What is Pi Network (PI)?

Pi Network, one of the projects that has made a name for itself in the cryptocurrency world in recent years, manages to attract the attention of both beginners and experienced investors. Launched in 2019 by a team of Stanford University graduates, this project aims to make cryptocurrency mining accessible to everyone. While cryptocurrencies like Bitcoin and Ethereum require high processing power and expensive hardware to mine, Pi Network brings the process entirely to mobile devices, allowing users to mine Pi Coins using only their mobile phones.

This approach offers a huge advantage for individuals who do not have technical knowledge or do not want to invest in costly equipment. With millions of users mining through a mobile app, Pi Network is a game-changing model in crypto mining. This system, which aims to reach a wider user base by eliminating access barriers, brings the decentralization principle of cryptocurrencies closer to everyday life. Here's everything you need to know about Pi Coin...

Definition and Emergence of Pi Coin

Pi Network is a Web3 project developed by a team of Stanford University graduates and accessible via mobile devices. The main goal of the project is to eliminate the high hardware costs and complex technical requirements of traditional cryptocurrency mining. In this way, anyone with a smartphone can participate in crypto mining. Pi Network's starting point is to make the cryptocurrency world more inclusive and accessible.

Before moving on to Pi Coin, it is necessary to look at the question “What is Pi Network?”. Pi Network's technological infrastructure is based on a lighter and more efficient model called Proof of Consensus (PoC), rather than the Proof-of-Work (PoW) algorithm used in most traditional blockchains, which requires high processing power and energy consumption. In this system, transactions are verified by the network's users confirming each other as trustworthy. Thus, energy consumption is significantly reduced while maintaining decentralization. The network's consensus mechanism is based on the Stellar Consensus Protocol (SCP), which enables both fast and secure transaction confirmations. Thus, we have answered the question of what Pi Network is.

Pi Coin is closely associated with mining. In fact, mining is a kind of answer to the question of how Pi Coin works. The mining process is quite simple: Users enter the app once a day and click the button, both contributing to the network and earning Pi. In other words, users who mine from their phones in a few seconds on the one hand, contribute to the security of the system on the other. This method has been developed as an alternative to the processor power and energy dependency of traditional mining. If we look at an example “pioneer” account, the answer to the question of how Pi Coin works on the phone application, especially the “mining” process looks like this:

The team behind the project includes Dr. Nicolas Kokkalis (technology lead), Chengdiao Fan (product developer) and Vince McPhilip (community manager), who all hold PhDs from Stanford. The fact that they are all from Stanford University adds an element of trust to the project.

So, when did Pi Coin launch? In 2019, the project was officially launched on March 14, “Pi Day”, a day dedicated to the number Pi, and has since reached a rapidly growing user base. After the launch, the Pi Network team published a roadmap that transparently laid out the project's development process and goals. This roadmap aimed to move the network out of its internal economy and integrate it with the broader cryptocurrency market. The plans include allowing users to use their Pi tokens in decentralized applications (dApps), to use them as payment for various products and services outside the network, and eventually to be traded on cryptocurrency exchanges. In other words, Pi Network aims to go beyond just being a novel idea that can be mined from a phone, to a full-fledged Web3 world that works on its own over time and that users can actively interact with.

To understand how this vision has taken shape and how Pi Coin has evolved over time, let's take a closer look at the project's development process and key milestones.

Pi Coin's History - Key Milestones

Of course, it is no coincidence that Pi Network has reached a large user base in such a short time. As much as the technical infrastructure of the project, the strategic steps taken over time and the strong bond with the community are the most important factors behind this growth. Each new stage shows that Pi Coin is not just an idea, but the product of a vision built step by step. Let's take a closer look at the milestones this vision has passed - the history of the Pi Network.

2019: The start of the project

The Pi Network journey started in March 2019, on Pi Day, as we mentioned above. At that time, everything was very new, there wasn't even a centralized structure. The goal was to attract the first users and give the platform a boost. So they incentivized people to get involved by giving away some prizes.

