchibitcoinvn
Ông Giáo
