The emergence of the PiBridge has caused a lot of commotion on social media platforms with many pioneers tagging it a fake or scam platform. Well, we have done a lot of research and have come up with some findings that will help you judge correctly.
Please, reserve your comments until you finish reading this article. Because some of you are too hasty to pass judgement even before understanding what the topic is all about. Let’s get started;
What is PiBridge?
PiBridge is a decentralized all-in-one financial application platform. The PiBridge ecosystem is expected to include multi-chain & cross-chain automated market maker (AMM), farming, lending, fundraising platform (launchpad), prediction, NFT, and more.
So why is the platform called a bridge?
In Blockchain Technology, “A bridge is a connection point that enables communication and interaction between two blockchains”
Just as the name suggest, bridges connect two crypto platforms together, so that they can users or clients can make transfers e.g from Pi Network to Binance or from Pi Network to Coinbase or Pi Network to Kucoin etc.
So, in relation to the Pi Network, we can rightly define PiBridge in this way:
“PiBridge is a trustless gateway that unleashes the barrier between the Pi network and other blockchains, making Pi accessible and approachable to the public and offering a new permissionless and transparent financial tool to the Pi community.”
Functions of Blockchain Bridge
- Blockchain bridges facilitate the connection of different crypto ecosystems by bridging the gaps between various blockchain networks.
- Bridges allow sharing of information, assets, smart contracts, instructions, and even feedback between many layers of a blockchain and between multiple blockchains.
- Blockchain bridges provide additional benefits, such as access to new protocols on other chains and the opportunity for blockchain communities to collaborate.
Is PiBridge among the platforms in the Pi Network ecosystem?
Our findings shows that it is not. However, this does not make it a fake platform either. Let me explain.
“Pi Network doesn’t have any notable partnerships. But rather the Core Team has held a Pi Hackathon to kickstart development of Pi apps and an ecosystem.”
I want you to get something from the statement above, “Pi Network has no notable partnership” so let’s get this.
PiBridge is an independent platform that any crypto network can incorporate including Pi Network into their ecosystem. Remember there was a Hackathon.
“A hackathon is a sprint-like design event wherein computer programmers and others involved in software development, including graphic designers, interface designers, product managers, project managers, domain experts, and others collaborate intensively on software projects.”
Several apps were developed during the Hackathon event, Apps such as Uneat, My Pibrary, Youpi and Sports Challenge. But some did not make it to the end. If the developers of those Apps decides to go ahead with the project, you won’t call it scam or fake just because they didn’t win the Hackathon. Watch the video below 👇👇👇
Youpi is also a marketplace but Pi Chain Mall won.
PiBridge is an independent platform that seeks to enable tokens from Pi Network interact to tokens on other blockchains. you can compare Binance Bridge
So go ahead and tell us your judgement in the comments