Background
- The Pi Network, the controversial project in the world of cryptocurrencies, has faced new criticism from its community due to the recently released roadmap for migration to the mainnet.
- Despite the announcement of the step, the pioneers expressed their dissatisfaction due to the vagueness of the details and the lack of clear information about the migration process.
Reasons for frustration
1. Lack of key details:
- The number of pioneers still on the waiting list for migration has not been disclosed.
- The network did not clarify its daily capacity to process migrations, making it impossible for users to predict when their migration will occur.
2. Unclear criteria:
- The ambiguous criteria for "contract rewards" and "transferable balance" raised questions.
- The user interface shows estimates lower than the actual migrated amounts, increasing user doubts.
3. Absence of auditing or error correction mechanisms:
- The network has not provided any mechanism to address errors related to the mismatch of historical mining data, increasing user concerns about transparency.
4. Challenging the project's core narrative:
- Some pioneers questioned the basis on which the project operates, noting that their statement "all tokens were minted at formation" contradicts the idea of "mining" that has lasted for six years.
- One of the members wrote: "Was there even a blockchain? It seems the project lacks a real protocol."
Consequences and concerns
- These issues may exacerbate the already controversial situation of the project.
- Even prominent figures in the cryptocurrency world, such as Ben Zhou, CEO of Bybit, indicated that Pi Network might be more dangerous than meme coins.
Performance of the currency (PI)
- According to data #CoinGecko :
- The PI coin was trading at $0.6539 at the time of writing this report.
- A modest increase of 1.1% was recorded in the last 24 hours.
Summary
- Pi Network faces significant challenges due to the ambiguity of the roadmap and the lack of transparency, leading to frustration among the pioneers and undermining trust in the project.
- Criticism is increasing regarding the seriousness and legitimacy of the project, especially with doubts about the existence of a real blockchain.
- As the controversy continues, the future and credibility of Pi Network in the world of cryptocurrencies remains in question.
