Ever since its inception in 2019, Pi Coin has been a big buzz in the cryoto world. With a strong user base of 70M+ pioneers from across 200 countries Pi network hosts one of the largest crypto community. But what's so special about it? And why is everyone mesmerized by its charm? Let's find out.
What's Pi Coin?
With a vision to make cryptocurrency more inclusive and accessible for everyone, two Stanford PhD graduates, Dr. Nicolas Kokkalis and Dr. Chengdiao Fan, founded the Pi Network. Pi coin, the native cryptocurrency, is based on a Mobile-First Approach, which means, unlike popular cryptocurrencies like Bitcoin, it does not require expensive and high-energy-consuming computers. Instead, Pi coin can be mined anywhere and anytime with a single tap on the phone.
How Does Pi Coin Work?
The beauty of Pi Network lies in its simplicity. It is based on the Steller Consensus Protocol (SCP). You don't need a powerful computer or specialized hardware. The app doesn't excessively drain your battery or data. Instead, it relies on a trust-based mechanism where users form "security circles" – groups of a few trusted individuals who vouch for each other's trustworthiness. This collective trust helps secure the network and prevents fraudulent activities. Based on their contribution, users may take on different roles such as
- Pioneers: Tap the 'mine' button once every 24 hours and mark their presence.
- Contributors: Builds a 'security circle' by adding known individuals.
- Ambassadors: Spreads 'word of mouth' to the world and invite new users to join Pi Network.
- Node Operators: Runs the 'Pi Node software' on their desktops and laptops, helps 'validate transactions' and maintain the integrity of the blockchain, truly securing the network's decentralized ledger.
How to Join Pi Network?
Step 1 - Download the Pi app
Go to the Play Store or App Store. Download the official app developed by the Pi Core Team. Double-check the developer to avoid any unofficial or scam applications.
Step 2 - Create Account
Sign up using either your Facebook account or phone number. Make sure to use your real name as it appears on your ID for future verification and set a password. Pi Network operates on an invitation-only system for new users. So you need to get one from an existing user.
Step 3 - Start Mining
Tap this lightning bolt button to initiate your first mining session. Remember to tap it once every 24 hours.
The Journey Of Pi Network So Far
The major developments of the Pi Network can be categorised into 4 phases which are as follows:
1. March 14, 2019 (Pi Day): Official Launch of Pi Network
The original Pi Whitepaper was published, outlining a vision for an accessible, mobile-based cryptocurrency. This marked the start of its initial beta phase, focusing on community growth.
2. March 14, 2020: Pi Testnet Goes Live
Pi Network transitioned to its Testnet phase. This involved deploying a live test blockchain and introducing the Pi Node software, which allowed community members to run decentralized nodes from their personal computers. This phase enabled the rigorous testing of the blockchain's core functionalities and initiated decentralized building efforts by the community, allowing them to create utilities using Test-Pi.
3. December 28, 2021: Enclosed Mainnet Launch
The Mainnet officially went live, but within a controlled environment. A firewall prevented any unwanted external connectivity, allowing Pioneers ample amount of time to complete KYC (Know Your Customer) verification and migrate their mined Pi to the live Mainnet blockchain. During this period, the community focused on building apps and utilities within the enclosed network, preparing for future open access.
4. February 20, 2025:Transition to Open Mainnet
After years of anticipation and extensive community effort, Pi Network officially transitioned to its Open Mainnet. This crucial step involved removing the firewall, opening the network to external connectivity, enabling exchange listings, and fostering broader real-world utility for its vast community of Pioneers.
Concerns And Criticism Regarding Pi
Despite its massive global community and unique mobile-first approach, Pi Network has not been without its share of concerns and criticisms. The Pi coin has been criticized by analysts and experts regarding following issues
- Lack of Transparency and Decentralization -
Critics often point out the significant control the Pi Core Team maintains over the network's development and lack of transparency in Pi Network's roadmap, funding sources, and decision-making processes
- Pyramid Scheme Allegations: The heavy emphasis on inviting new users through a referral system has drawn comparisons to multi-level marketing or pyramid schemes, despite Pi Network's insistence that it involves no financial investment and no exchange of money for participation.
- Technical Clarity: Some blockchain experts have questioned the technical depth and innovation of Pi's underlying architecture, suggesting a lack of detailed transparency on certain aspects beyond the general mention of Stellar Consensus Protocol adaptation.
- KYC Process Challenges: While essential for network integrity, the mandatory Know Your Customer (KYC) verification process has, at times, faced delays and complexities for some Pioneers, hindering their ability to migrate their mined Pi to the Mainnet.
Future of Pi: What Lies Ahead?
With its user-friendly approach and a massive, globally distributed user base , Pi Network has the potential to achieve widespread adoption. Its vision of enabling real-world utility through Pi-based payments and dApps could reshape how people interact with digital currency.
