Pi Community is battling a number of challenges, from KYC issues to declining person curiosity the market sentiment in the direction of Pi is fading. Including to the woes, the Pi Community has seen its worth dip beneath the essential $1 mark from its all-time excessive of $3, leaving many Pioneers questioning its long-term potential. Regardless of efforts to develop the ecosystem with initiatives like PiDaoSwap and the launch of .pi domains, issues over the community’s construction have overshadowed its progress. Now, recent scrutiny over its SuperNodes has sparked debate over whether or not Pi Community is really decentralized or simply one other centralized system in disguise.
SuperNodes: A Centralization Drawback?
Pi Community claims to be a decentralized, community-driven undertaking, however in actuality, its core workforce (PCT) controls the SuperNodes that validate transactions. Not like Bitcoin or Ethereum, the place 1000’s of unbiased nodes safe the community, Pi’s system stays tightly managed. Initially, solely three SuperNodes existed, all managed by PCT in Canada and Finland. Whereas the quantity has now grown to 42 as per Piscan.io, there’s little transparency.
The workforce hasn’t shared an inventory of those SuperNodes or defined how they’re chosen, leaving many Pioneers confused concerning the course of.
Nevertheless with the latest worth drop, KYC particulars, controversy over its claims of decentralization. Many Pioneers are rising pissed off with the shortage of rewards and participation alternatives. A Reddit publish asking, “What’s a SuperNode?” acquired obscure responses from the workforce, solely detailing their technical function with out clarifying how one may turn out to be a SuperNode.
On the opposite aspect, common Pioneers who’ve been working nodes for months report no progress or rewards, additional fueling skepticism. Some worry that solely a choose group with insider data or highly effective {hardware} can qualify, contradicting Pi Community’s imaginative and prescient of creating crypto accessible to all. If participation is restricted, then is Pi Community actually as decentralized because it claims to be?
Whom to Blame?
In the meantime, the Pi Community Core Staff reassured customers that they’re working laborious behind the scenes to provide Pi the worth it deserves. They blamed the value drop on Pioneers who’re solely promoting Pi as a substitute of shopping for. In keeping with them, as soon as folks begin shopping for, the value will surge.
Is Pi Community a Rip-off?
Crypto analyst Justin Bons, Founder & CIO of Cyber Capital, has overtly known as Pi Community a rip-off. He identified flaws in its expertise, tokenomics, and centralization, arguing that Pi depends closely on Stellar’s expertise and lacks true decentralized finance (DeFi) potential. Bons additionally criticized its mining mannequin, likening it to a Ponzi scheme.
For Pi Community to regain belief, PCT should handle these issues by making the SuperNode choice course of clear, publishing an inventory of authorized nodes, and making certain truthful rewards for contributors. Till then, doubts will proceed to overshadow Pi’s imaginative and prescient, and its worth might battle to recuperate.