Recently, Pi Network has become a hot topic of conversation among the public. For those who are not familiar with the concept, here is a brief explanation.
Pi Network is a cryptocurrency project that allows mobile users to carry out the process of mining Pi coins without consuming too much battery power. The idea behind the Pi Network is to provide users with an opportunity to earn Pi coins in a more user-friendly way compared to other cryptocurrencies that require powerful, specialized hardware.
However, it is important to note that there are many different opinions about the Pi Network, and much of the controversy arose over claims that the project was a form of fraud. Some people doubt the legitimacy of this project and consider it a Ponzi scheme. It’s important to be smart and careful when getting involved in any cryptocurrency project.
In addition, there is a significant difference between Pi Network’s claim to be a “cryptocurrency” and the status of cryptocurrencies in Indonesia. In Indonesia, cryptocurrencies are considered digital assets, not official currency. Therefore, there are different views that need to be understood by cryptocurrency users in Indonesia regarding the status and regulation of domestic cryptocurrencies.
What is Pi Network?
Pi Network is an innovation that offers a cryptocurrency mining concept like Bitcoin but with a more accessible approach. However, don’t think that access to this network is simply free. The Pi Network project was born from the creativity of three main thinkers, namely Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, and Vincent McPhillips, who have a vision to make it easier to mine coin assets on your smartphone.
For those who want to get involved, the first step is to receive an affiliate code from a previous miner. This is what will start your journey to become a pioneer-level miner in the Pi Network world. Pi Coin, which is the main cryptocurrency asset in the Pi network, rewards your efforts. Not only that, Pi Coin also has real-world value, as it can be used to shop at Pi Chan Mall, an e-commerce marketplace developed by the Pi network.
However, keep in mind that Pi Network is still in the closed mainnet phase and has no ties to any company. This creates high expectations as well as uncertainty in the community. Regardless, the Pi Network is an interesting experiment in the world of cryptocurrency that promises the potential to change the way we view crypto mining using the devices we have every day.
How Does the Pi Network Work?
The way Pi Network works is different from mining Bitcoin assets. In the Pi Network, everyone who wants to mine must establish security circles of at most five members.
These members have ensured they do not commit fraud or other crimes.
After that, security circles can determine which members make transactions.
With the concept of combining a social approach without tariffs to keep the Pi Network ecosystem safe.
In addition, members of the Pi Network’s security circles get a higher mining rate than new members.
Pi Network Roadmap
The legality of Pi Network is not listed on exchanges during the current phase, and it is impossible to buy Pi Network with other crypto assets.
The Pi Network development roadmap lasts for three phases as follows:
1. Design, distribution, trust graph bootstrap
This first phase started on March 14, 2019. During the upgrade phase, the user experience was relatively easy to create compared to the stable phase of the leading network.
Mining of all coins for users will be funneled to the network after launch.
In other words, livenet will pre-mint in blocking all user account balances generated during the first phase. Then, continue to operate like the current system but completely decentralized.
Until now, Pi Network Indonesia is still illegal and unregistered. So you have to keep DYOR before trying it.
2. Testnet
Before launching the leading network. Node software used during network test.
The network test will use the same trusted chart as the main mesh, but Pi Coin is still in the testing phase.
Pi’s permanent members will host some Node software on the test net but will encourage more pioneers to start their Nodes on the testnet.
The first phase runs network tests in parallel with the Pi emulator.
Then, periodically it will be compared to catch errors from the test net, allowing Mining Pi to propose and run fixes.
The best time for the pi network to be unfrozen is after running concurrently.
The tester will reach a point where the results are highly consistent with the emulators.
Then when the community feels ready, the Pi will roll out to the next phase.
3. Mainnet
When the community feels the Node software is production ready, it is thoroughly tested on the testnet, the official mainnet of the Pi network to be launched.
An important detail is that in the transition to the mainnet, only accounts already validated to be privately owned will be classified differently.
After this point, the network emulator and the Pi from the first phase will shut down, and the system will continue unassisted forever.
The Pi community will contribute to future updates, and the committee will propose the Pi team.
If you ask if the Pi Network makes money, the answer is that there is no central authority that can control crypto assets, and it will be completely decentralized.
Fake user balances or duplicate users will be weeded out. This is the phase stage when Pi can be linked to exchange with other crypto assets.
In addition, the Pi Network also aims to achieve deconcentration, usability, stability, and sustainability, in addition to growth, inclusion, and security. These goals can only be achieved if all the pioneers in the network work together. Therefore, the new Pi mining mechanism is designed to achieve this goal by incentivizing all Pioneers to contribute diversely to the network based on the same principles of meritocracy.
The importance of cooperation in achieving deconcentration and stability in this network cannot be ignored. In this way, Pi Network encourages users to play an active role in various aspects of the network, ensuring sustainability and continued growth. The principle of meritocracy implemented in the Pi Network mining mechanism ensures that rewards are given to those who contribute significantly, creating fair incentives for the entire Pi community. In this way, Pi Network aims to create a strong and inclusive ecosystem for Pi Coin owners, with the hope of becoming an important part of the future of the increasingly digital economy.
Is Pi Network safe to use?
For those who are wondering whether the Pi Network is safe to use, the answer is you have to be vigilant. Because by being careful, you can avoid the risk of loss.
In Indonesia, the Pi Network still needs to be officially registered or can be considered illegal.
The Ministry of Trade of the Republic of Indonesia has confirmed that a Pi Network is a crypto asset that does not have a license to operate in Indonesia.
Advantages of the Pi Network
Although Pi Network does not yet have official licenses in Indonesia, Pi Network has the following advantages:
1. Decentralized
Decentralized, which means that the Pi Network has digital money that is very secure, cannot be changed in anything, cannot be imitated or counterfeited, and can be operated.
2. User-friendly
Pi Network has a user-friendly system. Because the Pi Network is easy to use and accessible only with a smartphone.
Nowadays, everything has to be user-friendly because humans always look for the easy in their lives.
3. Mobile first
For those who don’t know, the Pi Network can also be accessed using a smartphone and provides security.
In addition, the Pi network will be easy to use on a large scale without high wastage of electricity.
Conclusion
Pi Network claims to be a cryptocurrency or crypto asset. This is very contrary to the status of crypto in Indonesia, which is only limited to assets, not as currency.
To mine Pi Coin, you must receive an affiliate code from a previous miner.
After that, you will become a pioneer-level miner. Pi Coin is the original crypto asset on the Pi Network.
In Indonesia, the Pi Network still needs to be officially registered or can be considered illegal.
The Ministry of Trade of the Republic of Indonesia has confirmed that the Pi Network is a crypto asset that does not have a license to operate in Indonesia.
The Pi Network has advantages such as being decentralized, user-friendly, and mobile-first.
For those who want to try the Pi Network, you have to be careful because it’s still illegal, and make sure you don’t lose when you invest.
