Pi (PI) Price

What Is Pi Network (PI) and How Does It Work?

Pi Network is a decentralized cryptocurrency project designed to make crypto mining accessible to everyday users via mobile devices. Launched by a team of Stanford graduates in 2019, Pi Network allows users to mine its native token, PI, through a mobile app without draining battery or requiring advanced hardware.

It uses a modified version of the Stellar Consensus Protocol (SCP), enabling users to secure the network and earn PI coins by validating trust within their circle. The mining process is social-based: users earn more by inviting others, maintaining daily check-ins, and building their security circle. With its mainnet launched in February 2025, Pi Network transitioned from a test environment to a live, open blockchain, allowing wallet transfers, ecosystem apps, and trading on select exchanges.

When Did Pi Network Launch Its Mainnet?

A Brief History of Pi Network

2018 – Conceptualization and Development
Pi Network was conceptualized by a team of Stanford University graduates aiming to make cryptocurrency accessible to everyone. The project's focus was on creating a user-friendly platform that allowed individuals to mine cryptocurrency using their mobile devices without draining battery life or consuming excessive data.

March 14, 2019 – Beta Phase (Phase I)
On Pi Day (March 14), Pi Network launched its beta version, introducing a mobile application that enabled users, referred to as "Pioneers," to mine Pi coins by simply pressing a button daily. This phase emphasized user acquisition and the formation of a trust graph through social connections.

March 14, 2020 – Testnet Phase (Phase II)
A year later, Pi Network initiated its Testnet phase, deploying a decentralized node network to test the blockchain's functionality and scalability. This phase allowed community developers to build and test applications using Test-Pi, fostering an ecosystem of utility-focused apps.

December 2021 – Enclosed Mainnet Phase (Phase III)
In this phase, Pi Network launched its Mainnet in an enclosed environment, restricting external connectivity. This period allowed users to complete Know Your Customer (KYC) verification and migrate their Pi balances to the Mainnet while developers continued building applications within the ecosystem .

February 20, 2025 – Open Mainnet Launch
After achieving key milestones, including over 19 million KYC-verified users and more than 10 million Mainnet migrations, Pi Network transitioned to the Open Mainnet phase. This launch removed the firewall, enabling external transactions, integration with other networks, and listing on cryptocurrency exchanges.

What Is PI Coin Used for?

PI is the native cryptocurrency of the Pi Network, designed to function as a medium of exchange within its decentralized ecosystem. As of April 2025, PI can be used in several practical ways:

1. Peer-to-Peer Transactions: Users can send and receive PI for goods, services, or value exchange without relying on third parties. With the Open Mainnet now active, these transfers can occur both within and outside the Pi ecosystem.

2. Payments in Pi Apps: The Pi Browser hosts various dApps, where users can spend PI on things like games, content platforms, and online services. The goal is to build a self-sustaining economy powered entirely by PI.

3. Ecosystem Incentives: Developers and contributors can earn PI for building dApps, validating transactions, or offering community services.

4. Trading and Liquidity: With PI listed on select exchanges, users can trade it against other cryptocurrencies—turning mined coins into liquidity or profit opportunities.

The broader vision is for PI to become a widely accepted digital currency for real-world commerce and decentralized digital interaction, all accessible through a mobile-first interface.

How to Mine PI Coins on Pi Network

Pi Network offers a user-friendly and energy-efficient approach to cryptocurrency mining, allowing users to mine PI coins directly from their smartphones without the need for expensive hardware or excessive energy consumption. Here's a step-by-step guide to get you started:

1. Download the Pi Network App: Available on both the Google Play Store and the Apple App Store.

2. Sign Up and Verify Your Account: Register using your phone number or Facebook account. Set a secure password and verify your identity via phone number or email.

3. Enter an Invitation Code: Pi Network operates on an invite-only system. You'll need a referral code from an existing user to join.

4. Start Mining: Tap the “⚡” lightning bolt icon to begin mining. Mining sessions last 24 hours; remember to tap the button daily to continue earning PI.

5. Build Your Security Circle (After 3 Days): After mining for 3 days, you can increase your mining rate by adding 3-5 trusted members to your Security Circle. This enhances network security and boosts your PI earnings.

6. Invite Others to Boost Your Earnings: Share your referral code with friends. Each active member in your network can increase your mining rate by 25% of the base rate.

How to Complete KYC Verification on Pi Network

Completing Know Your Customer (KYC) verification is essential for Pi Network users to migrate their mined PI coins to the Mainnet and participate fully in the ecosystem. Here's a step-by-step guide to help you through the process:

Eligibility Criteria
Before initiating the KYC process, ensure you meet the following requirements:

• Age: You must be at least 18 years old.
• Mining Duration: Have mined PI for at least 30 days.
• Identification: Possess a valid government-issued ID (e.g., passport, national ID, or driver's license).
• Pi Wallet: Have created a Pi Wallet through the Pi Browser.

