Pi Network (PI)
Pi Network is a cryptocurrency project that aims to make digital currency accessible to a broader audience. It is built as a social cryptocurrency, developer platform, and ecosystem, focusing on real-world utility and widespread accessibility. Users can mine and transact Pi using a mobile-friendly interface, allowing for easier participation and engagement with blockchain technology.
Supply model and mining mechanism
A key feature of Pi Network is its supply model and mining mechanism, which utilizes a negative exponential declining token issuance model. This means that the mining rates decrease over time based on the growth of the network and user participation. This approach encourages early adoption and continued engagement from users, as the diminishing mining rates incentivize participation at the network's infancy.
| Ticker | PI |
| Category | Layer 1 (L1) |
| Website | https://minepi.com/ |
| @PiCoreTeam |
Ecosystem and adoption
Pi Network has developed a comprehensive ecosystem to facilitate real-world transactions and decentralized applications. Pi serves as a medium of exchange for both online commerce and traditional brick-and-mortar businesses. Users can interact with the ecosystem through the Pi Browser, which includes features like the Pi Wallet for a seamless transaction experience. The network's growing adoption was highlighted by events such as PiFest 2024, which featured over 27,000 active sellers and 28,000 test merchants across 160 countries.
Who are the founders of Pi Network?
The vision behind Pi Network comes from its founders, Dr. Nicolas Kokkalis and Dr. Chengdiao Fan, both of whom have an academic background from Stanford University and a dedication to enhancing lives through technology.
Dr. Nicolas Kokkalis
Dr. Nicolas Kokkalis holds a PhD in Electrical Engineering and a postdoctoral degree in Computer Science from Stanford University. His research focuses on distributed systems and human-computer interaction, aimed at making cryptocurrencies more accessible to everyday people. Dr. Kokkalis is a strong advocate for the technical, financial, and social potential of cryptocurrencies, and he is committed to overcoming their current limitations by bringing blockchain technology to a broader audience.
Dr. Chengdiao Fan
Dr. Chengdiao Fan also holds a PhD from Stanford University, specializing in Anthropological Sciences. Her work harnesses social computing to unlock human potential on a global scale. Dr. Fan is dedicated to building Pi Network as an inclusive ecosystem that empowers individuals worldwide to participate, contribute, and benefit from their efforts. By mobilizing global citizens, she aims to create utilities and productions that serve society and the world at large.
Compliance and identity verification
Pi Network adheres to a one-account-per-person policy using its Know Your Customer (KYC) solution. This system employs a combination of machine automation and human verification to authenticate user identities while maintaining privacy. The KYC process ensures that participants are real individuals, combats fraudulent activities, and promotes fair participation in the network's mining process. Pi Network's identity verification strategy balances scalability, security, and accessibility, allowing millions of users worldwide to verify their accounts while ensuring compliance with regulatory standards.
For more information, visit the Pi Network website.