Pi Network is a digital currency project designed to allow users to mine Pi, its native cryptocurrency, through a mobile app. Unlike traditional cryptocurrencies that require powerful computing resources, Pi Network differentiates itself by enabling mining through a simple button press once a day.

Launched in 2018 by Stanford researchers Nicolas Kokkalis and Chengdiao Fan, the project aims to make cryptocurrency mining accessible to the general public. However, the Pi Network has yet to establish a fully functional blockchain, and the repeated delays in its mainnet launch have raised skepticism.

To start mining, users download the Pi Network app, create an account, and tap a button to begin. The platform uses a referral system to increase mining rates, and by forming a “security circle” with trusted members, users can receive additional rewards.

The Pi Network offers four roles: Pioneer, Contributor, Ambassador, and Node. Nodes are expected to verify transactions in the future, but with the mainnet still unreleased, it‘s unclear whether these functions actually work. Currently, Pi coins cannot be traded like other cryptocurrencies; they exist only as “coin vouchers” within the app. In other words, the coins mined via Pi Network are not yet marketable assets—they remain as simple digital records.

While the Pi Network promotes its user-friendly mining model, it has also faced substantial criticism. One major point of controversy is its Know Your Customer (KYC) process, which requires government-issued identification. Some users have expressed concerns about privacy, warning that the platform may be collecting large amounts of personal data.

Additionally, some experts argue that Pi Network fails to uphold the principles of decentralization and question whether it has implemented actual blockchain technology. Supporters compare the project to Bitcoin’s early days, believing Pi may gain value over time.

However, Bitcoin was tradeable from the start and required computing resources for mining, unlike Pi Network. So far, Pi has no established market and has not demonstrated any economic value.

Bitcoin, which launched in 2009 at just $0.03, is worth $94,619 per coin as of 2025. But not every cryptocurrency grows like Bitcoin; many projects have vanished after an initial wave of hype.

Pi Network currently boasts over 33 million users and has improved accessibility through its easy mining approach. Still, without clear proof that the blockchain is functioning and with continued delays in launching the mainnet, it remains difficult to assess its real value. Whether Pi Network will establish itself as a successful and valuable cryptocurrency in the future remains uncertain. If it manages to demonstrate real economic value and become tradable, it could become an innovative case study. But for now, critics argue it’s little more than a user acquisition strategy masked as a crypto revolution.

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