Pi Network is one of the most controversial cryptocurrency projects in recent years. It seeks to democratize cryptocurrency mining via smartphones, without the need for advanced hardware or excessive energy consumption. Does it represent a promising future or a futile experiment? Let's examine the project from three perspectives: past, present, and future.
🕰️ First: The Past - Origins and Early Development
Launch date: March 14, 2019 (Pi Day), by a team of Stanford University graduates led by:
Dr. Nicholas Kokkalis (Technology Director).
Dr. Qingdiao Fan (Product Manager).
The basic idea: Simplifying access to cryptocurrencies through a model different from Bitcoin mining. Instead of using Proof of Work (PoW), Pi relies on a model inspired by the Stellar Consensus Protocol (SCP), which requires no power or sophisticated hardware.
Mining Method: The user opens the Pi app and presses a button once every 24 hours to confirm activity. This "mining" is effectively a sign-in process, not the traditional way of generating coins.
Security Circles: Pi encourages users to form a network of trusted friends to build a global trust system, which forms the basis for transaction verification.
Community Growth: Growth has been driven by a referral system, where users earn higher mining rates when they invite others. By late 2024, the network claimed to have over 45 million active users.
Testnet: The network launched a testnet, allowing its users to run Pi nodes on computers to contribute to the decentralized infrastructure.
📍 Second: The Present - Current Reality and Challenges
Enclosed Mainnet: Launched in December 2021. Users who pass the Know Your Customer (KYC) process can transfer their coins to a Pi Wallet, but they cannot be traded on exchanges or converted to real currency.
KYC and Controversy: The process requires uploading an ID card and taking a personal video, raising concerns about privacy and transparency. Its implementation has also been slow and not equally accessible to everyone.
Restricted Trading: As of June 2025, Pi is not listed on any recognized exchange and therefore has no official market value. It can only be traded on the "internal market" for goods and services between verified users.
Exaggerated predictions: Some users claim that Pi could be worth as much as $314,159 per coin, based on a symbolic value derived from the mathematical constant (π). However, these estimates are not based on real economic data.
Main criticisms:
The “click to mine” model is viewed as simply a way to attract users without generating real value.
The delay in moving to the open network raised doubts about the seriousness of the project.
Accusations of excessive centralization and excessive control by the founding team.
Concerns that the model resembles pyramid schemes or Ponzi schemes, where the user is rewarded for bringing in new users rather than for added value.
Lack of transparency regarding technical status and future development stages.
🔮 Third: The Future - Opportunities and Challenges
Transitioning to the open mainnet is the project's ultimate goal. After this transition, Pi will be freely traded and used on cryptocurrency exchanges, giving it real potential value.
Building an Ecosystem: The Pi team is working to develop decentralized applications (dApps) that enable the currency to be used in everyday life. Notable efforts include:
Pi Browser for browsing decentralized applications.
PiChain Mall as an in-store shopping platform.
Community apps that allow buying and selling of goods for Pi.
Integration and Partnerships: The network aims to collaborate with e-commerce, e-payment, and service companies to expand the use of the currency.
Price forecast:
Short-term forecast: $0.46 – $0.67.
Long-term forecast (by 2030): Could reach $500-$1000 if successfully incorporated and adopted.
Note: These estimates are not guaranteed and depend on many factors, including supply, demand, regulation, and technology.
Future challenges:
Listing on exchanges: requires liquidity, data transparency, and legal compliance.
Price Volatility: As with most new coins, significant price volatility is expected upon listing.
Building real-world uses: The currency's survival depends on creating useful applications beyond mere trading.
Competition: Pi faces challenges from strong currencies like Ethereum and Solana that have integrated ecosystems.
Oversight and regulation: Changing legislation in some countries may hinder the project's progress.
🧭 Conclusion: A project between hope and caution
Pi Network represents an exciting attempt to engage the wider public with the world of cryptocurrencies in a simple and straightforward way. However, it faces numerous challenges in proving its economic viability and the credibility of its model.
On the one hand, it has a huge user base and widespread popularity.
On the other hand, the project currently lacks transparency, real use, and tradable value.
The future success of Pi will depend on:
✔ Open the network for external trading.
✔ Create useful practical applications within the ecosystem.
✔ Gain the trust of society, customers and institutions.
✔ Compliance with international legal systems.
$pi