Author: mstor
August 30, 2021
In this article, send a person to share some of the misconceptions that often occur with Pi Network. Around July 2020, Pi Network was first contacted by the dispatch. After consulting a lot of information and judging the situation, I officially began in October 2020. After in-depth understanding, the more in-depth, the more the school found the unique charm and potential value of Pi Network. Many people think Pi is bad or has no future at all, mainly because they don’t know enough about the blockchain and don’t get into it.
- Misconceptions caused by ignoring the definition of Pyramid Sale
This is by far the most common misconception we’ve heard in the community and when introducing new friends. Of course, this misconception is inevitable because Pi Network requires you to enter the invitation code of the referee to register. And the invitation code has been quoted as a registration method by many “pyramid fund disks”, which makes it difficult for new friends to disambiguate.
However, although Pi Network also uses an invitation code to refer to registration, it is not a traditional X. Invitation codes are just a binding relationship that rewards the evangelists with some arithmetic. In two other respects, first, Pi currently has no home network, so it can be said that it has no value, and the PI that is dug because of the recommendation has nothing to do with the bonus. Second, according to the definition of Chuan X, awards above three levels can be considered Chuan X, but the Pi network only has one generation of arithmetic awards. Therefore, it does not constitute or have the characteristics of x-transmission.
- Understanding the misunderstanding caused by “SCP (Stellar Consensus Protocol)”
Until today, when I talk to other people about Pi Network, I often hear this question. Why doesn’t Pi Network consume mobile resources? Why can I turn off the app or my mobile phone while I dig for a Pi?
In other words, some people think it’s a fraud because mining Pi’s doesn’t consume computer resources like bitcoins. For this reason, I have repeated my explanation many times, and today we will explain it briefly again. Pi’s consensus approach uses SCP, a new encrypted currency mining approach, which is the concept of “coin” rather than a direct user mining approach.
Many people don’t fully understand this explanation. After all, many people are new to the blockchain and first to encrypted currencies. You need to understand in detail how to obtain encrypted currency passes and the differences. For example, what is SCP, the difference between mining and coining?
But without managing the solution, it is important that Pi’s consensus approach to SCP is now proven viable, and that a simple “casting” approach is not only energy-efficient but also easy to access. This is a new way of obtaining passports in the encrypted currency industry and, ultimately, a consensus approach that may become ubiquitous in the next generation of blockchains.
- Understanding the listing of stock exchanges and the main network as the same misconceptions
Now, most Pi users know that Pi will enter the home network sometime in the fourth quarter of 2021. However, the closer they are to the mainline, the more people are now seeing the listing of mainline and exchanges as the same concept.
The main network refers to the evolution of encrypted currency from generation B to encrypted currency and refers to the establishment of an independent network. In other words, the primary network is ultimately just a technical element. It represents a blockchain project through several stages of construction to the main network, from the original idea to the real encrypted currency!
In the current encryption industry, any generation B can be listed on the stock exchange whether you have the main network technology. In other words, whether you are a cat coin or dog coin with or without endorsement, you can list on the stock exchange with or without technology. This is the drawback of the encryption currency industry at this stage and the source of the leak. Currencies that do not have the main network technology are listed on the exchanges and have no value beyond speculation. Currencies with home-network technology are listed on exchanges, which have a strong continuity and users’ expectations of their value will rise.
Currently, Pi Network has not announced any plans to go on the exchange. However, many people mistakenly report that Pi Network is “coming on the market at the end of the year. This is incorrect. The government has only announced the home Web plan from start to finish, so don’t be confused by false information.
Of course, the dispatched individual thought it would be very easy to go to the exchange if the main network was developed as scheduled. Because no exchange will easily abandon one of the most traffic and widely agreed public-chain encrypted currencies ever. At that time, no matter who the Pi official is in control!
- Misconceptions caused by the difference between the first listing price and the periodic consensus price
Pi Network now has a broad price outlook, with forecasts ranging from $100 per Pi to $thousands or more, each with its reasons. However, for example, 1 Pi is expected to be $1,000. It can be either an initial listing price or a long-term price expectation within a few years. Many people think that the price of Pi will not be so high, while many people think it can. This is mainly to mix the initial listing price with the periodic consensus price. One is the expectation at the time of the main network and the other is the expectation over a period.
Simply put, the initial price is not necessarily very high, because there is a consensus that different initial selling is multi-price short. But in the long run, with more ecology and stronger consensus, prices will surely rise steadily. In other words, we need to look at prices separately, that is, the price at the time of the main network and the long-term price. If confused, many people will think we’re boasting about cookies!
To sum up, Pi is a truly civilian project because it is free, accessible, and has a unique mechanism. Whether it’s a refugee from an internet project or a friend who first encountered a blockchain, Pi believes that the next five years will change the lives of these stubborn and committed friends. In the stage of project construction, some people will inevitably misunderstand and misinterpret it. That’s OK. If we look at it and talk about it thoroughly, I believe that more and more people will stand on the side of the truth and choose to believe it. This is very helpful for Pi’s construction and the road ahead!
