Pi Network, Pi Coin (PI)

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What is Pi Coin (PI)?

Pi Coin (PI) is the native crypto coin of the Pi Network, a blockchain project that aims to make mining accessible to any user with a mobile device and support a digital currency that can be used in everyday transactions.


The Pi development team promotes the project as an alternative to Bitcoin mining, which is dominated by large mining farms with specialized rigs and is out of the reach of most individuals with standard computer equipment.

As the project initially launched in 2019 and has yet to go fully live, there is much debate as to whether Pi is a legitimate cryptocurrency or fake.

The name Pi is a reference to the mathematical constant π (pi), which represents the ratio of the circumference of a circle to its diameter.

Since the start of several hackathons in early 2023, participants have been developing gaming, decentralized finance (DeFi), and metaverse applications to operate in Pi the ecosystem.

The project claims to have 55 million app users, which it calls “Pioneers,” who have been able to complete Know Your Customer (KYC) checks and migrate from the testnet to the mainnet.

What is Pi Coin (PI)?

Key Takeaways

  • Pi Coin is designed to be mined using a smartphone, making it accessible to a broad audience as mining of larger cryptocurrencies like Bitcoin has grown out of the reach of individuals.
  • Pi Network aims to create a decentralized ecosystem with millions of nodes.
  • The network relies on its community of users to validate transactions and secure the ledger.
  • The project is still in its development phase, and Pi Coin has not been listed on any crypto exchanges.
  • The project has garnered significant attention, indicating potential for future growth and adoption.

Who Created Pi Coin?

The coin was created by a team of Stanford graduates with backgrounds in blockchain and social computing, according to the project’s website.

How Does Pi Coin Work?

Early blockchains such as Bitcoin operate on proof-of-work (PoW) protocols to validate transactions and add new blocks. Miners are rewarded with new coins created with each block.

However, Pi Network takes a different approach. The blockchain validates transactions by operating an algorithm based on an early version of the Stellar Consensus Protocol (SCP). It is important to note that the project is not affiliated with the Stellar blockchain.

Pi initially launched a mobile mining app, which allows users to operate nodes and form security circles of three to five trusted people. This aims to create a global network while preventing the approval of fraudulent transactions. The developers have since introduced desktop-based Pi Node software to work alongside the mobile app.

Pi Coin Price History

Due to its enclosed mainnet status, Pi Coin is not traded publicly and does not have a traded price history on external exchanges. Pi Coin holders have long used unauthorized IOUs to give the cryptocurrency an implied value, and some price data websites started listing a Pi Coin price in early 2023 to track the informal market.

However, these prices may not be accurate when the coin launches on the open market.

How Does the Pi App Work?

The Pi App allows users to mine Pi Coin from their mobile devices. To start mining, users need to download the app, create an account, and log in daily to press a button that activates the mining process. The app also includes social features, enabling users to invite friends and build a security circle, which can enhance their mining rate.

During the testing phase, Testnet Nodes do not receive mining rewards, as the developers aim to determine the most suitable incentive mechanism based on the data they collect.

During testing, the developers are expanding and refining the Pi Network ecosystem.

Is Pi Mainnet Launched?

The Pi Network platform was initially launched in beta version in December 2018, and the testnet was launched in March 2020. The mobile app quickly gained popularity among users aiming to mine coins before the project’s full launch so that they could potentially sell them or use them for purchases when the coin goes live for trading.

However, following several delays, Pi has yet to fully go live, raising concerns that it could be a pyramid scheme or other form of scam. The mainnet launched in December 2021, after which it was enclosed with a firewall to prevent external connectivity.

Pi Network released its Version 1 (V1) Roadmap on 31 October 2023, outlining three main development phases.

V2 was released in December 2023. Notably, neither version included a timeline for opening the mainnet or a Pi Coin launch date. The Version 2 (V2) roadmap stated that the mainnet would be fully opened in 2024 if three conditions are met but added that “there is no specific date set”.

The conditions are:

  • Finish any open network preparation work.
  • Meet the following goals for network KYC, migration, and utility creation:
    • 15 million Pioneers pass KYC.
    • 10 million Pioneers migrate to the Mainnet.
    • 100 real Pi apps that are on the mainnet or mainnet-ready, comply with Pi platform policies, and bring utility to the ecosystem.
  • The absence of an unfavorable external environment, such as macroeconomic weakness.

The KYC and migration goals will require the community to bring in more Pioneers.

In May 2024 the team reported a technical upgrade to the mainnet migration mechanism that more than doubles the speed at which Pioneers can migrate.

The number of users that have migrated to the mainnet had risen from 4.6 million last March to 5.41 million at the time of the announcement.

What Makes Pi Unique?

Pi Network’s unique approach to cryptocurrency mining, which allows users to mine via a mobile app, sets it apart from other digital currencies. This method aims to democratize access to mining and build a robust, decentralized ecosystem supported by its community of users.

Key Features and Benefits of Pi Network

Key Features and Benefits of Pi Network

User-friendly mining
Enables mining via a mobile app, removing barriers to entry.

Community orientation
Relies on user participation for network security and validation.

Uses a consensus mechanism that does not require high computational power.

Growth potential
Significant user interest indicates potential for widespread adoption.

How Many Pi Coins Are There?

As the Pi Network remains in the development and testing stage, the supply of coins is undefined. The coins carry no real value, as holders cannot exchange them for cash or other cryptocurrencies.

Is Pi Coin a Scam?

Pi Coin has generated a lot of skepticism due to its unconventional approach, multiple mainnet delays, and the fact that the cryptocurrency is not yet tradable on major exchanges.

Vietnam’s Department of Cybersecurity and High-Tech Crime Prevention has previously launched an investigation into Pi Network, according to a local report.

However, there is no definitive evidence to label it a scam. It is essential to conduct thorough research and exercise caution when engaging with any cryptocurrency project.

Pi Coin Pros and Cons


  • Easy to mine using a smartphone
  • No need for expensive hardware or high electricity consumption
  • Strong community and developer backing
  • Potential for future growth and adoption


  • Not yet tradable on major exchanges
  • Still in the testing phase, with no confirmed mainnet launch date
  • Uncertain future value and market acceptance
  • Skepticism and concerns about legitimacy

Is Pi Network a Good Investment?

The question of whether Pi Network constitutes a good investment is subject to debate and speculation within the cryptocurrency community. The value and potential return on investment remain uncertain until the project progresses further.

The Bottom Line

By its definition, the Pi Coin represents an innovative approach to cryptocurrency by enabling mobile mining and focusing on accessibility. While the Pi Coin’s meaning and value are still uncertain, the project has the potential to disrupt the traditional cryptocurrency mining process and democratize access to digital currency.

However, as with any investment, it is crucial to proceed with caution and stay informed about the project’s developments.


What is the price of a Pi coin?

What is the Pi Network used for?

How much is 1 Pi in dollars?

Is Pi coin worth anything?

Is Pi Coin real or fake?

Does Pi coin have a future?


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Nicole Willing
Technology Journalist
Nicole Willing
Technology Journalist

Nicole is a professional journalist with 20 years of experience in writing and editing. Her expertise spans both the tech and financial industries. She has developed expertise in covering commodity, equity, and cryptocurrency markets, as well as the latest trends across the technology sector, from semiconductors to electric vehicles. She holds a degree in Journalism from City University, London. Having embraced the digital nomad lifestyle, she can usually be found on the beach brushing sand out of her keyboard in between snorkeling trips.