Pi Network is one of many greatest blockchains in the world.
Huobi listed Pi/USDT, a coin that has been disowned by Pi Network.
Huobi, the worldwide cryptocurrency change, made the controversial choice to listing Pi Coin final week. Since then, PI/USDT price has surged from a low of $0.0096 to a excessive of $89. This rebound makes it one of many top-performing cryptocurrencies in the world. But there is an enormous downside about Huobi’s Pi Network itemizing.
What is Pi Coin?
Pi Network is one of many greatest gamers in the blockchain in the world. It is a blockchain venture that was began by two Stanford University alumni in 2018. Since its founding, it has thrived because the variety of customers have grown quickly.
For instance, Pi Network’s Android app has over 50 million downloads whereas its Twitter account has over 2 million followers. Pi Browser has over 10 million customers world wide. The community has over 35 million customers globally.
The builders goal to create a cryptocurrency that can be mainstream because it solves the challenges that present cryptocurrencies have. For instance, as a substitute of counting on advanced mining {hardware}, anybody with a smartphone can mine their Pi cash utilizing their smartphones.
Pi Network additionally goals to create a full ecosystem that may embrace video games and different platforms that can be powered utilizing the Pi coin. However, for now, it is unattainable to remodel Pi Coins into money because the coin has not been listed in exchanges.
Pi Coin disowns Huobi’s Pi/USDT
Huobi made the controversial choice to listing the Pi/USDT pair, a monetary spinoff that goals to trace the efficiency of Pi. In a press launch, Pi mentioned that it had disapproved the unauthorized choice to listing its token with out authorization. The firm added that it had no affiliation or relationship with Huobi and different associated exchanges and that Pi/USDT was not the true coin. The assertion added that:
“Throughout this interim Enclosed Mainnet period, the Pi Mainnet is live, albeit with a firewall that prevents any unwanted external connectivity. The firewall ensures there is no connectivity between Pi and other blockchains or crypto exchanges without the explicit authorization of the network.”
So, is Huobi’s Pi Coin purchase?
We consider that the Pi Coin listed by Huobi is not a real token to take a position in and even commerce. As we wrote in this article on Friday, we consider that Huobi is a considerably dangerous crypto change to take a position in. If the builders can listing a faux coin, what can’t they do?
