Preface

Pi Coin Network (PI) is a pioneering cryptocurrency project aimed at enabling ordinary people to easily use and mine digital currency. The project achieves a low-cost, low-threshold mining experience through a mobile application, breaking the traditional dependence of cryptocurrencies on expensive hardware devices.

What is the Pi Coin Network?

Pi Network (PI) is a new type of cryptocurrency designed to allow ordinary people to easily mine and participate in the crypto economy. Unlike traditional cryptocurrencies such as Bitcoin, Pi Network does not require expensive mining machines or high-energy-consuming devices. Users can easily ‘mine’ through a mobile application and participate in the Pi Network ecosystem.

Pi Network was launched on March 14, 2019 (π Day) by a team of scholars graduated from Stanford University. Its goal is to create a more accessible and decentralized digital currency. Through Pi Network, anyone can mine cryptocurrency without affecting the performance of their mobile phones and participate in the global blockchain economy.

Features and Advantages

The Pi Coin Network has attracted the attention of millions of users worldwide, mainly due to the following key features:

1. Mobile mining, no need for high-energy-consuming equipment

Traditional cryptocurrency mining (such as Bitcoin) requires high-performance computer equipment and a large amount of electricity resources, making it difficult for ordinary people to participate. In contrast, the Pi Coin Network uses an innovative ‘Consensus Algorithm,’ allowing users to mine simply by clicking on the application daily without consuming additional electricity, truly reducing the entry barrier.

2. Community-driven trust mechanism

The Pi Coin Network adopts the concept of ‘Trust Graph’ to ensure security and decentralization. Every user needs to join through invitation and establish trusted relationships. This mechanism not only enhances the security of the network, but also reduces the risk of malicious attacks.

3. No trading fees, low entry barrier

Traditional blockchain transactions usually require payment of transaction fees (Gas Fee). However, Pi Coin Network designs a feeless ecosystem, allowing users to easily transfer assets and promote the widespread adoption of digital currencies.

4. Scalable ecosystem

The Pi Coin Network is not just a cryptocurrency, it is also dedicated to building a complete decentralized application (DApp) ecosystem, where users can shop, pay, invest, etc. within the Pi Coin Network, further enhancing the utility and value of Pi coins.

Operating Principle

The Pi Coin Network has adopted a unique mining model that allows users to earn Pi coins through different roles:

1. Pioneer

• You can get Pi coins by logging into the Pi app daily.
• No additional computing power or energy consumption is required.

2. Contributor

• By inviting friends to join the Pi Network, you can establish a “trusted network” to increase mining speed.

3. Node

• By running the node software of the Pi Network, it provides blockchain validation functionality.
• Suitable for technical personnel and users with high computational resources.

This multi-level role design enables the Pi Coin Network to balance decentralization, ease of use, and efficient operation, ensuring its long-term stable development.

Token Economics

According to the official whitepaper of Pi coin, the supply of Pi coin is divided into two stages:

Phase One: Before the Mainnet Goes Live

• The mining rate halves as the user base grows, and the total supply is not explicitly limited until the mainnet goes live.

Phase II: After the mainnet goes live

• The maximum supply is 1,000 billion Pi, with 80% allocated to the community and 20% to the Pi core team, ensuring the long-term development and rewards of the community and ecosystem.

As of the deadline for (2025/2/12), Pi Coin is still in the closed testing network stage, and information such as the current total issuance and the distribution of coin holders is unknown.

Development history and future plans

The development of the Pi Coin Network can be divided into three stages:

Phase 1: Beta Testing (2019-2021)

• Pi Network launches invitation-based mining globally and builds user community.
• Design and test the distribution model of Pi coin to ensure fairness and sustainability.

Phase 2: Testnet (2021 - 2023)

• Pi Network starts running the testnet, simulating a real blockchain environment.
• Pi coin still cannot be traded on external exchanges to ensure network security.
• The application ecosystem is starting to develop, allowing users to conduct partial transactions and exchanges through Pi coin.

Phase 3: Mainnet (to be launched in 2024)

• Pi Network plans to launch a completely decentralized mainnet that allows Pi coins to be traded externally.
• The DApp ecosystem is further expanding, enabling Pi to be used in more areas such as payment, financial services, online shopping, etc.
• Ensure the liquidity of Pi coin and enhance its market value and utility.

Pi Coin Network officially announced that it will launch the mainnet in Q1 2025, with over 18 million users already verified through KYC, of which 8 million have completed the mainnet migration. To narrow the gap between users who have completed KYC and migration, the platform has adjusted the timeline for opening the network and set a migration target of 10 million users, expected to be achieved in 2025. Meanwhile, the mainnet already supports over 80 applications, which users can experience through the Pi browser, laying the foundation for the stability and interactivity of the open network. As a project that has not been launched since 2019, although the official plans and timelines have been announced, based on past cases, there may be delays in the mainnet launch. All progress and information are subject to official announcements.

Challenges and Opportunities

Despite having many advantages, the Pi Coin Network still faces some challenges:

1. Market Recognition and Liquidity

Currently, Pi coin has not been officially open for trading, which means its value has not been fully recognized by the market, but with the launch of the mainnet, this situation is expected to improve.

2. Regulatory and Legal Risks

Regulatory policies on cryptocurrencies are still evolving worldwide, and Pi Coin Network needs to ensure its compliance to avoid potential legal risks.

3. Development of the ecosystem

The value of Pi coin depends on the richness of its application scenarios, so the Pi Coin Network team needs to actively promote ecosystem construction to attract more developers and merchants to participate.

These challenges also bring opportunities. With the continuous development of the global cryptocurrency market, Pi Network is expected to become one of the most easily accessible cryptocurrencies, allowing billions of people worldwide to easily enter the blockchain economy.

Summary

As a pioneering cryptocurrency project, the Pi Coin Network provides an opportunity for ordinary people to participate in the crypto economy with low barriers and costs through its unique mobile mining model and community-driven trust mechanism. With its characteristics of no need for high-energy-consuming devices and no transaction fees, the Pi Coin Network has attracted millions of users worldwide. Through multi-level role design (such as miners, contributors, and nodes), the Pi Coin Network balances decentralization and usability, ensuring its long-term stable development. Despite facing challenges such as market recognition, regulatory risks, and ecosystem development, the future prospects of Pi Coin Network are still full of opportunities. With the upcoming mainnet launch and ecosystem development, Pi Coin Network is expected to become one of the most widely adopted cryptocurrencies globally, facilitating billions of people to easily enter the blockchain economy.