What is Pi Network?

Pi Network is a Blockchain project that allows users to mine PI tokens directly on their mobile devices, eliminating the need for complex and expensive mining hardware. Developed since 2019 by a team from Stanford University, the project aims to make crypto more accessible to everyone.

Instead of using the Proof of Work (PoW) mechanism like Bitcoin, Pi Network applies the Stellar Consensus Protocol (SCP), which saves energy while still ensuring security. With over 60 million users and more than 19 million KYC-verified accounts, Pi Network is building a decentralized ecosystem where PI tokens can be used for real-world transactions.

Highlights of Pi Network

• Easy mobile mining: Just open the Pi Network app, click the "lightning" button daily to mine PI, without consuming much resources or battery.
• SCP consensus mechanism: Instead of using computational power like PoW, Pi Network verifies transactions through a Trust Circle, ensuring security and transparency.
• Strong community: The project has attracted tens of millions of users globally, especially with strong growth in Asian countries like Vietnam.
• Developing ecosystem: Pi Network aims to build dApps, a marketplace, and enable the use of PI tokens for real-world transactions.
• Security and KYC: To ensure users are real people, Pi Network implements a KYC verification process before allowing PI withdrawals.

Pi Network Mining Model

Pi Network operates on the principle of a Trust Circle, where users need to invite 3-5 trusted members to verify transactions. This model helps eliminate bots and ensures only genuine users can mine PI.

Halving Mechanism: The mining rate will gradually decrease as the network reaches certain user milestones, helping to control the PI supply and create long-term value.

Ways to Earn Pi

1. Pioneer – Regular users, open the app daily to mine PI.
2. Contributor – Provide a Trust Circle, increase the mining rate.
3. Ambassador – Invite friends to join, earn additional mining rewards.
4. Node Operator – Run a Pi node on a computer to support the network.

Tokenomics & Utilities of PI Token

• Ticker: $PI
• Blockchain: Pi Network
• Max Supply: 100 billion PI
• Current Circulating Supply: ~9.2 billion PI
• Mining: Through the mobile app, no specialized mining hardware required.
• Utilities:
  • Payments and Transactions: Use PI to buy goods and services on the Pi Marketplace.
  • Staking and Rewards: Hold PI to participate in governance and network security.
  • dApps and GameFi: PI can be integrated into applications on the Pi ecosystem.
  • Governance: PI holders have voting rights on important decisions in the ecosystem.

Pi Network Development Roadmap

Phase 1 – Inception (2019-2020)

• Launch the mobile app, attract the first millions of users.
• Start building the Pi Network community.

Phase 2 – Testnet (2020-2022)

• Deploy the Testnet system to test features.
• Implement KYC verification for users.
• Improve the security algorithm and prepare for Mainnet.

Phase 3 – Mainnet (From 2023)

• Closed Mainnet: Users can transfer PI between Pi Network wallets, but not trade on exchanges.
• Open Mainnet (Estimated 20/02/2025): Allow PI to be listed on major exchanges like OKX, HTX, BitMart, CoinW.

Where is Pi Network Listed?

After 6 years of development, Pi Network will be listed on multiple major exchanges:

OKX

• Deposit: 12/02/2025
• Spot Trading PI/USDT: 20/02/2025
• Withdrawal: 21/02/2025

Other exchanges: HTX, BitMart, CoinW have also confirmed support for PI trading after the Open Mainnet.

Risks & Notices when participating in Pi Network

• Pi Network has not publicly released the source code: This raises many debates about transparency.
• PI has no real value yet: Before listing, PI can only be traded internally within the ecosystem.
• Over-the-counter trading has legal risks: Some countries have not yet recognized PI as a legal asset.

Advice: Users need to be cautious about unofficial Pi transactions and should only participate through the project's official channels.

Pi Network Development Team

• Nicolas Kokkalis - Founder and Head of Technology.
• Chengdiao Fan - Head of Product.
• Vincent McPhillip - Head of Community.

All three members are from Stanford University, with experience in Blockchain, AI, and community building.

Conclusion

Pi Network has created one of the largest decentralized crypto communities, with millions of users worldwide. The project is getting closer to the Open Mainnet phase, opening up the potential for official trading of PI tokens on major exchanges.