Key Concepts
- Pi Network pioneered mobile mining applications. Since 2019, users can mine PI coins with a single daily tap on their smartphones, making it one of the world’s most popular crypto-mining platforms.
- PI tokens facilitate global local commerce, accepted by merchants for goods and services.
- Beyond app-level utility, Pi Network converts collective resources (e.g., network attention, node CPU power) into platform-level value.
What Is Pi Network?
PI is the native currency of Pi Network, a smartphone-based crypto-mining platform. It simplifies crypto adoption by enabling mining via mobile devices instead of traditional hardware.
Core Features:
- Stellar Consensus Protocol (SCP): Ensures trust via decentralized validation and “Security Circles” (trusted user groups).
- Integrated Social Media: Democratizes influence and creates an attention marketplace.
👉 Discover how Stellar Consensus works
How Pi Network Works
Consensus Mechanism:
- Uses Federated Byzantine Agreement (FBA) for energy-efficient validation, avoiding Proof of Work’s energy waste.
- Rewards users for network contributions via a meritocratic system.
PI Tokenomics and Price
Supply Breakdown:
- Total Supply: 100 billion PI.
- 80% to Community:
- 65% for mining rewards (past/future users).
- 10% for ecosystem development.
- 5% for liquidity pools.
- 20% to Core Team: Unlocked proportionally to community allocations.
Utility of PI Tokens
Local Commerce:
- Accepted globally for transactions. Over 21,000 businesses showcased PI payments in a December 2023 event.
App-Level Utility:
- Pi SDK: Lets developers build PI-based apps (70+ available) for e-commerce, gaming, education, and more.
- Example: KYC App processes 15M+ verifications, paid in PI.
Platform-Level Utility:
- Pi Ad Network: Advertisers buy PI to place ads; developers earn PI for ad views.
Founders and Roadmap
Founders:
- Dr. Chengdiao Fan (Product Lead) and Nicolas Kokkalis (Tech Lead), both Stanford alumni, launched Pi on March 14, 2019 (“Pi Day”).
Development Phases:
- Phase I (Beta): Launched March 2019 with initial whitepaper.
- Phase II (Testnet): Live since March 2020, testing decentralized nodes.
- Phase III (Enclosed Mainnet): Active since December 2021; KYC and migration ongoing.
- Phase IV (Open Mainnet): Expected by late 2024, enabling external blockchain connectivity.
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How to Start Mining PI
Step-by-Step Guide:
- Download the Pi Network app (iOS/Android).
- Tap the “Lightning” button daily to mine.
- Complete KYC via Pi Browser to migrate tokens to Mainnet.
- Trade PI on supported exchanges post-listing.
Community and Social Media
- 60M+ Users | 200K+ Testnet Nodes | 1M+ CPUs.
- Follow official Twitter and YouTube for updates.
- Engage via multilingual chats and Fireside content.
FAQs
1. Is Pi Network free to join?
Yes—mining requires only a smartphone and daily app engagement.
2. When will PI be listed on exchanges?
Post-Open Mainnet (expected late 2024), pending ecosystem readiness.
3. How does Pi Network avoid fake accounts?
KYC verification and “Security Circles” filter bots.
4. What’s PI’s long-term utility?
Expanding use cases in DeFi, NFTs, and cross-chain interoperability.
5. Can I mine PI without a smartphone?
No—mobile mining is core to Pi’s accessibility model.
6. How is Pi Network eco-friendly?
SCP/FBA consensus eliminates energy-intensive mining.
Pi Network merges accessibility with innovation, transforming everyday users into crypto pioneers. Stay updated via official channels for Open Mainnet milestones!