About
Pi Network is a social cryptocurrency and developer platform that allows mobile users to mine PI coins without draining device battery or harming the environment. Launched by a team of Stanford graduates, the project aims to build the world’s most inclusive peer-to-peer marketplace, fueled by PI, the world’s most widely used cryptocurrency. The project addresses the high barrier to entry and technical complexity of traditional mining by shifting the focus to a mobile-first, user-centric model that rewards participation based on social trust rather than raw computational power.
The network operates as a Layer 1 blockchain built on a fork of the Stellar Consensus Protocol (SCP). Unlike the energy-intensive Proof of Work used by Bitcoin, Pi’s consensus mechanism utilizes a Federated Byzantine Agreement (FBA) system. In this model, individual users contribute to the security of the network by forming "Security Circles" groups of three to five trusted people they know personally. These overlapping trust circles create a global trust graph that allows the network’s computer-based nodes to reach consensus and validate transactions based on a decentralized hierarchy of trust.
Technically, the project’s lifecycle is divided into three distinct phases: Beta, Testnet, and Mainnet. The network remained in an "Enclosed Mainnet" period for several years, which allowed for the massive migration of millions of users following a rigorous "Know Your Customer" (KYC) verification process. This phase was critical for shielding the ecosystem from external volatility while utility-based applications were developed in the Pi Browser. Following the achievement of specific ecosystem milestones, the network transitioned to the "Open Network" phase in early 2025, enabling external connectivity and the ability for users to trade PI on global markets.
The PI coin serves as the primary medium of exchange within a closed-loop economy consisting of various decentralized applications (dApps) ranging from gaming to social media and merchant services. A significant portion of the tokenomics is dedicated to the community, with a majority of the supply allocated to "Pioneers" through mining rewards. These rewards are distributed via an algorithm that decreases the mining rate as the network grows, ensuring a fair distribution while maintaining long-term scarcity. A native non-custodial wallet integrated into the Pi Browser allows users to manage their assets while maintaining full control of their private keys.
Governance and ecosystem growth are managed through a combination of the Pi Core Team and the community-driven Pi DAO. The project emphasizes "utility first," discouraging pure speculation in favor of real-world transactions. By fostering a platform where developers can easily build and monetize dApps for a massive, pre-existing user base, Pi Network seeks to create a self-sustaining economy. The integration of "lockup" mechanisms further incentivizes long-term holding, as users can choose to lock away their migrated coins in exchange for a higher mining rate, thereby stabilizing the circulating supply during the network's maturation.
