PiScan's latest data shows that the core team of Pi Network holds a significant portion of the total supply of Pi Coin (PI), raising questions about the decentralization of the project. Reports indicate that the core team controls approximately 62.8 billion PI, distributed across six wallets, with about 10,000 wallets not associated with the team holding 20 billion PI. In total, there are 82.8 billion PI in the network, which constitutes a large part of the fixed supply of 100 billion PI. Although this concentration may have been necessary in the early stages of network development, it has also raised significant concerns about the future decentralization of the project. Limited PI distribution could affect the resilience of the network and the community's trust in its decentralized nature. In addition to token distribution, Pi Network's infrastructure also faces challenges regarding centralization. Reports indicate that the network operates a limited number of nodes and validation mechanisms. The Pi core team operates three validation nodes, validator1, validator2, and validator3, a structure similar to that of the Stellar Development Foundation, which has nodes like SDF1, SDF2, and SDF3. To better understand, Layer 1 networks like Bitcoin (BTC) and Ethereum (ETH) pride themselves on having many more nodes, enhancing their decentralization and security. Bitcoin operates over 21,000 nodes, while Ethereum has over 6,600 nodes. The limited number of nodes and validators in PI means that control of the network is concentrated in the hands of a few entities, making it more centralized than its established peers. Integrating AI into KYC and privacy issues In the 2025 privacy policy update, Pi Network introduced artificial intelligence (AI) into its Know Your Customer (KYC) process to enhance efficiency and security. The updated policy states: We use ChatGPT as a reliable AI partner to automatically verify identities and enhance security measures. By using our KYC services, users agree to the use of ChatGPT and other AI providers that may be deployed in the future as part of our KYC process. Although AI can streamline the identity verification process and reduce manual errors, it also raises concerns about data privacy and potential misuse of personal information. The community continues to emphasize the technical difficulties during the mainnet migration process, with many expressing disappointment over the slow and complicated transfer of their funds to the mainnet. Despite the extended KYC and migration deadlines, some users still report issues, leading to dissatisfaction within the community. Additionally, the extended lock-up period and restrictions on immediate access to tokens have led some users to consider selling their accounts. This dissatisfaction has contributed to a decline in the visibility of Pi Network since the mainnet launch on February 20. To address these challenges, Pi Network has repeatedly extended the deadlines for KYC verification and mainnet migration, with the latest extension set to end at 8:00 AM UTC on March 14, 2025. This extension aims to provide users with additional time to complete the verification and migration processes, ensuring the integrity and fairness of the ecosystem. In the past 24 hours, the original token of Pi has risen by 19.71%, with the current trading price at $1.62. This represents a 45.66% increase from its historical high of $2.98.
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