This coin was introduced as a part of the Pi network project. The main aim of the project was to allow the general public to be a part of cryptocurrency mining, which, until now, was only reserved for people who had advanced crypto mining rigs. To make mining more accessible for all, a team of three graduates from Stanford University developed an application that would allow individuals to mine pi coins from their smartphones.
One can also validate the transactions through the PI app. Unlike other decentralised digital currencies like Bitcoin which run on the Proof of Work model, the Pi network functions on the SCP or Stellar Consensus Protocol. Only a group of trusted nodes or groups can validate the transactions on the ledger.
