In recent days, you may have been invited by your friends to register and work on a project called Pi Network on your social networks and messengers; A project with attractive promises that these days, in addition to the digital currency community, has also involved ordinary people, especially in Iran. But what is a network pie project and what is its purpose? How reliable is this project? Will participation in this project be beneficial? Follow the digital currency to get the answers to these questions. In this article, we prove the claim that the network is a scam project.
What is a network pie and what is its purpose?
To find out how the Pie Network project has introduced itself, we refer to its official website.
On the first page of the site, a big lie is engraved and the foot of the network is introduced as follows: The first digital currency you can extract with your phone.
Theoretically, on paper, any hardware with processing power can be used to mine all digital currencies, even bitcoins. If you specialize in software and hardware, you can even extract bitcoins and Ethereum with your mobile phone. Of course, mobile mining is not profitable at all, but just know that on paper, all digital currencies can be extracted with a mobile phone.
Also, experienced people in this field, probably with digital currency Electron They are familiar. Electronium and several other projects have long proposed the idea of mobile mining. So, this claim is nothing more than a fake website.
A closer look at this site reveals that the purpose of the pie is to make the extraction process easier. Pie Network considers mining to be a difficult task that wastes a lot of energy and aims to facilitate this process.
But the point is, easy mining can’t be the goal. Even the whole mining process is not a goal, but a means to secure a network that has other goals. For example, Bitcoin aims to provide a way for peer-to-peer and decentralized payments where there is no need for double spending. Ethereum aims to provide smart contracts on a decentralized platform. Iota’s goal is to work in the field of Internet of Things. But what is the ultimate goal of the foot?
Anyone who has ever looked at the white paper of large Blockchain projects will notice that it is unprofessional and its advertising aspect. To check White Paper Pie NetworkYou do not need to have technical knowledge about this. Just flip through it and whitewash projects like Cardano compare. With a quick glance, one can see the difference between a good project and a clumsy scam.
It is generalized in white paper
One of the general rules for detecting invalid projects and scams in the field of digital currencies is that the project owners do not talk about technical details. A good project is one in which all the conceptual and technical details are well explained.
In WhitePaper, attempts have been made to liken the foot to bitcoin, while the authors of the article do not have the slightest information about the technical details of bitcoin. They seem more interested in comparing themselves to Bitcoin than to the details of their project. In this white paper, the name of Bitcoin has been mentioned more than 70 times.
A clear example of generalization in this article is the “Roadmap” section. The roadmap briefly states that the project consists of three parts: design, testing, and final implementation. The question is, is there a project that does not have these three stages? All projects generally go through these three stages. It is the details that make the roadmap of each project different from the other. It must be specified in detail on what date the project will progress. For example, in the image below you can see the roadmap of “TON”, the open network of the Blockchaink of Telegram.
There is no source code
All the reputable projects have dedicated a section to the developers on their official website and provide the necessary instructions for their activities, but in this project, which aims at nothing but attracting the audience, no section has been allocated to the developers. All valid Blockchain projects are completely open source, or at least in some open source sections. But it is not clear on which code or Blockchaink the network leg is implemented. There is no information about Blockchaink Code in White Paper and no link to access the code. We know that all reputable projects in the field of digital currency register their blockchain code or smart contract on the GatHub site. But Pie Network has not registered its blockchain code anywhere, of course, if there is a code.
The structure of the white paper is awkward
Graduates know the structure of an academic paper. This white paper bears no resemblance to a mediocre article and is more like a blog post. For example, the article ends with a roadmap. As we know, every valid article ends with a summary section and finally a citation of the sources. White Paper Pie Network is like a 100-page book that ends on page 37!
The technical explanation is incomprehensible and wrong
In a part of WhitePaper, there is talk about the supply of this coin (or token!). In the following, we will examine this case.
The final supply of this token is obtained from a total of three numbers M, R and D. R is the reward for referrals (invitations to others), which is itself a percentage of M. D is also the developers’ bonus, which is a percentage of the sum of M and R. So to calculate R and D we must first have M. In this article, a formula for calculating M is given:
M = ∫f (p) dx
In this regard, P is the number of people involved in the mining process. f also represents a function whose variable is P. The first problem with the formula is that there is no information about the function f and we do not know what the integral is supposed to be derived from. The second problem is that the function variable is different from the integral variable. Of course, this does not pose a problem in the integration process, but the integral response will be a bivariate function of x and p. We do not know the upper and lower boundaries of either! In fact, instead of being a number, M is a bivariate function plus a fixed number that we know neither the boundaries of any of the variables nor the fixed number.
What do network fans say in defense of it?
If you have any doubts about this project, ask your friends who invite you to it, and they will make claims to prove the accuracy of the project. We will examine these claims below:
The developers of the project are from Stanford University
The developers of Pie Network are Nicolas Kokkalis, Chengdiao Fan and Vincent McPhillip.
Kokalis is a PhD student at Stanford University working in the field of blockchain and decentralization. By referring to His page is on the Stanford University website And His personal page on LinkedIn We noticed that none of these pages mentioned the name of the network.
No page for fan and McPhillip was found on the university website. These two have pages on LinkedIn, but these pages do not indicate that they are professional. The fan page on LinkedIn has only 66 links and no posts, favorites or even pictures have been published.
It has been downloaded more than 3 million times
Another claim of the fans of this project is that the software introduced by this team is in Google Play and has been downloaded more than 3 million times, which shows the credibility of the project.
First of all, we need to know that it has happened many times that Google mistakenly put malware in Google Play and then removed them. So this can not be a sign of the validity of a software.
Secondly, the large number of downloads of this software is due to receiving a reward with a link and invitation ID (referral). People who do not have the slightest information about it, start downloading software that may bring them windfall money months later. So do not be happy with this number!
The exam is free
Proponents of the project say that they do not need to invest to participate in the extraction of this currency, so even if the project goes nowhere, we will not lose.
Mining that is done through hardware but does not use any power or data is not mining. This software only shows you a number that increases over time, a number that has no value.
The claim that no financial capital is invested is true. But scams do not always happen financially. By participating in this project, you have given valuable time, personal information as well as your hardware to those who have no knowledge of them and their goals and do not know for what purposes they will use your phone and millions of other people.
The final word
As mentioned, there are many drawbacks to this project, only a part of which were mentioned in this article.
Also, as a general rule, when even grandmothers advertise a project and thus use a viral marketing plan for it, the project will not succeed.
So far no adviser has been introduced for the project, there is no explorer to track transactions in the Blockchaink (if there is a Blockchaink) and this coin or token has not been listed in any reputable sites. There is no mention of Quinn Market Cap, and even if the project enters sites like Quinn Market Cap in the future, there is no reason for it to be valid, as even coins entered in an anonymous exchange will be listed in Quinn Market Cap.
So do not fall for the empty promises of this project and do not fall into the trap of it, advise those around you not to spend their time on the scam project.
Keep in mind that increasing the number of people caught in fraudulent projects will cause the public and legislators to distrust digital currencies, and as a result, the acceptance of these currencies in society will be delayed. So the mission of the digital currency community is to make people aware of Panzi projects and scams.
Finally, here are some common questions about network pie and their answers:
Mining takes place in a number of digital currencies that are implemented on the Blockchain platform and use a consensus mechanism. The network foot has no fold blocks and no specific extraction mechanism. Making a real digital currency requires computing power and the Internet.
No! Pie does not have a clear identity as a digital currency. The number shown as an asset in the software is an invaluable number that does not represent your assets.
Pie is not listed in any reputable digital currency exchange and cannot be bought or sold.
Pie can not be traded in any domestic or foreign exchange and its value is zero.