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Pi network Project

Pi Network
Official logo
Development
Original author(s)Nicolas Kokkalis, Chengdiao Fan, Vince McPhillip
Code repositoryOfficial GitHub
Development statusActive (Enclosed mainnet phase)
Developer(s)Pi Community Company
Website
Websiteminepi.com



Pi Network is a digital currency and decentralized finance project that aims to make cryptocurrency mining accessible via mobile devices. Developed by a group of Stanford graduates, Pi Network allows users to "mine" or validate transactions on their smartphones through a mobile application. The project launched on Pi Day (March 14) in 2019, symbolizing the mathematical constant π (3.14). As of January 2025, Pi Network has over 65 million users worldwide.[1]

Pi Network's energy-efficient approach to cryptocurrency mining has been highlighted in comparative studies, such as the one by Miguel Arcos-Argudo, which contrasts ecological and economic methods of cryptocurrency mining. The study underscores Pi Network's mobile-friendly design as a key innovation in reducing energy consumption compared to traditional mining methods.[2]

History

Pi Network was conceived in late 2018 by a team of Stanford PhDs as a response to the high computational barriers and energy consumption associated with major cryptocurrencies like Bitcoin. The founders released the first version of the Pi Network mobile application on 14 March 2019 (Pi Day). Its user base grew through a referral system where existing members invite new users to join and increase both parties’ mining rate.[3]

During its early development stages (the "beta" phase), Pi Network focused on building a community rather than allowing external transactions. In late 2021, the project entered its "Enclosed Mainnet" phase, where Pi transfers are possible within the Pi ecosystem, but external wallet transfers remain restricted.[4]

Founders

Pi Network was founded by:

  • Nicolas Kokkalis, Ph.D. in computer science from Stanford University, specializing in decentralized applications and social computing.[5]
  • Chengdiao Fan, Ph.D. in computational anthropology from Stanford University, focusing on social computing and human-computer interaction.[4]
  • Vince McPhillip (initial team member; no longer with the core team), M.B.A. from Stanford, with a background in education and social impact.

Technology

Pi Network employs a consensus algorithm known as the Stellar Consensus Protocol (SCP), adapted for mobile devices. The project's goal is to validate transactions securely while minimizing the energy consumption typical of Proof-of-Work (PoW) systems. The Pi application uses a trust graph concept, where users validate one another’s identity and build security circles, which helps secure the network.[1]

Enclosed Mainnet

In December 2021, Pi Network launched its Enclosed Mainnet, restricting Pi transactions to a closed ecosystem of approved apps and platform services. This step was introduced to allow continued testing and to perform Know Your Customer (KYC) verifications before opening the mainnet to external networks.[1]

Latest News

  • In early 2023, Pi Network announced improvements to its KYC process, enabling more users to verify their identities via an in-app process.[6]
  • On Pi2Day (July 28th) Pi Core Team announced the plan to enter Open Network, as soon as several conditions were met:

1. Finish any internal Open Network preparations in technology, product, business and legal.

2. Meet the following Mainnet Metrics: 15 million Pioneers KYC’d, 10 million Mainnet migrations and 100 Mainnet-Ready-Apps.

3. Absence of an: “Unfavorable External Enviroment”

  • The Pi Network development team has continued to expand its ecosystem by partnering with small businesses and community developers to allow transactions in Pi for digital goods and services in the enclosed environment.
  • As of 2025, the Pi core team has not announced a specific date to open external wallet transfers on the mainnet, citing the importance of community maturity and regulatory compliance.

Criticisms and reception

Some critics argue that Pi Network’s model relies heavily on social referrals and marketing, raising concerns about potential pyramid-scheme structures. However, supporters claim that Pi Network’s approach to growth helps create a large user community before the cryptocurrency becomes tradable on external exchanges.[3]

See also

References

  1. ^ a b c "When is Pi Network's Expected Launch Date?". Techopedia. 4 January 2025. Retrieved 11 January 2025.
  2. ^ Miguel Arcos-Argudo (2024). "Comparative Study Between Ecological and Economic Methods of Cryptocurrency Mining". In Carlos Montenegro; Álvaro Rocha; Juan Manuel Cueva Lovelle (eds.). Management, Tourism and Smart Technologies: ICMTT 2023 Volume 1. Springer Nature. p. 3. ISBN 978-3-031-44131-8.
  3. ^ a b "Life of Pi". Open Magazine. 16 September 2022. Retrieved 11 January 2025.
  4. ^ a b "How to Buy Pi Coins in India". Forbes India. 30 August 2023. Retrieved 11 January 2025.
  5. ^ "Famous Biography of Dr. Nicolas Kokkalis". The Digital Biography. 15 June 2023. Retrieved 11 January 2025.
  6. ^ "What Is Pi Network?". Forbes. 10 May 2023. Retrieved 11 January 2025.
Quelle: http://en.wikipedia.org/wiki/Pi_network_Project