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Project Review: Pi Network, a New Scam Project in Town

MNabilAli

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Lately, we have been receiving a lot of spamming referral links to join a new cryptocurrency project called “Pi Network”. I have decided to give it a try and to check their official website and to install Pi Network App on an Android Emulator to test it out.

According to Pi Network official statement: Pi is a new digital currency. This app allows you to access and grow your Pi holdings and serves as wallet to host your digital assets. Pi is fairly distributed, eco-friendly and consumes minimal battery power.

At the time of writing, Pi Network has over 3.5+ million engaged pioneers (Mobile App miners), 28.5K followers on Twitter, 97K likes on Facebook and 128K followers on Instagram.

Pi Network’s website is suspicious

On first impression, PI network’s website looks poorly designed and contains some inaccurate technical information. They claim that PI network is “The First Digital Currency You Can Mine On Your Phone“, and that is not true. Some older legit crypto projects such as uPlexa (UPX) and Electroneum (ETN) are using Mobile Apps to mine crypto coins.

Pi Network’s Website

When you’re looking into digital cryptocurrency companies and startups, experts recommend that you confirm that they’re blockchain-powered, which means they track detailed transaction data. in our case Pi Networks’ website dose not contain a working Blockchain explorer link, no project announcements, no technical white paper and no links to a github page.

Statements like “Better than Bitcoin” and “The real Bitcoin” has been proven over and over again to be a classic scam and its sad that people still fall for it.

Pi Network’s mobile App is also suspicious!

Pi Network’s App on Google play has a lot of fake reviews and all written written by users who only does it to spam their referral links. Yet, the app is rated 4.9 stars and has more than one million active installs and over 43k reviews!.

Pi App

The App requires so many permissions

unlike any other crypto apps, the Android version of Pi Network app requires so many permissions. Installing Pi Network App on your phone will allow the app to access:

Device ID & call information:
read phone status and identity.
Storage & Photos/Media/Files:
read the contents of your USB storage
modify or delete the contents of your USB storage
Phone:
read phone status and identity.
Contacts:
read your contacts
Wi-Fi connection information:
view Wi-Fi connections
Other:
receive data from Internet
run at startup
full network access
prevent device from sleeping
draw over other apps
view network connections
control vibration

Draw over other apps is incredibly dangerous, the app can easily steal passwords. It can present messages as if they’re from other apps or read those messages.

Invitation code is required in order to start using Pi Network App

Once you install the app, you will not be able to use it without a valid invitation code. This is a live example of pyramid schemes and click baiting scam projects which are “viral social applications” that lure people with the promise of profit by recruiting more members so they can increase their mining power.

When you start the app, you will be “mining” at the rate of 0.25 Pi per hour. You will need invite a lot of your friends to increase your mining power/hashrate. The more people sign up using your affiliate code the more mining power you will get.

You need to activate the miner (app) every 24 hours. Pretty unproductive and inconvenient I would say, though you get a notification reminder to turn the miner on.

After testing it for 24 hours, i can say The Pi Network app is not a real crypto miner. Its just an airdrop app that gives you a tiny piece of a massive, but unknown amount Pi per-mined coins.

Pi Network App security issues

PI Network app is sending network packets to a third party domains “socialchain.app” and “rayjump.com”, which is a weird behavior.

Quora user claims losing funds after using the App

Midas Tricone has claimed on a Quora post that he lost some funds from his banking account after installing and using Pi Network App

My final conclusion about PI Network

Pi Network is pyramid scheme scam project and has nothing to do with crypto mining. You must avoid it.

Daily cryptocurrency trader, miner, technology enthusiast and a full time IT and security consultant. If you have any questions or comments please feel free to email him at [email protected]

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The Top 10 Most Popular Cryptocurrencies in 2023

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Cryptocurrencies have became a popular subject in the recent years. In this post, we will take a look at the top 10 most popular cryptocurrencies by market capitalization, as of February 2023.

Bitcoin

Bitcoin (BTC) – Bitcoin is the original cryptocurrency and still the largest by market cap. It was created in 2009 by an unknown individual or group going by the name of Satoshi Nakamoto. Bitcoin is decentralized and operates on a blockchain network.

Ethereum

Ethereum (ETH) – Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (dApps). It was created by Vitalik Buterin in 2015 and is currently the second-largest cryptocurrency by market cap.

Binance Coin

Binance Coin (BNB) – Binance Coin is the native token of the Binance exchange, one of the largest cryptocurrency exchanges in the world. It was created in 2017 and is used to pay for trading fees on the Binance platform.

Dogecoin

Dogecoin (DOGE) – Dogecoin was created as a joke in 2013, but it has since become one of the most popular cryptocurrencies in the world. It was initially created as a parody of Bitcoin but has gained a significant following in recent years.

Cardano

Cardano (ADA) – Cardano is a blockchain platform that aims to create a more secure and sustainable ecosystem for the development of decentralized applications. It was created by Charles Hoskinson in 2015.

XRP

XRP (XRP) – XRP is the native token of the Ripple network, a decentralized payment protocol that enables fast, low-cost international money transfers. It was created by Ripple Labs in 2012.

Tether

Tether (USDT) – Tether is a stablecoin that is pegged to the value of the US dollar. It is often used as a safe haven asset during times of market volatility.

Polkadot

Polkadot (DOT) – Polkadot is a multi-chain network that aims to connect different blockchain ecosystems together. It was created by Gavin Wood in 2016 and is currently the eighth-largest cryptocurrency by market cap.

Uniswap

Uniswap (UNI) – Uniswap is a decentralized exchange protocol built on the Ethereum blockchain. It allows users to trade cryptocurrencies in a trustless, decentralized manner.

