Pi Network, a cryptocurrency project you could join with just your phone since its Pi Day (March 14) debut in 2019, turned a new page on February 20, 2025, by finally launching its Open Mainnet. Two Stanford PhDs, Dr. Nicolas Kokkalis and Dr. Chengdiao Fan, are behind this push to get cryptocurrency into the hands of ordinary folks, sidestepping the usual headaches of pricey gear and massive power bills that come with mining.
The team calls Pi the first digital money for everyone, something you can “mine” right on your smartphone. They use a system based on the Stellar Consensus Protocol (SCP), tweaked into what they call Federated Byzantine Agreement (FBA), to keep things light on battery and easy for phones to handle. Pi Network wants to build a digital currency and app platform that its worldwide users run and keep safe, hoping this will make finance fairer and fix some of the clunkiness of regular money.
What Pi Aims For: Easy Access, User Control, and Real Uses
Pi Network has a big dream: “Build the world’s most inclusive peer-to-peer ecosystem and online experience, fueled by Pi, the world’s most widely used cryptocurrency.” Several key ideas drive this:
- Getting crypto mining and involvement to people everywhere, no matter their tech skills or bank balance, so a huge chunk of the world can get Pi.
- A straightforward mobile app where a daily tap is all it takes to mine Pi.
- Gradually shifting control to the users, away from any single authority.
- Making sure Pi is useful for real things, from buying stuff to powering a whole world of apps.
- Keeping Pi valuable over time and rewarding people who help secure and expand the network.
- Protecting the blockchain with ID checks (KYC) and their consensus method.
- Eventually letting the community make decisions about the network’s future.
- The big move from a walled-off “Enclosed Mainnet” to the “Open Mainnet” in February 2025, opening it up to the wider internet.
The project has moved step-by-step: first setting up the basics and growing its community (Beta), then a Testnet, followed by the Enclosed Mainnet (which started in December 2021), and now, the Open Mainnet.
The People Behind Pi: Dr. Kokkalis and Dr. Fan
Dr. Nicolas Kokkalis, leading the tech side, earned his Computer Science PhD at Stanford, where he also taught the university’s first course on decentralized apps. His work has focused on making distributed systems and human-computer interaction play well together. Interestingly, he cooked up a smart contract framework even before Ethereum came along and also co-founded StartX, a startup incubator connected to Stanford.
Dr. Chengdiao Fan, who heads up product, got her PhD from Stanford in Anthropological Sciences (sometimes called Computational Anthropology). She’s an expert in how people use technology together, human-computer interaction, and understanding human behavior, with a goal of using blockchain to help people economically and socially around the globe.
More than 35 people are said to be on the Pi Core Team. While the founders have impressive backgrounds, whether the project truly succeeds will depend on if they can deliver on their lofty goals and if Pi coins become genuinely useful.
“Mining” Pi: A Different Kind of Digging
How Pi Network handles “mining” on phones isn’t like typical crypto mining:
- It’s all about the phone: People get the Pi app and start a daily mining session with one tap.
- It sips power: The process barely touches your battery or data because it doesn’t make your phone do heavy math.
- Trust circles build security: The system uses SCP. People can mine more Pi by adding trusted friends to their “Security Circle,” which helps create a global web of trust that keeps the network safe.
- Different ways to participate: You can be a Pioneer (tapping daily), a Contributor (adding to your Security Circle), an Ambassador (inviting new folks), or a Node Operator (running Pi software on a computer to check transactions).
Some critics say this isn’t “real” mining but more of a way to give out tokens and build a crowd. The Pi you earn is often seen as a placeholder that becomes real once it’s moved to the Mainnet. There’s a ceiling of 100 billion Pi tokens (65% for community mining, 20% for the Core Team, 10% for a foundation, 5% for trading). They also have a “halving” system to slow down how many new Pi are made, controlling inflation. The amount of Pi you can actually use goes up as more people pass KYC and transfer their Pi to the Mainnet.
Even with its new ideas, Pi Network has been called a multi-level marketing setup by some, thanks to its referral program, and people have worried about how it handles personal data. Now that the Open Mainnet is up and running, the real worth and tradability of Pi coins are finally being put to the test; some platforms were even offering IOUs for Pi before it was fully connected.