2020-2022: Testnet and growth period

By 2020, things got a little more serious. The Testnet (test network) phase, which we can think of as a rehearsal of the Mainnet (main network), began. This period was very important for developers to recognize vulnerabilities and bugs in the system. Meanwhile, millions of users joined the system and started practicing through a digital currency called “Test-Pi”. This enabled Pi Network to reach a serious global user base. Subsequently, the Pi Coin whitepaper was published in December 2021.

Pi Network Mainnet migration and KYC process

The Mainnet migration, originally planned for late 2023 and then September 2024, finally took place in February 2025. With this transition, Pi Coin can now be traded on a real blockchain. So, according to some, Pi Coin's release date is around this time. Because the coins earned could be transferred to foreign exchanges. However, the identity verification (KYC) system that came into play with this process was challenging for some users. Some users said they lost their tokens, while others were stuck in the verification steps. Pi Network is still using its own KYC system.

2025 onwards: Open mainnet and new developments

With the launch of the Open Mainnet in February 2025, Pi coin started to be listed on some exchanges. Pi coin, which can be traded on platforms such as OKX, Bitget and CoinDCX, can now communicate with other networks. This paved the way for the coin to be used not only within the Pi ecosystem but also in the wider cryptocurrency market. As of April 2025, the start of the Pi Network, KYC process and mainnet migration are as follows:

Price forecasts, fluctuations and speculation

After Mainnet, there was a serious movement for the Pi Coin price. Pi coin rose rapidly on some exchanges, reaching as high as $2.98, but it also fell as low as $0.6. As of April 2025, the value of Pi Coin has fallen to around $0.56. The fact that it is not yet listed on giant exchanges such as Binance keeps the pressure on the price. Market speculation also moves prices. Although there are sometimes rapid rises in the Pi coin price with a piece of news, these movements are usually short-lived.

Since the support of big players like Binance has not yet been received, prices are not fully settled. After the launch, there were drops of up to 80%. Although Binance is listed on many famous cryptocurrency exchanges, the lack of access to Binance's reach causes a lack of visibility and trust. Speculation often revolves around Mainnet developments and news of possible new exchange listings.

The Pi Core Team is trying to be more transparent and comply with regulations, but efforts to gain the trust of major exchanges have so far failed. This brings uncertainties in terms of both market capitalization and liquidity. Problems with the Pi Coin KYC process and access to tokens also continue to frustrate users.

Pi Network has a huge user community of tens of millions of people behind it. This audience creates serious potential, especially in mobile-focused projects. Yet the system is still fragile; inflationary pressures, KYC issues and general uncertainty are the main challenges for the project. If Pi coin succeeds in establishing an internal economy where users can earn and spend coins among themselves, the need for major exchange support may diminish somewhat. Otherwise, without visibility and high liquidity, the project's sustainability may be questionable.

Why is Pi Coin valuable?

The reason why Pi is so talked about is not only the “earning coins by clicking on your phone” event. There is actually a huge user network behind this business. So the system is both easy and supported by a huge community. While attracting attention as an energy-friendly cryptocurrency, things are getting bigger with the active contribution of the community. Projects where technology and community power are intertwined like this are rare in the industry. This is exactly what makes Pi so valuable: Technological infrastructure and user engagement are the strongest factors that set the project apart.

Energy efficiency and user-friendly mining model

One of the most striking features of Pi Network is the energy efficiency and user-friendliness of its mobile mining model. Instead of the expensive and energy-consuming hardware used in traditional mining, users can earn Pi coins by simply downloading an app on their phone and clicking a button once a day. In this way, Pi coin stands out as an energy-friendly cryptocurrency. In addition, Pi Network's Stellar Consensus Protocol (SCP) mechanism ensures lower energy consumption.

The global Pi Network community is growing

Pi Network has a large and active user community. This community plays a big role in determining the value of the project. The market and economy created by millions of users enables Pi coin to gain value. Especially thanks to mobile-oriented solutions, as the number of Pi Coin global users increases, the cryptocurrency becomes more valuable.

There are different roles in the Pi Network ecosystem. These roles are critical to the healthy functioning of Pi Network and the strengthening of the community. So each role is organized to help the network run smoothly:

• Pioneer: The main user role who earns Pi tokens by clicking on the mobile app.
• Contributor: Increasing the security of the network by establishing security circles of trusted members and verifying the network.
• Ambassador: Contributing to the growth of the network by inviting new users and earning rewards in the process.
• Node Operator: To verify transactions by running verification software on computer systems.

