Pi Network is rapidly gaining popularity, offering an innovative way to mine directly from a smartphone. Unlike Bitcoin, which requires expensive equipment and huge energy consumption, Pi promises an eco-friendly and accessible alternative.
The project has already gathered over 60 million users, and the excitement around the upcoming launch of the open network (February 20, 2025) continues to grow. In this article, we will analyze how Pi Network works, what prospects the project has, and what is happening with its listing.
What is Pi Network (PI)?
Pi Network is a cryptocurrency project that started in 2019 with the goal of making mining accessible to everyone. Instead of complex computations like in Bitcoin, users can mine Pi simply by pressing a button in a mobile app.
The project is based on its own blockchain and uses a trust system to confirm transactions. Participants form 'security circles', verifying each other, which prevents fraud and supports decentralization without powerful computing resources.
Stages of network development:
Beta phase (2019-2021): users mined Pi but could not make external transactions.
Testnet (2021-2023): developers tested the blockchain's operation in a closed environment.
Mainnet (2023 - February 20, 2025): users were given the ability to transfer Pi to the blockchain, but trading remained limited.
Launch of the open network (February 20, 2025): the opportunity for free trading and listing the coin on exchanges will arise.
The project was created by Nicolas Kokkalis and Chengdiao Fan — Stanford graduates with experience in computer science and social computing. Their goal is to create a p2p economy accessible to everyone, not just large investors.
How does Pi Network work?
1. Mobile mining
Pi Network allows users to mine coins just by opening the app once a day. The process does not drain the battery and does not require a constant internet connection.
2. Consensus mechanism and security
The network uses the Stellar Consensus Protocol (SCP), where users form 'security circles' and confirm each other's authenticity. This reduces the risk of fraud and makes the system decentralized.
3. KYC verification
To transfer coins to the main blockchain, identity verification (KYC) is required. This protects the system from bots and multi-accounts.
The mystery of the listing: what is happening on Bybit?
Although developers officially state that the listing of Pi Network will only occur on February 20, 2025, the token has already appeared on the Bybit exchange. However, there is a nuance — it has different contract addresses. What does this mean?
1. Phantom listing? Perhaps the exchange uses an IOU model where trading occurs without real Pi coins, and settlements are made in the future.
2. Fake contracts? Some users have noticed that the token on Bybit has a contract address different from the official one, which may indicate a counterfeit asset.
3. Issues with the open network? Pi Network developers may be deliberately delaying the launch to prepare the infrastructure, but this does not prevent exchanges from speculating on expectations.
Until the official listing occurs, trading Pi on Bybit may be speculative. It's worth thoroughly checking information sources before purchasing.
Pi Network offers a unique concept of mobile mining and gathers a large audience. However, the project has not yet transitioned to free trading, and the appearance of the token on the Bybit exchange raises questions.
If you plan to invest in Pi, remember: until February 20, 2025, the network remains limited, and trading on some exchanges may not reflect the real value of the coin.
Stay updated and always conduct DYOR (Do Your Own Research) before making investment decisions!
My opinion on Pi Network
Honestly, Pi Network looks extremely dubious and unpromising. The project has existed since 2019 but has still not given users the ability to fully manage their coins. Promises of a soon-to-launch open network have been made for several years now, but there are no concrete actions.
Additionally, the strange situation with the listing: officially, the token has not been launched, but there is already some PI on Bybit with different contract addresses. This suggests that either someone is simply speculating on the project's name, or the developers themselves do not control the situation.
All of this seems more like a long marketing game, where users only create value for the system but end up with nothing. Until there is transparency, real trading, and understandable pricing mechanisms, I do not see a future for Pi Network.