June 1, 2023 at 10:50 GMTModified date: June 2, 2023 at 14:07 GMT
June 1, 2023 at 10:50 GMT

Pi Network Launches Web3 Social Platform

Pi Network has just launched Fireside Forum, a Pi-powered Web3 social platform for “healthier online social interactions”.

Pi Network. Pic: Unsplash

The Pi Network has just launched Fireside Forum – a Web3 social platform for “healthier online social interactions”.

Fireside Forum will give Pi Network members – also known as Pioneers – the opportunity to connect with others while rewarding positive interactions, and penalising negative ones, through a token model powered by Pi cryptocurrency.

“Traditional social networks are struggling with misinformation, trolling and internet violence. Blockchain and cryptocurrencies can facilitate the much-needed change that people are hoping for,” said head of technology, Nicolas Kokkalis.

“Fireside Forum is a materialization of what Pi Network envisioned as the new Web3 social network and intends to solve issues of popular Web2 social networks by emphasizing authenticity, decentralization, and quality online experience.”

But is Pi a scam?

Meanwhile, while the Pi project has an air of credibility because it was founded by Stanford University graduates, the validity of Pi crypto has been questioned for years.

There are fears that Pi may be a pyramid scheme due on the fact that new users can only sign up if they have a referral code from another Pi user. 

While Pi Network has more than 40 million users and over two million followers on Twitter, Pi remains unlisted on any exchange. It’s been suggested that Pi’s main ambition could be monetising the millions of users who have downloaded the Pi Network app.

Based on the data a user needs to supply when downloading the app – including full name, phone number and Facebook details – some experts have warned that it’s possible that other forms of information could be nicked from a person’s device.