The Pi Toolkit: Wallet, Browser, and Developer Gear
- Pi Wallet: This is your personal wallet, not controlled by Pi, that you get to through the Pi Browser. It lets you hold, send, and get Pi. You keep your own private keys (your passphrase), and it can use fingerprint or face ID.
- Pi Browser: Think of this as the door to Pi’s app world, aiming to connect the old web (Web2.0) with the new (Web3.0). It’s where you find apps for KYC, chatting, sharing ideas, and a bunch of apps made by the community.
- Pi SDK: This kit helps outside developers create apps that work with the Pi blockchain, letting them verify users and handle Pi payments. Pi Network encourages open development for apps through its PiOS license.
How It’s Built and Its Open Source Spirit
Pi Network’s blockchain started as a modified version of Stellar Core, which is open-source. The plan is for the blockchain part of the Pi Node software to be open-source too. While Pi uses open-source bits and pushes its PiOS for community apps, there’s been some chatter about how thoroughly all its main parts can be independently checked. The Open Mainnet going live is a big stride toward being more open.
Mainnet Now: Open for Business
By early 2025, Pi Network had switched to its Open Mainnet. This step took down the barriers of the earlier “Enclosed Network,” meaning it can now connect to other systems, potentially get listed on exchanges, and let more apps plug in. It’s built for phones first, using SCP and those Security Circles. Validator Nodes and SuperNodes are key parts of the system, making sure everything runs smoothly and securely.
Pi’s Money System and Making It Useful
Out of 100 billion Pi coins, a big slice (80%) is meant for the community. The idea is for Pi coins to be used for sending money between people, buying things in its own marketplaces (like Pi Chain Mall or Daabia Mall), and using a growing number of apps for shopping, social stuff, games, and maybe even finance (DeFi). Things built into the platform itself, like the Pi Ad Network and special features in its chat for staking Pi, are also meant to get people using it.
What’s Pi Worth and How’s the Market Looking?
Pi Coin’s value has been anyone’s guess. When it was in the Enclosed Mainnet, there was no official price. You could find IOUs for Pi on some exchanges (like HTX, OKX, Bitget), and their prices jumped around a lot. When the Open Mainnet kicked off on February 20, 2025, Pi officially stepped into the wider market. Price guesses have been all over the place; some in the community have pushed for a high “Global Consensus Value” (GCV) based on agreements from bartering, but the actual market hasn’t backed that up. What Pi will really be worth will come down to how many people use it, what you can do with it, if exchanges list it, and how the crypto market feels overall. They also have a lockup feature, where people can choose to lock up their Pi for a while to mine more, which is supposed to encourage people to stick around and keep too much Pi from flooding the market at once.
Rules, Regulations, and Security Checks
Pi Network has to navigate a tricky world of global rules about whether it’s a security, meeting anti-money laundering and KYC rules (which it’s working on), protecting user data (like GDPR), and how it’s taxed. There isn’t much public info about thorough, independent security checks on Pi Network’s main system, which still makes some experts uneasy.
What People Complain About and What Supporters Say
Pi Network has faced a steady stream of criticism, such as:
- Being called a pyramid or multi-level marketing scheme because of how you invite others.
- Worries about how it collects and uses personal info for KYC.
- The long wait for a tradable coin and for the Mainnet to arrive, which made people doubt.
- Questions about transparency, how much control the core team has, and the nitty-gritty tech details.
- Debates over whether its “mobile mining” is truly mining or just a way to hand out tokens and get people involved.
Those who back Pi point to its huge, active community, the founders’ backgrounds, its goal of being inclusive, and its careful, step-by-step approach to building an ecosystem focused on real uses. They see the Open Mainnet launch as a major move that could clear up many of these old worries.
Where Pi Goes From Here
It’s been a long road for Pi Network, from just an idea about mining on your phone to a functioning Open Mainnet. Having so many users and focusing on mobile gives it a special edge. But now, the project has to pass some big tests: showing it can be genuinely useful in the real world, growing a lively and safe collection of apps, finding its way in the crowded and regulated crypto space, and, most importantly, proving that Pi Coin can hold its value in the open market. The next little while will be crucial in showing if Pi Network can go from a coin a lot of people have to a cryptocurrency a lot of people actually use and value.
