What is Pi Network (PI)?

What is Pi Network (PI)?

Pi Network (PI) is a cryptocurrency project aimed at allowing users to mine digital coins (Pi tokens) directly from their smartphones, making it one of the easiest ways to get started with mining. Unlike Bitcoin and other major cryptocurrencies, which require expensive hardware and a lot of energy to mine, Pi Network claims that users can mine its coin, Pi (π), simply by using their smartphones. This “mobile mining” concept is one of the key features that sets Pi apart from other blockchain projects.

Who Created Pi Network (PI)?

Pi Network was co-founded by Dr. Nicolas Kokkalis and Dr. Chengdiao Fan, both of whom are Stanford graduates. Dr. Kokkalis holds a PhD in Computer Science, and Dr. Fan holds a PhD in Computational Biology.

What VCs Back Pi Network (PI)?

The team has not disclosed the names of the venture capital firms or investors that back Pi Network.

How Pi Network (PI) Works

The Pi Network operates on a mobile-first platform, where users can earn Pi coins by simply downloading an app and pressing a button once every 24 hours. This daily action is what is referred to as "mining," but it’s important to note that this mining process doesn’t use traditional proof-of-work (PoW) algorithms like Bitcoin. Instead, Pi Network uses a unique consensus algorithm called the "Proof of Consensus" (PoC) model, which is designed to be energy-efficient and mobile-friendly.

Here’s how it works in simple terms:

Mining Process: Users download the Pi Network app, sign up, and start “mining” by tapping a button once every 24 hours. This action supposedly helps secure the network and validate transactions.

KYC Verification: As users accumulate Pi coins, they are required to undergo Know Your Customer (KYC) verification. This process involves submitting personal data such as a passport photo and selfie to confirm their identity.

Mainnet Launch and Migration: Pi Network has been working on transitioning to its mainnet, where users will be able to transfer and trade their Pi coins. However, the launch has been delayed several times, and as of now, the mainnet is expected to go live in 2025.

Pi Network positions itself as a “people’s cryptocurrency.” One of its main selling points is that anyone, regardless of technical expertise or financial resources, can participate in its ecosystem. By allowing users to mine cryptocurrency using only their smartphones, Pi aims to democratize access to the world of digital currencies.

Moreover, Pi Network’s app allows users to earn coins passively, without the need for expensive mining rigs. Unlike Bitcoin, which uses a proof-of-work system that requires vast amounts of computational power and energy, Pi’s mobile mining is designed to use minimal resources. This feature makes Pi more accessible to a larger group of people, including those in developing countries where access to mining hardware and electricity might be limited.

While its user-friendly approach and growing community have gained attention, concerns about its transparency, delayed development, and reliance on ads have led to cautious skepticism.

PI Goes Live on Bitget

Pi Network has garnered millions of users and created significant buzz in the cryptocurrency world. Its promise of easy-to-mine digital currency accessible to anyone with a smartphone is appealing, especially to those without the resources to mine more traditional cryptocurrencies like Bitcoin.

While Pi Network may have potential as a user-friendly blockchain project, it remains to be seen whether it will overcome the skepticism and criticism surrounding its development. For now, as always, anyone interested in participating in new cryptocurrency ventures should conduct thorough research and be aware of the risks involved.

How to Trade PI on Bitget

Listing time: February 20, 2025

Step 1: Go to PIUSDT spot trading page

Step 2: Enter the amount and the type of order, then click Buy/Sell

Trade PI on Bitget now!

Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading guidance. Qualified professionals should be consulted prior to making financial decisions.