Pi Network is a cryptocurrency project launched with the aim 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. Here are comprehensive details about the network:
The origin of the project and its founders
- Launch date: The project started on March 14, 2019 (Pi Day), a symbolic date reflecting the project's name linked to the mathematical constant π (3.14159).
- Founders: The network was developed by a team of Stanford University graduates:
- Dr. Nicholas Kokalits: Holds a PhD in Electrical Engineering and is a postdoctoral researcher in Computer Science, specializing in distributed systems and human-computer interaction.
- Dr. Chengdiao Fan: Holds a PhD in Computational Anthropology, focusing on using technology to enhance human potential globally.
- Vision: The network aims to build an inclusive digital ecosystem that allows everyday users to easily participate in the cryptocurrency world, focusing on inclusivity and practical use.
How the network works
- Mobile mining: The network allows users to mine "Pi" currency using an application on smartphones. This does not require powerful devices or significant energy consumption; it is enough to run 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 trust network among users rather than energy-consuming Proof of Work (PoW). Users form "security circles" of 3-5 trusted individuals to verify transactions.
- Ecosystem: The network includes applications such as the Pi Browser and Pi Wallet, allowing users to interact with the ecosystem, conduct transactions, and develop decentralized applications (dApps).
Development stages
1. Phase One (2019): Launch of the beta application and start of free mining to attract users.
2. Phase Two (2020): Expanding the community and developing infrastructure, focusing on testing the testnet.
3. Phase Three (Mainnet):
- The closed mainnet was launched earlier, but the open mainnet started on February 20, 2025, allowing the trading of "Pi" currency and its use 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 (such as app development).
- 5%: To provide liquidity for transactions.
- Decreasing mining rate: The rate gradually decreases as the number of users grows (such as halving when reaching 100,000, 1 million, and 10 million users).
Current status (as of March 24, 2025)
- Number of users: Over 55 million users worldwide, with more than 10 million completing identity verification (KYC).
- The open mainnet: Has been active since February 2025, meaning that the currency is now officially tradable on some platforms, with restrictions in certain areas (like China due to accusations that it resembles pyramid schemes).
- Price: There is no official fixed price yet, but initial market estimates suggest a range between $30-50 based on pre-launch (OTC) trades and some IOU platforms.
Features and challenges
- Features:
- Accessibility and mobile mining.
- Focus on environmental sustainability.
- A large and active community, with events like PiFest 2024 showcasing the use of the currency in over 160 countries.
- Challenges:
- Frequent delays in launching the mainnet have raised doubts about the project's credibility.
- Accusations in some countries (like China) that it operates as a multi-level marketing (MLM) system.
- Concerns about data leaks in the past (such as the Vietnam incident in 2021), despite the team's denial.
The Future
- The network's success depends on its adoption in real-world transactions, forming partnerships with major financial and tech 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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