Picoin is finally going live! White paper analysis and opinions.
Picoin, the self-proclaimed peer-to-peer cryptocurrency of the future, released exciting news yesterday. The Pi network cryptocurrency is soon getting released on its main-net. Main-net is the actual portion of the blockchain where real transactions with the crypto take place. This development is met with a wave of excitement among holders of the coin and FOMO from the naysayers.
So, what happened exactly?
The PiCoin team has a new update notifying us of the shift to the main-net phase of Pi.
What does this mean for you and me, the average investor? Simply put, any anomalies in the current system will get rectified, and the current infrastructure will shift to a more open network. Currently picoin is in the beta phase where anyone can enter the system and mine the currency on their mobile phones. There have been some KYCs done, and a lot of testing of the main-net is complete. What remains now is the actual transition from the test-net (test-net is essentially the beta version of the full product) to the main-net.
This move will facilitate real and verified users in helping to bring the blockchain and its products into the public domain. The test-net system is built upon the real picoin blockchain and gives every user 100 testing picoins to experiment.
I have personally transferred this fake money with 3 acquaintances, and the system is working perfectly fine. The system is intuitive for people familiar with blockchain technology, and the scalability and transparency aspects of picoin are very well handled.
It's not all sunshine and rainbows!
Despite the project feeling proper and well-managed, there are still some nooks and crannies which need refinement. That said, the project itself is in a positive direction.
The first and foremost are the server issues that are troublesome to both the mining and browser applications. For the past few days, a lot of actions have taken a lot more time to execute or abruptly time-out. This problem can be challenging for the average user and reduce the project’s acceptance among the masses. The latency issue might worsen as more people return to mine for the last time before the eventual transfer to the main net.
Another problem would be a definite lack of end-goal for the cryptocurrency as a whole. There are a lot of cryptos looking to expand in the daily use category, and the competition has become very stiff for the picoin team in the last year. Picoin boasts of a model which introduces the currency as an alternative for everyday expenses. There is, however, no mention of why the average user will use it that way. Ethereum offers smart contracts, which allow concepts like de-fi and NFTs to flourish.
There is no unique selling point of picoin. Picoin was a breath of fresh air as it allowed mining without the use of hefty supercomputers, but when mining is over, that whole point will become redundant.
Closing thoughts:
Picoin is the first cryptocurrency I mined, and I would certainly like it to flourish. There are currently 29 million pioneers (or miners) in the community, so a large swathe of people are bound to be excited about any development.
The picoin mining project is a project which introduced many people to crypto from their phone screens, and people are understandably hopeful about the future of the future. Now, the core team must continue this wave of excitement and bring in a smooth transition to the main net.
Only time will tell what happens!
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