What does Pi Coin do?

As for the question “What does Pi coin do?”, Pi Network is building a Web3 ecosystem that will make it possible to develop and use decentralized applications (dApps). It supports the token economy with its own wallet and KYC system. Thanks to this infrastructure, Pi coin will be able to turn into a cryptocurrency that can be used to exchange goods and services, which has great potential for the future of the coin.

With the Mainnet launch, users started to transfer Pi coins to external blockchains and can trade on various exchanges. At the same time, the presence of node operators on the network shows that the network is moving towards decentralization. However, there are still some shortcomings and issues such as the ongoing KYC process may raise questions about the project's market capitalization and future.

Who is the Founder of Pi Coin?

As mentioned above, Pi Coin, like many cryptocurrency projects, is led by teams with a strong academic background. Dr. Nicolas Kokkalis, one of the founders of the project, and his team have in-depth knowledge and experience in both technology and social sciences. Let's take a closer look at the background of these team members and how Pi Network came to be.

Academic background of Dr. Nicolas Kokkalis and the team

One of the most prominent founders of Pi Network is Dr. Nicolas Kokkalis. He holds a PhD in computer science from Stanford University and began teaching decentralized applications at Stanford in 2018. Specializing in distributed systems and human-computer interaction, Kokkalis has long believed in the potential of cryptocurrencies. Dr. Chengdiao Fan holds a PhD in anthropological sciences from Stanford and specializes in social computing. Vince McPhilip studied political science at Yale University. This academic background is very important for the community.

A Stanford-based crypto project

When answering the question “Who is the founder of Pi Coin?”, it is impossible not to mention Stanford. The team is made up of people from Stanford University, making Pi Network a Stanford crypto project. This academic background not only gives the project respectability, but also a strong technological foundation. Innovative perspectives and goals are also heavily influenced by this infrastructure.

Transparent development process and communication with the community

Pi Core Team is trying to value feedback from the community throughout the development process. While they aim to be transparent about the token economy, development steps, and the future of the project, some critics say more disclosure is needed. Nevertheless, the team continues to regularly engage with the community and share plans for the future of the project.

Interest in Pi Network is growing. Many experts believe that Pi could play an innovative role in the crypto world. However, this success will depend on the viability of the Mainnet and the adoption of the Pi concept. In the long run, the ability of projects to deliver on their promises depends on how well the vision and execution align. In this context, the value of Pi Coin and the future of Pi Coin are likely to be shaped by important factors such as the KYC process, the transparency of the token economy and the support of major exchanges.

Frequently Asked Questions (FAQ)

This next section is for those who want to learn more about Pi Coin. Some frequently asked questions below can help you better understand both the key features and its future potential. Here are the most frequently asked questions and brief answers to this new project:

• What is Pi Coin and how does it work? Pi Coin is a cryptocurrency offered by Pi Network that can be mined with mobile devices. Users can earn coins by using and interacting with the app on a daily basis. No hardware is required to mine; just your phone.
• Who founded Pi Coin? The team behind Pi Coin includes Dr. Nicolas Kokkalis, Dr. Chengdiao Fan and Vince McPhilip from Stanford University.
• How to mine with Pi Coin: You download the Pi Network app on your phone and once a day you can start mining by clicking the button in the app. You earn coins by doing this on a regular basis.
• When is Pi Coin going to open mainnet: As of 2025, the question of when Pi coin was released has been replaced by mainnet questions. Pi Coin switched to the open mainnet in February 2025. On this date, the coin started trading on its real blockchain and was listed on more exchanges.
• What Pi Coin does and why it might be valuable: Pi Coin enables energy-efficient mining with mobile devices and has a large user base. It also has the potential to create a Web3 ecosystem with a value that can be used to exchange goods and services in the future.
• How much will Pi Coin cost? The price will depend on market conditions, exchange listings and user demand. It is currently traded on some exchanges, but not yet on major exchanges. So, the future of Pi Coin is a bit uncertain, but the potential is high.

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