What is Pi Network (PI)?
Pi Network is a project that aims to allow users to mine cryptocurrency using their mobile phones. Unlike Bitcoin's proof-of-work (PoW) consensus mechanism that depends on mining processes that require a lot of energy, Pi Network uses the Stellar Consensus Protocol (SCP) to validate transactions efficiently. SCP removes the need for expensive mining setups, making cryptocurrency easier for everyone to access.
Pi Network was created by a team of Stanford graduates, Dr. Nicolas Kokkalis and Dr. Chengdiao Fan. They aimed to make digital currency more accessible and to build a user-friendly ecosystem. Since it started, Pi Network has grown to millions of users worldwide, forming an active community of "Pioneers." These users help secure the network by using the Pi mobile app every day.
What is Pi Coin?
Pi Coin (PI) is the main asset of Pi Network. Users can use it for transactions between one another or spend their PI on items from merchants that accept Pi payments. Developers can also use DApps in the Pi Network to include Pi Coin for in-app purchases, services, and transactions. In the future, Pi Coin could be integrated into decentralized finance (DeFi) applications, providing services like lending, staking, and other financial tools.
Pi Network Mainnet Launch
On February 20, 2025, Pi Network launched its open mainnet, marking its transition from a closed ecosystem to a fully decentralized blockchain. This milestone enabled external transactions, wallet compatibility, and potential exchange listings. However, to use PI beyond the mobile app, holders must first migrate their tokens to the mainnet. A significant portion of PI remains locked or unmigrated, limiting the amount actively circulating in the market.
Connection Between Pi Coin and Pi [IOU]
Pi [IOU] is a speculative digital asset available on some cryptocurrency exchanges. It is related to Pi Coin since it aims to reflect what Pi Coin’s value might be upon its full launch. However, Pi [IOU] is not the official token of Pi Network. Its price changes due to speculation rather than utility or adoption. Investors should do thorough research before trading Pi [IOU], as its value can be very unpredictable and depends on Pi Network’s progress towards the mainnet.
The circulating supply of PI token is 8.24 billion, with a total supply of 100 billion tokens.
The current price of PI is available and updated in real time on Binance.
