Pi Network, which is attracting attention in the world of cryptocurrency, officially launched its Open Mainnet on February 20, 2025, and is expanding its e-commerce related DApps (Decentralized Applications). This article provides a detailed explanation of Pi Network, from its basic concepts to its latest developments.
What is Pi Network? A Next-Generation Cryptocurrency Project You Can Join with Your Smartphone
Pi Network is a cryptocurrency project founded in 2019 by researchers from Stanford University. A major difference from typical cryptocurrencies is that it does not require dedicated, expensive mining equipment; anyone can easily participate in “mining” through a smartphone app.
Founders Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, and Vincent McPhillip launched this project to solve the problems faced by existing cryptocurrencies like Bitcoin—high energy consumption, the need for specialized knowledge, and high barriers to entry.
“Pi Network’s mission is to enable everyday users to participate in the cryptocurrency ecosystem. We are building a more inclusive and sustainable model where everyone can enjoy the benefits of digital currency.” —Pi Network Team
Innovative Mining Mechanism: An Environmentally Friendly Approach
Pi Network adopts a unique consensus algorithm different from the traditional “Proof-of-Work (PoW)”. This system is a variation of the “Stellar Consensus Protocol (SCP)” and has the following characteristics:
- Extremely low power consumption
- Minimal impact on smartphone battery and data usage
- Security model based on trust relationships
- “Mining” is possible by launching the app once a day
Through this approach, Pi Network is promoting the democratization of cryptocurrency while minimizing environmental impact. Users are called “Pioneers” and contribute to the network’s growth and security through a referral system.
Open Mainnet Launch: A Significant Milestone
The development of Pi Network has progressed in stages, and the “Open Mainnet” was officially launched on February 20, 2025. Currently, feature expansion is underway in this new phase. Previously, it was in the Testnet and Closed Mainnet phases, where actual value exchange was restricted. With the launch of the Open Mainnet, the following became possible:
- Official trading and transfer of Pi coins
- Full implementation of wallet-to-wallet transfer functionality
- Development of third-party applications and expansion of the ecosystem
- Exchange for actual goods and services
This transition is being carried out carefully, requiring completion of the KYC (Know Your Customer) process and adherence to community guidelines to ensure network safety and security.
KYC Process and Current Status of Migration
In the transition to the Mainnet, the KYC (Know Your Customer) process has been implemented to prevent fraudulent use and ensure the network’s health. The initial deadline was November 30, 2024, which was later extended to January 31, 2025. Although these deadlines have passed, users who have not completed KYC are being provided with individual grace period timers.
Prior to the Open Mainnet launch, accounts of users who completed KYC were sequentially migrated to the Mainnet. As of February 10, 2025, 10 million users had completed the Mainnet migration, which became a crucial condition for the Open Mainnet launch.
Development of E-commerce Related DApps: Aiming for Improved Practicality
A particularly noteworthy recent development in Pi Network is the development of e-commerce related DApps (Decentralized Applications). These applications will form the foundation for trading actual goods and services within the Pi Network ecosystem.
Pi Network has currently released 20 Mainnet-compatible apps out of a target of 100, which can be accessed directly from the Pi Browser. These apps cover various fields such as service provision, games, and e-commerce.
Pi Chain Mall (PCM): A Major E-commerce Platform
Pi Chain Mall (PCM) is a representative e-commerce platform within Pi Network. It is one of the largest decentralized applications (DApps) within the Pi network, providing a place where global users can buy and sell various goods and services using Pi tokens as a medium of exchange. PCM was a project that won the first Pi Network Hackathon held in October 2021.
Features of Pi Network E-commerce Platforms
E-commerce platforms under development and in operation have the following characteristics:
- P2P Transactions: Direct transactions between users, eliminating the need for intermediaries
- Low Fees: Significantly lower transaction fees compared to traditional e-commerce platforms
- Transparency through Blockchain Technology: All transactions are recorded on a public ledger and verifiable
- Smart Contracts: Escrow services and secure transactions through automatically executing contracts
- Global Access: Available even to users without bank accounts or traditional financial services
Through these features, Pi Network aims to be a practical digital currency ecosystem usable for actual economic activities, not just a speculative cryptocurrency.
Developer Ecosystem and API
Pi Network is promoting ecosystem expansion by providing APIs and toolkits for third-party developers. This allows independent developers and businesses to build their own applications and leverage Pi Network’s infrastructure.
The growth of the developer ecosystem is a crucial factor in increasing Pi Network’s practicality and adoption rate. As applications specialized for various uses are developed, the value for users also increases.
Community Engagement: Pi Network’s Core Value
One of the notable features of Pi Network is its strong community engagement. Currently, tens of millions of users worldwide are participating in the network as “Pioneers,” and this number is growing daily.
The community is not only participating in mining but also actively involved in discussions about the project’s direction and feature development. The Pi Network development team regularly conducts surveys and gathers opinions, evolving the project based on user feedback.
Education and Awareness Activities
Pi Network is also focused on spreading knowledge about cryptocurrency. Educational content is available within the app, allowing users without technical knowledge to gradually deepen their understanding of blockchain technology and basic cryptocurrency concepts.
This educational approach aligns with the mission of popularizing cryptocurrency and has the effect of lowering barriers for more people to participate in the digital economy.
Relationships with Major Companies and Future Outlook
Various rumors circulate regarding partnerships with major companies, but information such as “Alibaba investing 5 trillion dollars in Pi Network” lacks official confirmation and should be judged cautiously.
In the future, if officially confirmed corporate partnerships are established, Pi Network’s credibility and recognition could significantly improve, leading to broader adoption.
Regulatory Environment and Challenges
One of the challenges Pi Network faces is adapting to cryptocurrency regulations in various countries around the world. Regulatory approaches to cryptocurrency vary greatly by country and region, making adaptation to these regulatory environments a significant challenge for Pi Network, which aims for global expansion.
Furthermore, like other cryptocurrency projects, addressing security risks and ensuring scalability are ongoing challenges.
Caution Regarding Fake Pi Coins
As a point of caution, there have been reports of fake Pi coins being traded on some exchanges. To identify genuine Pi coins, it is important to use only exchanges certified on the official Pi Network website and to check official announcements from reputable exchanges (such as Binance or Coinbase). Be especially wary of coins showing unnatural price fluctuations.
Summary: The New Era of Cryptocurrency Pi Network Aims For
Pi Network is an ambitious project aiming for the democratization and practical improvement of cryptocurrency. Its high accessibility via smartphones, environmentally friendly mining mechanism, and development of e-commerce applications usable for actual economic activities demonstrate new possibilities for cryptocurrency.
The Open Mainnet launch on February 20, 2025, is a significant milestone for the project. Having achieved the target of 10 million Mainnet migrations, the actual value and usage scenarios of Pi Network are becoming clear.
While the cryptocurrency industry is rapidly changing, Pi Network is contributing to building a more inclusive and accessible digital economy with its unique approach. Future developments and efforts towards practical implementation will continue to attract attention.