Preface

As a cryptocurrency project designed specifically for the general public, Pi Network allows users to mine through their phones, significantly reducing the barrier to entry for users. Since its launch in 2019, the project has attracted millions of users worldwide. However, controversies surrounding Pi Network have never ceased, especially issues such as the delay in the launch of its mainnet and the lack of clear application scenarios, which have led to widespread skepticism.

Advantages of Pi Network

1. Low-threshold mining method

Traditional cryptocurrency mining (such as Bitcoin) requires high-performance computer equipment and a large amount of electricity, which is costly. Pi Network adopts a mobile mining mode, where users only need to open the app daily and click once to continue mining, allowing more people to easily participate in the cryptocurrency ecosystem.

2. No need for money investment, low risk

Pi Network does not require users to pay any fees to participate in mining. Compared to the ways that require investing in expensive equipment or buying cryptocurrencies, participating in Pi Network has almost no financial risk. For users who want to try cryptocurrencies but are unwilling to take high risks, Pi Network is a relatively good choice.

3. Vast global community

Since its launch, Pi Network has accumulated more than 45 million users and has strong community support. This extensive community base helps Pi Network drive more real-world applications in the future and increase the liquidity of Pi coins.

4. The technology and team behind

Pi Network was founded by a team of Stanford University PhDs and utilizes the Stellar Consensus Protocol (SCP) to ensure the security and scalability of the network. This technology not only improves transaction speed but also reduces energy consumption, making Pi Network more sustainable.

5. Mainnet Launch and Exchange Listing

After multiple delays, Pi Network officially launched its mainnet on February 20, 2025, and simultaneously listed on exchanges such as Gate.io. According to Gate.io trading data, the price of Pi coin once soared to $2.888, but later fluctuated sharply. As of the deadline, it was oscillating in the $1.6 range, showing a high level of market attention to Pi coin.

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The shortcomings of Pi Network

Mainnet launch delayed multiple times, affecting reputation

Pi Network originally planned to launch its mainnet in 2022, but it has been delayed multiple times until 2025 before it was officially launched. The long delays have raised doubts about its credibility among many early participants and have affected the market’s trust in it.

2. Lack of transparency in the mining mechanism

Although Pi Network claims to adopt the Stellar Consensus Protocol (SCP), its actual mining mechanism still lacks transparency, especially in terms of ensuring the credibility of the Security Circle and calculating mining rewards. The official has not yet provided detailed technical explanations, leading to doubts about its technical reliability.

3. Privacy Risks of KYC Real-Name Authentication

Pi Network requires users to complete KYC (identity verification) before using Pi coins for transactions. Due to the limited transparency of data processing in this project, users are concerned that their personal information may be misused or leaked.

4. The application scenarios are limited, and the value of Pi coin is still unstable.

Although Pi coin has been listed on exchanges such as Gate.io, its actual application scenarios are still very limited. Pi coin is mainly used for internal payments or peer-to-peer transactions within the Pi Network and has not been widely accepted by mainstream merchants. The value of Pi coin still highly depends on market speculation, leading to significant price fluctuations in the short term.

5. May involve pyramid selling

Pi Network adopts an invitation system, encouraging users to invite new users to increase mining speed. Some critics consider this model similar to pyramid schemes, and if the growth of new users slows down, the mining rewards of Pi coins may gradually decrease, affecting participants’ enthusiasm.

The Future Prospects of Pi Network

Although Pi Network still faces many challenges, its large community base and technological development still provide potential opportunities for its future development. Here are some possible directions for development:

• Expand application scenarios: Pi Network needs to establish more practical application scenarios, such as e-commerce payments, DeFi applications, NFT markets, to enhance the actual value of Pi coin.
• Enhancing transparency and trust: Pi Network should make its technical details, mining reward mechanism, and establish a stronger regulatory mechanism public to enhance market trust.
• Speed up the KYC verification process: Many users are unable to trade due to KYC verification. In the future, Pi Network needs to optimize the verification process so that more users can use Pi coins.
• Driving more exchanges to list: If Pi coin can be listed on more mainstream exchanges, it will help increase its liquidity and market value.

Summary

Through the innovative model of mobile mining, Pi Network allows more ordinary people to access the cryptocurrency market. Its advantages include low entry barriers, no need for financial investment, and a large community base. However, it also faces challenges such as mainnet launch delays, lack of transparency, and limited application scenarios. For users who want to try cryptocurrency at zero cost, Pi Network is still a project worth paying attention to. For users looking for stable returns or long-term investments, the value of Pi currency is still uncertain, so it is advisable to remain cautious, evaluate risks carefully.