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The Pi Network aims to transition into a globally recognized digital currency. But does it truly have a blockchain?
Table of contents
Blockchain Aspects
Pi Network operates with a blockchain, but it’s important to understand its nature. It’s often described as community-driven.
Centralization Concerns
A significant concern is the network’s centralization around a single entity. Users can’t independently verify the blockchain’s state.
API Access Only
Access is primarily through APIs, raising questions about transparency and control.
Consensus Mechanism
The Federated Byzantine Agreement (FBA) protocol, while efficient, can lead to centralization around quorum slices.
Supply and Unlock Schedules
Only a small percentage of the total supply is currently unlocked, impacting liquidity and user control.
ISO 20022 Integration
The planned ISO 20022 integration marks a significant step towards broader adoption.
Utility and Value
Pi Network focuses on real-world utility, security, and network expansion.
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Documentation and Transparency
A crucial aspect often lacking is comprehensive documentation about the underlying blockchain itself. The focus has been primarily on API documentation, leaving many technical details unclear.
Node Operation
Unlike many established blockchains, users currently cannot run full nodes to independently verify transactions and the blockchain’s state. This limits decentralization and trust.
The Road Ahead
The success of Pi Network hinges on its ability to address these concerns and transition to a more open, transparent, and decentralized model. Achieving this will be critical for its long-term viability and acceptance within the broader cryptocurrency ecosystem.
While Pi Network utilizes blockchain technology, its current implementation raises questions about its true decentralization and transparency. Overcoming these challenges will be essential to fulfilling its vision of becoming a globally recognized digital currency.
