The controversy around the PI network: Here is everything you need to know

The controversy around the PI network: Here is everything you need to know

The smartphone-based blockchain mining project PI Network has published further clarification for the non-authorized listing of PI coins and explains that they are not yet available for trade.

Pi Network has been on the market and has launched his PI Coin for mining through its community members, called "Pioneers", in March 2019. These assets can be traded as soon as Pi Network is updated to open Mainet.

PI network liability exclusion

At the moment the network is in the Enclosed Mainnet state, which makes its interaction "technically impossible".

The blockchain project published a similar disclaimer on December 29, in which it reported that several unauthorized stock exchanges tried to list PI or other products that are supposedly the native cryptocurrency.

"It is important to repeat that Pi is currently in the Enclosed Network and is not approved by Pi Network for listing on a stock exchange or for trading and Pi Network was not involved in any of these alleged postings or notations," said December 29 Announcement said.

What is all the excitement about?

Pi Network, which claims to have about 35 million members, which PI coins on his smartphone-based blockchain mining app should be upgraded to open Mainnet. At the moment it processes the KYC of its members to integrate them into the updated network where they can trade their PI coins.

lately it has been members and influencers of the Pi-Netzwerk Funding Against the upcoming Open Main in social media and is of great interest in crypto exchanges and investors alike. On November 15, the network announced that it exceeded two million supporter on Twitter, a sign of its growing popularity.

but officially Pi coins are neither available for listing nor to buy. Interested parties must join the network and mines them.

You can expect better prospects for the Pi Coin, some crypto exchanges have reported the asset on their platforms. Huobi from Justin Sun is reported to one of them uncovered from crypto journalist Justin wu in a tweet.

non -authorized listing

In his explanation of January 6, the team emphasized again behind the project that the network in its Enclosed Mainnet state is protected by a firewall and cannot interact with a third party or exchange, unless he is authorized, which was not the case.

"... The PI network has no connection to one of these stock exchanges that act without the consent, authority or participation of the network. In addition, the products traded on these stock exchanges are not the real pi tokens," she added.

The non-authorized list of alleged PI coins through some stock exchanges follows the news that Alameda Research Tokens drove forward on the stock exchanges.

The article The Pi Network Controversy: Here is everything you need to know first appeared on Cryptopotato.

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