A Tale of Two Crypto Visions: Facebook’s Diem vs. Pi Network’s Steady Rise
In 2019, Facebook (now Meta) announced an ambitious entry into the world of digital currency with the launch of Libra. Positioned as a global payment solution, Libra aimed to provide a fast, borderless, and low-cost alternative to traditional financial systems. Later rebranded as Diem, the project envisioned financial inclusion through blockchain innovation.
Despite the strong backing from major corporations and industry leaders, the initiative quickly ran into regulatory headwinds. Governments around the world raised concerns about monetary sovereignty and financial stability, prompting key partners like Visa, Mastercard, and PayPal to exit the project. By early 2022, the Diem Association officially disbanded, selling its assets to Silvergate Bank—marking the end of Meta’s crypto venture.
In contrast, Pi Network—launched in March 2019 by a group of Stanford PhDs—has taken a grassroots, community-driven approach. Rather than relying on corporate influence, Pi focused on accessibility, allowing users to mine the token directly from their mobile phones without draining battery or consuming heavy computational power. Over the years, Pi has cultivated a large and engaged user base (referred to as "Pioneers") and has gradually introduced elements of real-world utility, including decentralized apps (dApps), peer-to-peer transactions, and a growing ecosystem built around its digital currency.
While Diem struggled to survive in the face of institutional resistance, Pi Network has flourished by fostering community trust, operating within regulatory boundaries, and evolving steadily toward full mainnet deployment. Its decentralized model and emphasis on inclusion have allowed it to gain traction in emerging markets, where access to banking and digital finance remains limited.