Pi Network is a digital currency project launched with the goal of making cryptocurrency mining accessible to everyone in a simple and sustainable way, without the need for expensive equipment or high energy consumption, as is the case with currencies like Bitcoin. Below are comprehensive details about the network:
Project origins and founders
- Launch date: The project launched on March 14, 2019 (International Pi Day), a symbolic date that reflects the project name's association with the mathematical constant π (3.14159).
- Founders: The network was developed by a team of Stanford University graduates:
Dr. Nicholas Kokkalis: PhD in Electrical Engineering and Postdoctoral Researcher in Computer Science, specializing in distributed systems and human-computer interaction.
Dr. Chengdiao Fan: PhD in Computational Anthropology, focusing on using technology to enhance human potential globally.
- Vision: The network aims to build a comprehensive digital ecosystem that enables ordinary users to easily participate in the world of cryptocurrencies, with a focus on inclusivity and practicality.
How the network works
Mobile Mining: The network allows users to mine Pi using a smartphone app. This doesn't require powerful hardware or high power consumption—just launch the app and press the mining button once every 24 hours.
Consensus Mechanism: The network uses the Stellar Consensus Protocol (SCP), which relies on a network of trust between users rather than the energy-intensive Proof of Work (PoW). Users form "safety circles" of 3-5 trusted individuals to verify transactions.
- Ecosystem: The network includes applications such as Pi Browser and Pi Wallet, allowing users to interact with the ecosystem, conduct transactions, and develop decentralized applications (dApps).
Development stages
1. Phase 1 (2019): Launch the pilot app and start free mining to attract users.
2. Phase 2 (2020): Community expansion and infrastructure development, with a focus on testing the Testnet.
3. The third stage (Mainnet):
The Enclosed Mainnet was launched earlier, but the Open Mainnet began on February 20, 2025, allowing Pi to be traded and used outside the internal ecosystem.
Tokenomics
- Total supply: 100 billion tokens (Pi), distributed as follows:
- 65%: Mining rewards for users.
- 20%: For the development team (with a vesting schedule linked to community distribution).
- 10%: To build the ecosystem (e.g., app development).
- 5%: To provide liquidity in transactions.
- Declining mining rate: The rate gradually decreases as the number of users grows (e.g., halving at 100,000, 1 million, and 10 million users).
Current status (as of March 24, 2025)
- Number of users: More than 55 million users worldwide, with more than 10 million completing identity verification (KYC).
- Open mainnet: Active since February 2025, meaning the currency is officially tradable on some platforms, with restrictions in certain regions (such as China due to accusations of it resembling pyramid schemes).
- Price: There is no official fixed price yet, but initial market estimates indicate a range of $30-50 based on pre-launch (OTC) trading and some IOU platforms.
Advantages and challenges
Features:
- Easy access and mining via phone.
- Focus on environmental sustainability.
- A large and active community, with events like PiFest 2024 showcasing the currency's use in over 160 countries.
- Challenges
- Repeated delays in the mainnet launch have raised doubts about the project's credibility.
- Accusations in some countries (such as China) that it operates as a multi-level marketing (MLM) system.
- Concerns about previous data leaks (such as the 2021 Vietnam incident), although the team denies this.
the future
The network's success depends on its adoption in real-world transactions, partnerships with major financial and technical entities, and the stability of its market value. Official announcements indicate plans to expand the ecosystem and enhance security (such as adding two-factor authentication in March 2025).
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