Pi network Project

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 70 million users worldwide.
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.
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.
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.
Founders
Pi Network was founded by:
* Nicolas Kokkalis, Ph.D. in computer science from Stanford University, specializing in decentralized applications and social computing.
* Chengdiao Fan, Ph.D. in computational anthropology from Stanford University, focusing on social computing and human-computer interaction.
* 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 Environment"
* 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.<ref name="OpenMagazinePi" />

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