#TradingTypes101 Pi Network Currency: An Ambitious Project to Redefine Digital Currencies

Introduction

Pi Network is a digital currency project aimed at enabling individuals to mine cryptocurrency easily on their smartphones without the need for massive energy resources, as seen in currencies like Bitcoin. The project was launched in 2019 by a team of Stanford University graduates led by Dr. Nicholas Kokkalis.

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What is Pi Currency?

Pi (π) is a digital currency that has not yet been officially listed on public trading markets (as of the writing of this article in May 2025), but it has attracted the interest of millions of users through a mobile app that allows for "mining" the currency via trust and community participation.

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How It Works

Mining: Conducted through the mobile app with a daily tap, without actual consumption of the phone's energy or resources.

Consensus Model: The project relies on the Stellar Consensus Protocol (SCP), which is an environmentally friendly alternative compared to the Proof of Work (PoW) mechanisms used in Bitcoin.

User Roles: Users are divided into categories:

Pioneers: The primary users who tap daily to mine.

Contributors: They build a security circle.

Ambassadors: They bring in new users.

Nodes: They run the software on computers to participate in the verification mechanism.