Pi Network is a cryptocurrency project developed by a team of Stanford graduates, aiming to make digital currency mining accessible to everyday users via mobile devices. Launched on March 14, 2019 (Pi Day), the network allows individuals to mine its native token, Pi, through a user-friendly smartphone application.
Key Features:
Mobile Mining: Unlike traditional that require energy-intensive mining rigs, Pi Network enables users to mine Pi tokens directly from their smartphones without significant battery drain or data usage.
Consensus Algorithm: Pi Network utilizes the Stellar Consensus Protocol (SCP), an energy-efficient algorithm that allows mobile users to validate transactions and secure the network.
Community Growth: The network has experienced rapid expansion, boasting over 70 million users worldwide as of January 2025.
Upcoming Milestone:
Pi Network is set to transition from its "Enclosed Mainnet" phase to an open mainnet on February 20, 2025. This significant development will enable external wallet transfers and integration with other blockchain networks, enhancing the utility and accessibility of the Pi token.