The Pi Network is a digital cryptocurrency project launched in 2019 by a team of Stanford graduates. It aims to make cryptocurrency mining accessible to the average person through a mobile app, where users can âmineâ Pi coins using their smartphones. Unlike traditional cryptocurrencies like Bitcoin, Pi does not require energy-intensive proof-of-work systems. Instead, it utilizes a consensus algorithm based on the Stellar Consensus Protocol (SCP), allowing users to validate transactions via their phone with minimal power consumption.
Pi Network remains in its development phase, currently in the âenclosed mainnetâ stage as of 2023, meaning users can accumulate Pi but cannot freely trade or convert it to other cryptocurrencies or fiat currencies yet. The project has garnered a large global user base, with over 35 million members, but some critics question the projectâs long-term viability and its centralized approach.
The networkâs roadmap includes plans for a fully decentralized mainnet, where Pi coins could be used in real-world transactions, exchanged for goods, or traded on cryptocurrency exchanges .
