Blockchain expert points to many signs of Pi Network fraud

Tram Ho

Recently, the Pi Network has suddenly been attracted by an army of ‘seeders’ to join virtual currency groups. This army ‘brags’ about a cryptocurrency mining project advertised as free, losing nothing on the phone and has so far attracted about 13 million miners day and night.

Pi Network has been exposed to many suspicious points such as demanding a lot of privacy on the phone, not making the source code public, and the promises to go to mainnet from year to year. Mainnet is the process where the blockchain protocol is fully developed when cryptocurrency transactions are authenticated and recorded on a decentralized ledger.

Chuyên gia blockchain chỉ ra nhiều dấu hiệu lừa đảo của Pi Network - Ảnh 1.

Pi Network entices users with its free claims, mining costs nothing on the phone.

Analyzing the app, reading the white paper (white paper), Dr. Dang Minh Tuan recently issued a warning that Pi Network has many signs of a fraudulent project. Participants in this project will inevitably ” lose personal information, take time, lose phone resources, and possibly lose more information on the device, take effort to entice others into the so-called” Trust circle is quite similar to multi-level ”, said Dr. Tuan.

With 7 years of research on blockchain, Dr. Dang Minh Tuan pointed out the three most suspicious points of Pi Network, which are mining, private key and mainnet. In particular, up to this point mining Pi is a very shady process, because ” mining is a process to authenticate transactions, without a ledger / blockchain, without a transaction, mining for authentication. what. Even the authentication based on ‘circle of trust’ is also a vague concept, with no mathematical guarantee for it ”, according to Dr. Tuan.

Blockchain technology is a technology that requires the use of private private keys for authentication but “ having an account without the private key, no wallet address, how to transfer money or spend money later, crypto Private keys are always required to be able to be consumed ”, Dr. Tuan emphasized.

Most importantly, according to Dr. Tuan, Pi Network currently has no value at all because closed source code, mined money is stored only on users’ phones or on centralized servers. Once saved on the server, the administrator has full authority to make changes, creating as many preferences.

Because transparency is not present in a blockchain project while attracting a large number of daily users, Dr. Tuan likened Pi digging as well as picking stones and dreaming that someday the world would recognize it. stone is as valuable as gold

Dr. Dang Minh Tuan is a PhD in math and cryptography, each researched the entire source code of Bitcoin and Ethereum; He is considered the leading mentor on blockchain in Vietnam. Dr. Tuan is currently Vice President of FinTech Club (under Vietnam Banking Association), Head of Blockchain Lab (Academy of Posts and Telecommunications Technology), Director of Blockchain Research Center QNET, Director of the Institute of Public Application Research. technology CMC. He is the father of the Vietnamese typing software Vietkey, born in 1994, and has successfully defended dozens of research projects / projects at ministerial and State levels.

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Source : Genk