Understanding Pi NETWORK cryptocurrency and it's history

Pi Network is a cryptocurrency project aiming to provide a more accessible and distributed crypto ecosystem.

Founded in 2018 by Stanford University academics Nicolas Kokkalis and Chengdiao Fan, the project officially launched on March 14, 2019, with the release of its mobile app and whitepaper ¹ ².

History and Development of Pi Network cryptocurrency

The Pi Network’s development is driven by a team of over 35 core members globally, with a focus on creating a robust Web3 ecosystem. The project’s key features include:
– Mobile Mining: Users can mine Pi tokens by tapping a button in the app every 24 hours.
– Referral System: Users earn additional Pi tokens by inviting new users to join the network.
– Proprietary Mechanism: Pi Network uses a unique mechanism derived from the Stellar Consensus Protocol (SCP) to reward users for participation.

A photo showing pi NETWORK cryptocurrency founder

Key Milestones of Pi NETWORK

– September 2022: Pi Network announced the launch of PiConnect, a platform enabling interoperable trades with other blockchain networks.
– September 2022: Pi Bridge was launched, allowing seamless interactions between Pi Network and other blockchains, starting with Binance Smart Chain (BSC).
– December 2023: The Pi Network team outlined conditions for the Open Network launch, including 15 million users completing KYC verification and 100 real Pi apps available on the mainnet ¹.

Pi Coin and Tokenomics

– Total Supply: 100 billion Pi tokens, with 80% allocated to the community and 20% to the Pi Core Team.
– Tokenomics Structure: Designed to prevent oversupply and foster long-term value retention.
– Value: Currently undetermined, with no historical data available due to the project’s pre-launch phase ¹.

The price of Pi Network has been getting low and low since launch on exchanges which has made people think it could be a scam or a crypto without strong back up since its founders are neither prominent figures in crypto.

From it’s ATH price , Pi has fallen to 0.8$ as of 31st March 2025

The usecases and solutions to be provided by Pi Network are also still unclear.

The CEO of ByBit has also labeled Pi NETWORK as a scam cryptocurrency and this is something shocking especially to millions of people that have been mining pi for years.