Pi Network is a cryptocurrency project that aims to make cryptocurrency mining accessible to everyone. It is a mobile-based cryptocurrency that uses a system called "consensus as a service" to verify transactions. This means that users do not need to have any specialized hardware or knowledge to mine Pi. Thanks to the Stellar Consensus Protocol (SCP), the Pi Network is very efficient, and its nodes can be run on low-powered hardware, such as smartphones.
Here’s a quick overview of key facts about Pi Network and its core blockchain features:
- Pi Network is a mobile-based cryptocurrency that allows users to mine PI coins on their smartphone
- It uses a system called the Stellar Consensus Protocol (SCP), which is a very energy-efficient way to reach a consensus about the state of the public ledger
- There are five different roles in the Pi ecosystem, allowing users to earn PI rewards at different rates
- The network is currently in the “Closed Network Period”, which means that the mainnet runs behind a firewall that prohibits external connectivity
- Eventually, the mainnet will be opened, and the platform will transition to the “Open Network Period”, which will allow external connectivity
- There is currently no way to trade “real” PI coins, although some exchanges do list Pi Network IOUs (the PI coin is expected to get listed post the open mainnet launch)
What is Pi Network and how does it work?
Pi Network is a blockchain platform that includes several products and services, including a mobile application for Android and iOS devices, block explorer, PI browser, Fireside forum, and more. To mine Pi, users simply need to download the Pi Network app and create an account. They can then start mining Pi by pressing a button on the app once every 24 hours. The more people who mine Pi, the faster the mining rate will increase.
Here’s a brief overview of Pi Network’s core features:
- Pi Network App: Allows users to access and grow their Pi holdings and serves as a wallet to host their digital assets.
- Pi Blockchain: The blockchain that allows the execution of transactions on the Pi Network. There are currently a testnet and a (closed) mainnet versions.
- Pi BlockExplorer: A service that allows users to see transactions on the Pi testnet and mainnet, as well as mining rewards.
- Chat: The place where community members can share their thoughts and ideas about the Pi Network.
Users of the Pi Network are assigned one of five roles, which include Pioneer ( reserved for those just getting started with the Pi Network ecosystem, allowing them to earn Pi just by opening the app periodically), Contributor (mine at a higher rate and add other members to your security circle), Ambassador (rewards users who are growing the network by inviting new users to the platform), Node (grants the ability to run the decentralized blockchain) and Node Ambassador (reserved for those who invite new developers to build apps on the network).
Creation of Pi Network
Pi Network was founded in 2018 by two Stanford graduates. The project started with the launch of a mobile app for iOS devices.
The two co-founders of the Pi Network – Head of Technology Nicolas Kokkalis and Head of Product Chengdiao Fan – launched the Pi Network in 2019. This was also the year when the original Pi whitepaper was published, outlining the project’s goals, tokenomics, and other aspects of the network.
The launch of the Pi testnet in 2020 marked the beginning of the second phase. During the second phase, the team rolled out several utilities, including wallet, browser, and developer tools. The third and final phase of started in December 2021 with the launch of the Pi mainnet.
The Pi Mainnet is currently in the “Closed Network” state, running behind a firewall that prevents external connectivity. Eventually, when enough data is collected, a sufficient number of users complete their KYC, and devs optimize their apps for the open mainnet, the firewall will be lifted, and the Pi Network will transition to the so-called “Open Network Period.” During this period, the mainnet will have external connectivity to other chains, and it is widely expected that PI coins will get listed during this time as well. It is worth noting that there is no information available regarding the exact timeline for the open network launch, although a detailed roadmap is expected to provide more insight on the matter.
Pi Network is still in development, and it is not yet available to trade on exchanges. However, the project has a large and growing community, and there is some potential for Pi to be worth something in the future. It is worth mentioning that the slow pace of development has sparked some controversy among some members of the community, who question whether Pi Network is legit or a scam.
Pi Network Price History
The network’s native coin, called Pi Network (or PI for short), is a reward asset in the Pi ecosystem. Users can mine it freely, and it is assumed that the coin will be traded on major exchanges in the future.
For the time being, the only way to gain exposure to the Pi Network (PI) price is by trading PI IOUs on exchanges that support it. While these are not real PI coins, they do provide insight into PI’s price potential.
Here’s what the historical PI price data tells us about key milestones in the coin’s IOU’s price history:
- $40 - The PI coin started changing hands at $40 shortly after PI IOU listing in December 2022
- $50 - The price of Pi Network reached $50 on the listing day
- $300 - Pi Coin’s price surged to $300 a day after IOUs were launched on the Huobi Global exchange
For a glimpse into PI’s potential future price movements in addition to the Pi Network live price, you can follow our algorithmically generated Pi Network price predictions that take into account PI’s current price and a number of market indicators, including Fear & Greed Index, market sentiment, overall volatility, and more. You can also check the up-to-date market rate of 1 PI to USD via our handy crypto-to-fiat and crypto-to-crypto conversion feature.
The most important Pi Network milestones
Following the initial idea presented in the 2018 whitepaper and the (closed) mainnet’s subsequent launch in 2021, Pi Network has reached several notable milestones. Here’s a quick look at Pi Network’s eventful past:
- December 2018 - Pi Network is founded by Stanford graduates Nicolas Kokkalis and Chengdiao Fan
- December 2018 - The launch of the Pi Network app for iOS
- March 2019 - Pi Network launched on March 14, 2019 (Pi Day)
- March 2020 - The launch of the Pi testnet
- December 2021 - The closed version of the Pi mainnet goes live
- December 2022 - Huobi lists Pi Network IOUs, which reach $300 per IOU on the second trading day
