An altcoin project Pi Network has updated its official page and reiterated that the platform’s native token, Pi, is currently on the “closed network”. The platform added that the network’s coin has not been approved “for listing or trading on any exchange.” Here are the details…
Altcoin team warns community
Specifically, the platform highlighted the issue based on recent attempts by many unauthorized third-party exchanges to list its tokens claiming to be Pi or Pi without Pi Network’s consent or involvement. Earlier, cryptocoin.com As we reported on December 29, crypto exchange company Huobi announced its plan to list Pi. Then the token price rose 461.3 percent from $44.03 to $232.97 in 24 hours.
However, Pi Network has assured that the platform is not included in any of its supposed listing postings. In addition, the platform made some recommendations to users to ensure the security of transactions and related activities. Additionally, the platform tweeted that some people could incur significant losses by participating in unauthorized listings:
Pi is not listed on any exchange and Pi Network is not included in the so-called listings. You may incur significant harm by participating in unauthorized listings. Read more on our website.
Pi Network in “closed network” state
In addition, Pi Network advised users not to enter into any agreements with unauthorized third parties. The network used the following statements:
Pi Network also requests removal of these posts and exchange listings and is considering additional transactions with third parties and exchanges. In the meantime, it’s important to reiterate that listing the Pi through an exchange during the closed mainnet period is expressly prohibited, and it would be a violation of Pi’s policies to do so.
According to the details of the network, the closed network focusing on building ecosystem tools and providing mass KYC/migration is important for building a viable ecosystem prior to the launch of the open mainnet.
What is the purpose of Pi Network?
Pi Network aims to reduce environmental impact by allowing mobile users to mine Pi coin without draining the device’s battery. It is also a new cryptocurrency and developer platform that supports the world’s most accessible and ubiquitous application platform, where developers can deliver real offers to users, according to their own statement.
It allows anyone to mine directly from their smartphone. Pi’s Blockchain not only secures economic transactions through a mobile meritocracy system, but also the Web 3.0 experience, where community developers can create decentralized applications (dApps) for millions of users. Pi’s Blockchain uses an adaptation of the Stellar Consensus Protocol (SCP), an example of the Federated Byzantine Agreement, to validate transactions.