Solana

Solana (SOL) – Solana is a high-performance blockchain platform that aims to provide fast, low-cost transactions for decentralized applications. It was created in 2017 and is currently the tenth-largest cryptocurrency by market cap.

Conclusion

These are just a few of the most popular cryptocurrencies that are currently available. Each one has its own unique features and uses, and the crypto market is constantly evolving, so it’s important to do your own research and stay informed. Keep in mind that past performance is not indicative of future results.

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The Key Features of Ravencoin Blockchain

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Ravencoin is a blockchain platform that was created in 2018 as a fork of the Bitcoin codebase. Its main focus is on the transfer of assets, such as tokens, from one person to another. Unlike other blockchain platforms, Ravencoin is designed specifically for the transfer of assets and does not have a built-in smart contract functionality.

The Ravencoin blockchain was launched on January 3rd, 2018, with the first block being mined by a group of developers known as the Ravencoin Development Team. The launch was met with a positive response from the cryptocurrency community and the project quickly gained a dedicated following.

Since its launch, Ravencoin has undergone several upgrades and improvements. In 2019, the Ravencoin team released Ravencoin 2.0, which included several new features such as token issuance, messaging, and voting. In 2020, Ravencoin 3.0 was released which includes the new X16R hashing algorithm and new token issuance structure, which allows for the creation of unique assets and tokens.

Asset Creation

Ravencoin allows for the creation of unique assets, or tokens, on its blockchain. These tokens can represent a wide range of assets, such as virtual or physical items, real estate, and even stock in a company. This feature makes Ravencoin a versatile platform for businesses and individuals looking to create and transfer digital assets.

Low Transaction Fees

Ravencoin’s transaction fees are significantly lower than other blockchain platforms such as Ethereum. This makes it an attractive option for businesses and individuals looking to transfer assets in a cost-effective manner.

Security

Ravencoin uses a proof-of-work consensus mechanism, similar to Bitcoin, to secure its network and confirm transactions. This ensures that the network is secure and transactions are confirmed in a timely manner. Ravencoin uses X16R hashing algorithm, which is designed to allow for more decentralized mining than Bitcoin’s SHA-256 algorithm.

Community-driven Development

Ravencoin has a strong open-source development community and a large and active community of users. This community plays a key role in the development and growth of the platform and helps to ensure its long-term success.

Easy to Use

Ravencoin has an easy-to-use interface and wallets, making it accessible for users who are new to blockchain technology.

Customizable

Ravencoin allows for customization of tokens and assets, meaning that users can define their own assets, set up rules and restrictions, and create unique token issuance structures.

Ravencoin Price Chart

Conclusion

Ravencoin’s main advantages are its asset creation, low transaction fees, security, community-driven development, easy-to-use interface, open-source code, and customization options. These features make Ravencoin a strong contender in the blockchain space for asset transfer and other use cases.

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The Most Hated Cryptocurrencies

MNabilAli

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Cryptocurrencies have become a popular form of investment and digital currency in recent years, but not all cryptocurrencies are created equal. Some cryptocurrencies have gained widespread acceptance and adoption, while others have faced significant backlash and criticism. In this article, we will take a look at some of the most hated cryptocurrencies and the reasons behind their negative reputation.

Bitcoin Cash (BCH)

One of the most widely criticized cryptocurrencies is Bitcoin Cash (BCH). Created in 2017 as a hard fork of Bitcoin, BCH faced significant backlash from the cryptocurrency community due to its association with the controversial Bitcoin mining company, Bitmain. Additionally, BCH faced criticism for its lack of innovation and its perceived similarity to Bitcoin.

Tether (USDT)

Another widely hated cryptocurrency is Tether (USDT). Tether is a stablecoin that is pegged to the US dollar, but it has faced significant controversy due to its lack of transparency and questions about its solvency. Additionally, Tether has been criticized for its association with the cryptocurrency exchange Bitfinex, which has faced accusations of market manipulation.

Ripple (XRP)

Another widely criticized cryptocurrency is Ripple (XRP). Ripple is a digital currency that is designed for use in the global financial system, but it has faced significant backlash from the cryptocurrency community due to its centralized nature and its association with large financial institutions. Additionally, Ripple has faced criticism for its lack of decentralization and its perceived similarity to traditional financial systems.

Onecoin

Another widely criticized cryptocurrency is Onecoin. Onecoin is a digital currency that has been accused of being a Ponzi scheme and a scam. The company behind Onecoin has been investigated by several countries’ law enforcement agencies and has been banned in several countries. Onecoin has been criticized for its lack of transparency and its association with fraudulent activities.

PlusToken

Another widely criticized cryptocurrency is PlusToken. PlusToken is a digital currency that has been accused of being a Ponzi scheme and a scam. The company behind PlusToken has been investigated by several countries’ law enforcement agencies and has been banned in several countries. PlusToken has been criticized for its lack of transparency and its association with fraudulent activities.

Bitconnect

Another widely criticized cryptocurrency is Bitconnect. Bitconnect has been accused of being a Ponzi scheme and a scam. The company behind Bitconnect has been investigated by several countries’ law enforcement agencies and has been banned in several countries. Bitconnect has been criticized for its lack of transparency and its association with fraudulent activities.

PonziCoin

Another widely criticized cryptocurrency is PonziCoin. PonziCoin has been accused of being a Ponzi scheme and a scam. The company behind PonziCoin has been investigated by several countries’ law enforcement agencies and has been banned in several countries. PonziCoin has been criticized for its lack of transparency and its association with fraudulent activities.


Finally, it’s important to mention that any cryptocurrency associated with illegal activities, fraud, or Ponzi schemes should be avoided by investors. These types of cryptocurrencies can cause significant financial loss, and investors should be careful when considering investing in them. It’s always a good idea to do your research and due diligence before investing in any cryptocurrency.

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