The Pi Network is generating significant buzz, especially with its planned transition towards greater openness. A key question surrounding the project is whether it truly operates on a blockchain.
Table of contents
Centralization Concerns
Critics point to the Pi Network’s centralized nature. The current architecture relies heavily on a single entity, raising doubts about its decentralization. Users primarily interact through APIs rather than running independent nodes to verify the blockchain’s state.
FBA Consensus
Even with the planned move to a public blockchain, the use of the Federated Byzantine Agreement (FBA) consensus protocol raises concerns. FBA can lead to centralization around quorum slices.
Limited Documentation
The lack of comprehensive blockchain documentation is another issue. Currently, only API documentation is available, hindering independent verification and analysis.
Unlocked Supply
The limited amount of unlocked Pi tokens (around 7%) also raises questions about market dynamics and accessibility. Individual unlock schedules restrict many users from freely moving or selling their tokens.
Potential Upside and Launch
There is some potential upside, with estimates suggesting a possible 30-50% increase in the next 3-5 years. The launch and any significant announcements could accelerate this growth. The current circulating supply is a point of discussion, with a significant portion locked and some potentially lost due to lost passphrases.
ISO 20022 Integration
The planned ISO 20022 integration aims to position Pi as a globally recognized digital currency.
Important Considerations: Utility, security, and long-term value are key to Pi’s success.
сегодня