Step-by-Step KYC Process

1. Install the Pi Browser App: Download the Pi Browser from your device's app store.

2. Access the Mainnet Section: Open the Pi Network app, tap the menu (three lines) in the top-left corner, and select “Mainnet.”

3. Complete the Mainnet Checklist: Follow the tasks outlined, including creating a Pi Wallet and setting up your lockup configuration.

4. Initiate KYC Application: In the Pi Browser, navigate to kyc.pi.

5. Provide Personal Information: Fill in details matching your ID: full name, gender, date of birth, document number, and expiry date.

6. Upload ID Photos: Capture clear images of your ID (front and back if required). Ensure the photos are legible and unobstructed.

7. Complete Liveness Check: Follow on-screen instructions to perform a facial recognition check. Ensure good lighting and avoid having others in the frame.

8. Submit Application and Pay Fee: Review your information, then submit the application. A fee of 1 PI is charged, which compensates the validators reviewing your application.

Post-Submission Process

• Review Timeframe: KYC approval can range from a few minutes to several months, depending on validator availability and application accuracy.

• Tentative Approval: Some users may receive a "Tentative Approval" status, indicating additional verification is needed. Monitor your application for further instructions.

• Checking Status: You can view your KYC status in the Pi Network app's profile section or within the Mainnet checklist.

Is Pi Network a Legitimate Project?

As of April 2025, Pi Network is considered a legitimate but still developing cryptocurrency project with both strong community backing and ongoing concerns. It was founded in 2019 by Stanford PhDs Dr. Nicolas Kokkalis and Dr. Chengdiao Fan to make crypto mining accessible to everyone through a mobile app. The project has since attracted over 60 million users globally and launched its open mainnet on February 20, 2025, allowing wallet transfers and exchange listings on some cryptocurrency exchanges.

Despite these achievements, skepticism remains. Critics often point to Pi Network’s lack of a detailed whitepaper, limited open-source code, and a referral-based growth model that resembles a pyramid structure. The project also requires users to submit personal identification for KYC, raising privacy and data security concerns. Additionally, the app displays advertisements for revenue, which some see as a sign of monetizing user engagement rather than building a fully functional crypto economy. Overall, Pi Network shows promise but should be approached with caution and further research.

Is It Safe to Mine PI Coins on My Phone?

Yes, mining PI coins on your phone is considered safe. The Pi Network app is designed to be lightweight and energy-efficient, meaning it doesn’t drain your phone’s battery, overheat the device, or consume significant data. Unlike traditional mining that requires high computing power, Pi Network uses the Stellar Consensus Protocol (SCP), which allows users to validate their participation simply by checking in once every 24 hours.

Additionally, the app runs in the background without needing constant internet access or device performance. Users don’t need to keep the app open or their phones running overnight. That said, it's still important to download the app only from official sources like the Google Play Store or Apple App Store, and to be cautious with personal data, especially when completing KYC verification. As with any app involving sensitive information, maintaining good cybersecurity habits is essential.

What Are Pi IOUs and Are They the Real PI Coin?

Pi IOUs are speculative assets offered by some exchanges before Pi Network’s mainnet launch, allowing users to trade on the anticipated value of the PI token. These IOUs are not the actual PI coins and are not officially issued or supported by the Pi Network team, meaning they can't be transferred to Pi wallets or used within the ecosystem. While they gave early traders a way to speculate on PI’s future price, they do not represent real ownership of PI tokens and carry high risks, especially if exchanges fail to convert them into actual coins.

What Is the Future Outlook for Pi Network?

As of April 2025, Pi Network stands at a pivotal juncture in its development. The recent launch of its Open Mainnet has enabled users to transfer PI coins externally and engage with decentralized applications within the Pi ecosystem. This transition marks a significant step toward broader adoption. However, the network faces challenges, including concerns about tokenomics and market volatility. Analysts have noted that the release of a substantial number of tokens into circulation could exert downward pressure on PI's price. Despite these concerns, the Pi Network community remains active, with ongoing efforts to expand its ecosystem and utility.

Looking ahead, the future of Pi Network will largely depend on its ability to address these challenges and foster real-world use cases. The development of decentralized applications, partnerships with merchants, and increased exchange listings could enhance PI's utility and value proposition. While some Pi Network price predictions for 2025 suggest potential growth, reaching values up to $2.10, these forecasts are speculative and contingent on various factors, including market conditions and regulatory developments. As with any emerging cryptocurrency, investors should approach Pi Network with cautious optimism, staying informed about its progress and potential risks.