The creator of Vietkey software, who has studied blockchain since 2014, Dr. Dang Minh Tuan is the next expert to point out many suspicious points of Pi Network virtual currency.

Recently, the Pi Network coin was suddenly attracted by an army of 'seeders' to attract participants on virtual currency groups. This army 'boasts' about a virtual currency mining project that is advertised as free, without losing anything right on the phone and has so far attracted about 13 million miners day and night.

Pi Network has been exposed with many suspicious points such as demanding a lot of privacy on the phone, not disclosing the source code and promising to go to the mainnet year after year. The mainnet is the process by which the blockchain protocol is fully developed when virtual currency transactions are validated and recorded on the decentralized ledger.

Analyzing the app, reading the white paper, recently it was the turn of Dr. Dang Minh Tuan to warn Pi Network that there are many signs of a fraudulent project. Participants in this project will definitely “lose personal information, lose time, lose phone resources, and possibly lose other information on the device, lose effort to entice others into the so-called The 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 the mining process, private key and mainnet. In particular, up to this point, Pi mining is a very shady process, because "mining is a process to validate transactions, but there is no ledger/blockchain, no transaction, then mining to authenticate what is what. Even the authenticity based on the 'circle of trust' is a vague concept, there is no mathematical guarantee for it”, according to Dr. Tuan.

Blockchain technology is a technology that requires the use of private keys to authenticate, but “have an account without a private key, no wallet address, how can I transfer or spend money later, cryptocurrency? You always have to have a private key to spend," emphasized Dr. Tuan.

Most importantly, according to TS Tuan, Pi Network currently has no value at all because the source code is closed, the mining money is only saved on the user's phone or on a centralized server. Once saved on the server, the administrator has full control to change, create as many as you like.

Because transparency does not exist in a blockchain project while attracting a large number of daily users, Dr. Tuan compares mining Pi to picking up rocks and dreams that one day the world will recognize it. Stone is as valuable as gold.

Dr. Dang Minh Tuan is a PhD in mathematics and cryptography, having studied the entire source code of Bitcoin and Ethereum; He is considered as the leading blockchain mentor in Vietnam. Dr. Tuan is currently the Vice President of FinTech Club (under the Vietnam Banks Association), Head of Blockchain Lab (Posts and Telecommunications Institute of Technology), Director of QNET Blockchain Research Center, Director of the Institute of Applied Public Technology Research. CMC technology. He is the father of the Vietnamese typing software Vietkey, which was born in 1994 and has successfully defended dozens of research projects/research projects at ministerial and state level.