Explain what Pi coin is, is it a myth of easy money or have you not figured it out yet?

Since last year, major mainstream social media platforms have been filled with mentions of Pi Network, Pi coin, mobile mining for free, claiming to be the next "Bitcoin" emerging project. What reasons have led to the mining craze surrounding Pi Network and why are users willing to passionately promote it?

Is Pi Coin the Next Bitcoin? A Myth of "Leeks"?

The Pi Network is a project that allows users to mine for free through a mobile app. It emphasizes being "energy-free," "does not consume data traffic," and by clicking once a day, users can automatically earn 0.2 Pi coins per hour for the next 24 hours.

This cannot be considered a scam as it does not require users to deposit any money. After more than a year of development, users cannot transfer or trade among each other. Assuming the project collapses at its current scale, the only thing users would have lost is time.

And this is precisely what makes Pi Network so appealing. With almost zero cost of trial for users, why not give it a try when it's free, just a daily click on the phone? In the cryptocurrency market where anything can happen, if Pi Coin is the one in a million that could multiply your investment, wouldn't it be a pity to miss out?

For this reason, the zero-cost free mining model of Pi Coin aptly reflects the desire of most people to make a fortune without wanting to invest much. Investors often buy and hold certain assets, believing in their long-term value and applications. This phenomenon is particularly common in the blockchain and cryptocurrency market. Besides the reasons mentioned above, Pi Network users are also crazy about promoting Pi Coin because they can earn additional rewards through referrals.

The Pi Coin mining reward structure is divided into four categories:

• Pioneer: The most basic daily "check-in" on the app, earning 0.2 Pi coins per hour.
• Contributor: Unlocked after mining consecutively for three days, users can start inviting others to join, building a secure circle of up to 5 people, with each additional person increasing the reward by 20%, meaning 0.4 Pi coins per hour with 5 people.
• Ambassador: Simply put, when A invites B, both receive increased mining rewards. However, when B invites C, both B and C benefit, but not A. This mechanism has no limit on the number of participants, which is the main reason for Pi Coin's widespread promotion.
• Node: Applying to be a verification node. According to co-founder Nicolas Kokkalis, the number of applications for the test network has exceeded 100,000 people, and the first batch of nodes will be selected by the end of the month.

The whitepaper of Pi Coin does not mention a limit on the total issuance, and there are already many speculations online about its final circulation and token value. Co-founder Nicolas Kokkalis stated on Twitter that if the basic users (Pioneers) reach ten million, mining rewards will be halved. He claimed on March 24th that the basic users had already reached 5 million.

The Uncertain Future of Pi Network

Given the current scale of Pi Network, besides the whitepaper, it is hard to judge its technical aspects. However, the three co-founders have impressive backgrounds:

• Product Manager Dr. Chengdiao Fan (Ph.D. in Anthropology from Stanford University)
• Technical Lead Nicolas Kokkalis (Ph.D. in Computer Science from Stanford University, blockchain lecturer at Stanford)
• Community Manager Vincent McPhillip (Yale and Stanford University alumnus, member of the Stanford Blockchain Research Center)

Verified by enthusiastic users on the mainstream U.S. forum Reddit, the backgrounds of the three founders are indeed authentic. Furthermore, the unexpectedly high community cohesion is evident, with 30 Chinese Pi Coin communities, 132 global local communities, and 184 alliance groups. The number of users has exceeded one million in just eight months since its launch.

Currently, there are many other websites that focus on "free mining." The success of Pi Network's model, apart from gaining favor from various key opinion leaders and community leaders worldwide, lies in the advantage of being available on the iOS and Android app stores, and registration is possible via Facebook or phone number.

As of now, the future of Pi Network is uncertain. Not being listed on an exchange on March 14 was a significant blow as rumored, but according to the co-founders, with the upcoming launch of test nodes, it seems there may be more significant positive news to be announced. The views of investors on Pi Network can only be described as steadfast believers.