Pi Network, which is attracting attention for its ability to easily mine cryptocurrency on smartphones, emphasizes transparency and a community-driven ecosystem. This article provides a detailed explanation of the project’s overview, evolution process, and the challenges it faces and future possibilities.

Overview of Pi Network

Based on the white paper published in 2021, Pi Network is a blockchain project that has been developed through three important phases (Beta, Testnet, and Mainnet). In particular, it is characterized by easy mining that anyone can participate in, and users can mine Pi Coin using a dedicated app.

Ecosystem Growth Stages

1. Beta Phase

The Beta phase, the initial stage of the project, was conducted with the aim of building the community and developing the basic infrastructure. In this phase, despite being an experimental stage, it achieved success on the App Store and Google Play Store, growing from 35,000 to 35 million users. It is also noteworthy that it expanded to 233 countries during this period.

2. Testnet Phase

In the Testnet phase, which started in March 2022, over 10,000 nodes were deployed worldwide and their performance was verified. At this stage, real-world testing was conducted to ensure network reliability and scalability, and it received high praise from the user community.

3. Mainnet Phase

Moving on to the Mainnet phase, the “Closed Mainnet” was launched in December 2021, followed by the “Open Mainnet”.

• Closed Mainnet: A stage where participants are limited to optimize the network.
• Open Mainnet: A stage open to all users, where commercial use of Pi Coin is expected.

However, discussions are ongoing within the community regarding the timing of the Mainnet’s “openness” and practical implementation, and there are also voices of dissatisfaction regarding the progress schedule.

Pi Coin Characteristics and Challenges

Supply Cap and Inflation Risk

At the heart of the Pi Network ecosystem is the cryptocurrency, Pi Coin. Its supply cap is set at 100 billion coins, but inflation risk due to the large supply volume has been pointed out. To address this, distribution plans and supply control are considered future challenges.

“Pi Coin has the potential to form a sustainable economic model beyond just a blockchain project.”

Utility Potential

Expectations for commercial use of Pi Coin are high, and it is planned to be used in various forms such as shopping, online services, and fund withdrawals. This will be a new step where the value of cryptocurrency can be felt in daily life.

Community-Driven Ecosystem

A characteristic of Pi Network is the formation of its ecosystem through active community participation. Members have the opportunity to voice their opinions on network operations and future direction, which supports the project’s transparency and reliability.

Future Outlook: Potential of Pi Network

Pi Network, leveraging its unique structure and transparency, holds the potential to pioneer the future of blockchain technology. While overcoming current challenges, it aims to grow as the next generation of “cryptocurrency integrated into daily life”.
If you haven’t joined the Pi Network community yet, why not become a part of this new economic model and shape the future together?