#Pi Network, a cryptocurrency project, was launched on March 14, 2019, also known as Pi Day, by a team of Stanford PhDs. The project aimed to create a cryptocurrency that could be mined on mobile devices without excessive battery drain or the need for specialized hardware. The project has seen significant user growth, reaching millions of subscribers by 2022, but has also faced scrutiny due to its extended testnet phase and lack of publicly traded coins.
Here's a more detailed look at the Pi Network's history:
Founding and Launch:
Pi Network was founded by Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, and Vincent McPhillip, all Stanford PhDs. The project launched its mobile mining app on Pi Day, March 14, 2019.
Mobile Mining Focus:
The core idea behind Pi Network was to allow users to mine the cryptocurrency using their smartphones, making it accessible to a wider audience without the need for expensive equipment or high energy consumption.
Rapid User Growth:
The project experienced rapid user growth, reaching over a million subscribers by the end of 2019 and exceeding 33 million by March 2022.
Halving:
Like many other cryptocurrencies, Pi Network implemented halving, where the mining rate was reduced by half after reaching certain user milestones.
Testnet and Mainnet:
Pi Network has been in a testnet phase for a significant period, and its open mainnet, which allows for real-world transactions and price discovery, launched on February 20, 2025.
Controversies and Scrutiny:
Despite its popularity, Pi Network has faced criticism due to the lack of a publicly tradable coin and the extended testnet period.
Recent Developments:
Pi Network's open mainnet launch in February 2025 marked a significant step, enabling real-world transactions and the potential for official price discovery.
Price Fluctuations:
Following the mainnet launch, Pi coin saw initial price surges on decentralized exchanges and over-the-counter platforms, but also experienced a subsequent price decline.
Future Outlook:
Pi Network's future hinges on its ability to deliver on its promises, including successful mainnet implementation, real-world use cases, and sustained community engagement. #PiCoreTeam #Pioneers👫great
