As Pi Network (CRYPTO:PI) approaches its Open Network mainnet launch, scheduled for the first quarter of 2025, an analyst has defended the project amid growing criticism.
However, skepticism remains due to its lack of transparency and other concerns.
Kim Wong, an analyst, addressed criticism surrounding Pi Network in a recent post on X.
Wong emphasised Pi Network's strengths, including its global reach, accessible mobile mining, and self-developed KYC system.
"Pi Network has been distributing wealth to all the people in the world whoever wants it, free," Wong stated.
Despite this defense, Pi Network faces several challenges.
Concerns include a lack of a publicly verifiable blockchain, allegations of operating as a pyramid scheme, and data privacy issues related to its KYC process.
Bybit CEO Ben Zhou dismissed listing Pi coin due to skepticism about its legitimacy.
Critics point to the project's referral-based mining system and delayed mainnet launches as red flags.
Pi Network reports over 60 million users.
However, blockchain data suggests only a fraction are actively engaged.
All active mainnet nodes are controlled by the Pi core team, raising concerns about centralisation.
The network's inflationary tokenomics and reliance on advertising revenue have also drawn criticism.
Amid ongoing scrutiny, Pi coin has gained traction, securing listings on exchanges like OKX and Bitget.
Speculation persists about a potential listing on Binance, which could significantly increase liquidity.
Experts advise caution, recommending small investments and close monitoring due to the risks involved.
Users are urged to protect their data and withdraw early profits if possible.