With 33 million users, Pi Network is still almost worthless

On March 14, Pi Network celebrated its 3rd anniversary and made many important announcements. As announced by Pi Network, the Pi user community has grown to 33 million people, with more than 10,000 active testnet nodes.

Pi Network has launched a number of features including Pi KYC (electronic authentication), Brainstorm, Pi Browser, Pi Wallet, Pi SDK (a tool that allows developers to integrate apps into the Pi ecosystem. ) and Pi Blockexplorer. However, what users are most concerned about is that the Pi network has not been officially launched yet.

The event to celebrate Pi Day (Pi day – March 14) was organized by the Vietnamese “Pi prime” community.

At the announcement late last year, the Pi Network development team said it had launched the official network (mainnet). The launch is divided into two phases: closed network and open network.

In which, the closed network (Enclosed Network) is the internal transactions of Pi miners with each other. They can transfer Pi peer-to-peer between user wallets in the network. Once the open mainnet is deployed, users can connect to wallets as well as other Blockchain networks.

Pi Network also said that the development team’s intention is to launch the open network on Pi Day (Pi day – March 14, 2022) or later. This depends on the maturity of the economy in the network and the KYC progress of the users.

The fact is that Pi Network’s closed network started working on December 28, 2021. Launching this process allows multiple Pi users to authenticate electronically. As explained, Pi Network’s closed network operation phase is a period of time to test and collect data before launching the open network in the future.

Even so, as Pi day has passed for some time, the open network of Pi Network has not been able to launch. This also means, Pi Network is just a closed network, lacking connection with other platforms.

Despite having 33 million users, Pi Network is still almost worthless. (Photo: Trong Dat)

The Pi Network project was first announced in 2018. The development team of this “virtual currency” was introduced with 3 main faces including Dr. Nicolas Kokkalis – technical leader, Dr. Chengdiao Fan – owner. products and Vincent McPhillip – community leader Pi Network.

In it, Nicolas Kokkalis is considered as the “soul” of Pi Network. He is a Greek professor teaching at Stanford University (USA), majoring in blockchain technology and computer science.

Advertised as a free “miner” that could replace Bitcoin in the future, Pi Network has attracted a large number of users not only in Vietnam but also in many countries around the world.

Pi is also a controversial project because many domestic experts have questioned the level of transparency and security of Pi Network. However, many Pi Network user communities in Vietnam still live regularly and have faith in Pi, despite warnings about this “virtual currency”.

The number of visitors to Pi Network’s website has dropped sharply in the past 3 months. (Data: Similarweb)

After 3 years since its launch, Pi Network is still almost worthless. Pi has not appeared on any cryptocurrency exchanges and cannot be used to exchange goods and products.

In the latest statement, the Pi Network development team said that it is accelerating the KYC process of the Pi community, transferring user balances to the mainnet, developing the Pi ecosystem, and moving to the open mainnet.

However, the slow implementation of Pi Network has caused some Pi “miners” to start losing patience. That is clearly reflected when the number of visitors to “minepi.com” – Pi Network’s main website tended to decrease in the past 3 months.

Similarweb’s statistics show that the number of visits to the website “minepi.com” has decreased from 5.8 million in December 2021 to 4.1 million in January of this year and 3.3 million in May. prior to. Thus, the Pi community itself has begun to show signs of declining trust in this “virtual currency”.

Trong Dat