Pi Network (PI)
Pi Network is a globally accessible online blockchain ecosystem that utilizes "Pi" as its native cryptocurrency[1]. Designed for everyday people, Pi can be mined on mobile devices with simplicity and without financial barriers. Pi Network allows users to mine Pi by contributing to the ecosystem, such as securing the blockchain, expanding Pi’s trusted network, running a Node, and engaging with the Pi app ecosystem.
Pi Network is a project led by a team of Stanford graduates, including early innovators in blockchain and social computing with PhDs from Stanford University[1]. The app is available for free download on Google Play and the Apple App Store, with millions of downloads on the Google Play store alone. The network employs a native, decentralized KYC process to verify the identity of its members and prevent fraudulent activities.
| Ticker | PI |
| Category | Layer 1 (L1) |
| Website | https://minepi.com/ |
| @PiCoreTeam |
Mining Pi and the technology behind it
How Pi mining is free
Pi Network allows Pioneers to mine Pi cryptocurrency for free, ensuring accessibility regardless of financial background[1]. The network allocates 65% of the total Pi supply for free mining by Pioneers, a substantial share in the blockchain space. Unlike traditional mining, Pi Network does not utilize phone resources such as hardware or network data.
Energy-efficient mining on mobile devices
Pi Network employs a unique consensus algorithm adapted from the Stellar Consensus Protocol (SCP) and Federated Byzantine Agreement (FBA) [1], which do not require energy-intensive processes to secure the ledger. This consensus algorithm involves forming quorums and exchanging messages based on a trust graph composed of individual quorum slices to achieve consensus. Mobile miners contribute to this process by establishing trust relationships, forming a global trust graph that feeds the consensus algorithm, thereby securing the Pi ledger.
The role of security circles
Security circles are integral to the Pi consensus algorithm. They consist of trusted individuals added by each Pioneer, and these circles contribute to the network's security. Each security circle connection boosts a Pioneer's mining rate, with a maximum of five connections providing a 100% increase. The collective security circles create a global trust graph, essential for the blockchain's security.
Pi Team
Nicolas Kokkalis - Founder & Head of Technology
Dr. Nicolas Kokkalis, a PhD graduate from Stanford, taught the university's inaugural class on decentralized applications, CS359B, in 2018[2]. His research merges distributed systems with human-computer interaction to make cryptocurrency accessible to everyday users.
Beginning with a Bachelor's and Master's in Computer Science, Nicolas pursued a Ph.D. at Stanford and continued as a Postdoctoral Scholar in the Computer Science department. During and after his PhD, he developed an early framework for crafting "smart contracts" on fault-tolerant distributed systems and created several user-centric products, including social networking apps with over 20 million users and a crowd-sourced email assistant.
A strong advocate for the potential of cryptocurrencies in technology, finance, and society, Nicolas is focused on overcoming current challenges and democratizing blockchain technology. By founding Pi Network, he aims to enhance the blockchain experience, allowing everyone to innovate and engage in the future of digital life through a design centered on the user experience.
Chengdiao Fan - Founder & Head of Product
Dr. Chengdiao Fan, holding a PhD in Anthropological Sciences from Stanford, leverages social computing to globally enhance human potential[2].
Chengdiao completed her Ph.D. in Anthropological Sciences at Stanford, specializing in human behavior and group dynamics. Her research interests later expanded to human-computer interaction and social computing, focusing on technology's role in positively influencing human behavior and societal progress. Her insights into human behavior have been applied to projects involving productivity software, large-scale social communication, and online interactions, shaping her contributions to Pi Network.
With Pi Network, Chengdiao employs her expertise and principles to utilize blockchain and decentralization as tools for empowering individuals with frequent and accessible collaborative opportunities. By refining human-computer interaction and envisioning future socioeconomic online ecosystems, she is building Pi Network to enable global participation and reward contributions, fostering an inclusive environment where individuals can harness their potential, thereby creating value and utility for society worldwide.
Pi Network's wallet and ecosystem
Creating and using the Pi Wallet
Pi Network offers a native noncustodial Pi Wallet app on the Pi Browser. Users can create a wallet by downloading the Pi Browser app, logging in through the Pi mining app, and following the instructions on the “wallet.pi” page. The wallet's private key, in the form of a passphrase, is generated locally on the user's phone and is not stored on Pi’s servers. The wallet's security is the user's responsibility, as it cannot be recovered from Pi Network's servers if lost.
The roadmap for Pi usage
Pi Network is building a peer-to-peer ecosystem where members can use Pi to purchase goods and services. Once Pioneers complete KYC verification and migrate their Pi balance to the Mainnet, they can participate in transactions within the Pi ecosystem. Initially, usage is restricted to an enclosed network environment, with plans to open the network to external connectivity in the future.
Roles and contributions within Pi Network
Roles in the Pi ecosystem
There are four primary roles within the Pi ecosystem: Pioneer, Contributor, Ambassador, and Node[1]. Each role involves different levels of participation and contribution to the network's growth and security.
1) Pioneer
Pioneers are the base level participants who mine Pi and contribute to the network's growth by engaging with the app and building security circles.
2) Contributor
Contributors enhance network security by establishing security circles with trusted Pioneers, creating a global trust graph for the consensus algorithm.
3) Ambassador
Ambassadors help expand the network by inviting new members to join as Pioneers. They receive a 25% bonus on their base mining rate for each active referral.
4) Node
Nodes run on computers connected to the internet and contribute to the blockchain's reliability and accessibility. Node rewards are based on the node's performance and are applicable in both Testnet and Mainnet phases.
Growth and distribution of Pi Network
The referral program
Pi Network’s referral program incentivizes network growth by rewarding Pioneers who invite others to join[1]. The referral bonus, an equal split between the referrer and referee, ensures that the program is not exploitative. The referral team rewards recognize Pioneers' contributions to the network's expansion and Pi distribution.
Utility and future potential of Pi
Pi's utility is backed by the collective efforts of network members who offer time, attention, goods, and services in exchange for Pi. By pooling resources around a common currency, Pi Network aims to reduce costs typically incurred through intermediaries and build a robust digital economy. The network is laying the foundation for a utilities-driven app ecosystem to support this vision.