But for Pi to truly flourish, several key developments are crucial:
- Full Open Mainnet Functionality: Completing the rollout of all promised features,
- Wider Exchange Listings: Gaining listings on major, reputable cryptocurrency exchanges like Binance, HTX, etc., to increase liquidity and market access.
- Thriving Ecosystem: The successful development and adoption of a diverse range of functional dApps that demonstrate real-world utility for Pi.
- Increased Transparency and Decentralization: Address concerns and take steps to enhance decentralization and transparency.
- Regulatory Reforms: Development of uniform laws for cryptocurrencies will prove beneficial for Pi
What is GCV? Will It Ever Be Possible?
Global Consensus Value (GCV), a highly debated concept within the Pi community. This refers to the aspirational value of one Pi Coin reaching a symbolic $314,159 (derived from the mathematical constant Pi). While this number has been widely promoted by some community members through various events and online discussions,it lacks any official backing from the Pi Core Team or established market fundamentals.
The Core Team has consistently stated that "Pi is worth what pioneers make it worth," emphasizing the importance of utility and a thriving ecosystem.While some decentralized applications within the Pi ecosystem might adopt GCV for internal transactions, the broader crypto market would likely value Pi based on supply, demand, and real-world utility when it gains wider exchange listings.
Pi2Day: Driving Ecosystem Growth With .Pi Domain Auction
Pi2day is celebrated annually on June 28th ( double the Pi's approximate value of 3.14) it has become a day of heightened anticipation. It's often associated with major announcements from the Pi Core Team regarding network updates, mainnet progress, and ecosystem developments.
This year, as we approach Pi2Day 2025, a particularly exciting development has already been announced-.pi domain auction. Pioneers can bid on and acquire unique web3 domain names ending in ".pi" using their Pi coins. Within the Pi ecosystem, .pi domains serve as unique digital identifiers, streamlining user interaction across Pi-integrated businesses websites, applications, and services.
Final Thoughts
Standing as a unique initiative for universal cryptocurrency accessibility and inclusivity , Pi Coin has successfully created a huge global community. While the enthusiasm around Pi2Day and the aspirational GCV highlights the community's strong belief, the ultimate success of Pi Coin will depend on its ability to deliver on its promises. It needs to establish robust real-world use cases, achieve broader market acceptance, and continue its journey towards full decentralization and transparency.
Frequently Asked Questions (FAQ)
1. How to mine Pi coin?
Mining is done through the Pi Network app by tapping a lightning bolt icon once every 24 hours.
2. Can I still mine Pi?
Yes, you can still mine Pi .The Pi Network continues to allow users to mine Pi coins using their mobile phones,
3. How can I boost my mining rate?
You can significantly boost your Pi mining rate by actively engaging with the Pi Network’s built-in incentive mechanisms. Here’s how:
- Invite people to mine Pi
- Build security circle
- Lock Up Your Pi for Bonus Rewards
- Use verified Pi apps from pi ecosystem
- Run Pi node on your laptop or desktop
4. Where and how can I my sell Pi
You can sell your Pi coins on centralized cryptocurrency exchanges that support Pi trading, such as Bitget OKX and MEXC. Follow these steps to sell your PI
- Complete KYC: Before selling, you must complete KYC (identity verification) on both the Pi Network (to migrate your Pi to mainnet) and on your chosen exchange
- Transfer Pi to Exchange: Move your Pi coins from your Pi wallet to your exchange wallet using the correct deposit address for Pi on that exchange
- Sell on the Exchange: Once your Pi is deposited, go to the Pi trading pair (like PI/USDT) and place a sell order—either a market order (sells instantly at current price) or a limit order (set your own price)
- Withdraw Funds: After selling, you can convert your proceeds to fiat (like INR or USD) and withdraw to your bank account if the exchange supports it.
5. Is Pi coin listed on Binance?
No, Pi Coin is not yet listed on Binance.
6. What happens if I lose my Pi Wallet passphrase?
You are solely responsible for your wallet’s private key passphrase If lost your wallet and its contents cannot be recovered by Pi Network.
7.What's the All Time High and All Time low price of Pi coin?
All Time High price of Pi coin was $2.98 while the lowest $0.412.
Source Bitget
8.Why is Pi coin falling?
Pi Coin’s price has been volatile in 2025, with sharp rallies followed by significant pullbacks, largely due to speculative trading and token unlocks.
9. What are the risks associated with Pi coin
Risks associated with Pi coin include price drops due to early sell-offs, limited utility, and regulatory challenges resulting in loss
10. Will the price of Pi coin increase in future?
Predicting the future price of Pi coin is challenging. While increased adoption and community strength could boost its value, market downturns or unfulfilled promises pose risk of downfall.
Disclaimer: Investocraxze does not provide financial or investment advice. Content is for informational purposes only.