Pi Network

Pi Network has an application that allows users to access and grow their Pi holdings, which are earned cryptocurrency tokens called Pi. The digital currency project aims to allow access to crypto mining for everyday users. It lets users mine coins with its mobile phone app, which is available to download for phones using Android and iOS.

On March 14, 2019 (Pi Day), the project was launched with the Pi mining app. Advertisements began financing the project in May 2020. On December 29, 2021, its Pi-enclosed mainnet was launched.

Pi Network operates using an algorithm based on the Stellar Consensus Protocol. This allows participant nodes to form small groups of trusted participants so they can approve transactions on the shared ledger. Participants can also earn benefits and rewards for participating in the network.

In addition to the participants who operate nodes, there are members of the network who contribute to it, such as ambassadors who distribute their referral code to onboard trusted new users, contributors who provide lists of possible new participants in the network, and "pioneers" who mine Pi from their mobile devices.

The Pi coin, PI, is the cryptocurrency operating on the Pi network, and it powers the Pi blockchain. All network transactions are charged and paid with it. Development teams utilizing the smart contract network must be holders of Pi tokens to use the network’s resources.

In December 2022, a synthetic version of PI was listed on several exchanges, including Huobi and XT.com. Pi Network made a statement explaining they do not endorse any PI on any exchange and that the project is not yet in that phase. As of April 2023, the coin has not been officially launched on any exchange.

Introduction to Pi