📌 Overview of the Pi Network Project
Pi Network is a digital currency project aimed at enabling users to mine currency using their smartphones without consuming significant resources, focusing on building a decentralized community that supports currency-based applications and services.
🛤️ Project Development Stages
1. Launch and Establishment (2019 – 2021)
• The project was launched on March 14, 2019, by a team of Stanford University graduates, led by Dr. Nicholas Kokalits and Dr. Qingdao Fan.
• The mobile application was introduced, allowing users to mine Pi currency easily.
2. Closed Network (December 2021 – February 2025)
• In December 2021, the third phase of the project began with the launch of the mainnet in closed mode, where operations were conducted within the system without connecting to external networks.
• During this period, the focus was on:
• Conducting identity verification (KYC) for users.
• Developing applications and services within the system.
• Improving the infrastructure and technology of the system.
3. Grace Period (July 2024 – February 2025)
• On July 1, 2024, the 'Grace Period' was launched to accelerate identity verification processes and encourage users to complete the transition to the mainnet.
• The 'PiFest 2024' event was organized with over 27,000 sellers and 28,000 trial merchants participating in 160 countries, highlighting the potential of using Pi currency in everyday transactions.
4. Official Launch of the Open Network (February 20, 2025)
• On February 20, 2025, the transition to the 'open network' took place, enabling:
• Connecting to external networks and interacting with other blockchain systems.
• Operating external nodes by qualified users.
• Launching more than 100 applications ready to work on the mainnet.
• Achieving over 10.14 million transitions to the mainnet, surpassing 19 million users who completed the identity verification process.
🔐 Verification and Compliance
• Using the open network requires completing the identity verification (KYC) process for users, and 'Know Your Business' (KYB) for companies, to ensure a safe and compliant environment.
• A list of companies that have completed the KYB process will be provided on the official Pi website.
🔮 Challenges and Future Prospects
• Despite significant progress, challenges remain regarding the scalability of real usage of the currency and increasing its adoption in markets.
• The open network is expected to contribute to enhancing innovation and developing new applications that support the decentralized digital economy.
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