近年、仮想通貨市場では革新的なプロジェクトが次々と登場していますが、その中でも特に注目を集めているのがPi Network（パイネットワーク）です。スマートフォンだけで簡単にマイニングができるという画期的なアプローチで、世界中の多くのユーザーを魅了しています。本記事では、Pi Networkの基本概念から最新の開発状況、そして将来の可能性まで詳しく解説します。
What is Pi Network? Basic Concepts and Features
In recent years, innovative projects have been emerging one after another in the cryptocurrency market, and among them, Pi Network is attracting particular attention. With its groundbreaking approach that allows easy mining using only a smartphone, it has captivated many users worldwide. This article will explain in detail everything from the basic concepts of Pi Network to its latest development status and future potential.
What is Pi Network? Basic Concepts and Features
Pi Network is a Layer 1 blockchain project founded in 2019 by Nicolas Kokkalis and Chengdiao Fan, both PhDs from Stanford University. Unlike traditional cryptocurrencies such as Bitcoin, its biggest feature is that anyone can easily mine the digital currency “Pi” through a smartphone app, without requiring expensive mining equipment.
The mining method is also very simple: just open the app daily and tap a button. This ease of use is a major factor attracting many users. Some users even claim to hold over 5,000 Pi tokens.
An important point is that while Pi Network was initially designed referencing the Stellar Consensus Protocol (SCP), it has now completely migrated to its own blockchain. This allows it to function as a complete Layer 1 blockchain with an independent network, consensus mechanism, and native token. It is establishing a position similar to other major Layer 1 blockchains such as BNB (Binance), Ethereum, Solana, and Tron.
Technical Features of Pi Network
- Layer 1 blockchain similar to Ethereum, Binance, Solana, Tron, etc.
- Adopts the Byzantine Fault Tolerance (BFT) consensus mechanism
- Supports the development of smart contracts and decentralized applications (dApps)
- Mobile-centric blockchain technology
- Energy-efficient mining system
- Ensures security through a large-scale KYC (Know Your Customer) solution
Token Supply Model
Pi Network adopts a negative exponential declining supply model. This means that as more users join the network, the mining rate decreases over time. This approach allows for proper management of the token supply while rewarding early participants.
As a Layer 1 blockchain, Pi Network has the flexibility to design and manage its own economic model and tokenomics, and aims for community-driven governance in the future. This means that unlike projects that rely on other networks like Ethereum, it can independently set network fees, mining incentives, and reward structures without external constraints.
Pi Network as a Layer 1 Blockchain
A Layer 1 blockchain refers to a foundational layer that has its own infrastructure and operates independently of external blockchains. As an independent Layer 1 blockchain, Pi Network provides the following functionalities:
- Native Smart Contracts: Developers can build smart contracts that run directly on the Pi Network blockchain
- Decentralized Applications (dApps): Various applications such as DeFi platforms, marketplaces, games, and NFT projects can be developed
- Secure and Efficient Peer-to-Peer Transactions: Direct transactions between users are possible without intermediaries, and global remittances can be achieved with minimal fees
- On-Chain Governance and Decentralization: In the future, it will be possible to implement on-chain governance where Pi Pioneers (users) can vote on proposals
Notably, Pi Network currently operates with a large number of nodes and aims for an open structure where companies and individuals can add nodes in the future.
Deep Dive into Layer 1 Networks and Comparison with Other Currencies
To understand Pi Network’s goal of becoming a Layer 1 blockchain, a comparison with other major Layer 1 networks is useful. Here, we compare Pi Network with representative Layer 1 blockchains such as Bitcoin, Ethereum, and Solana, clarifying their respective characteristics and advantages.
Comparison with Bitcoin: Security and Accessibility
Bitcoin is a pioneer of Layer 1 blockchains, characterized by high security and decentralization through Proof of Work (PoW). However, its scalability is limited, processing only about 4-7 transactions per second (TPS). Furthermore, mining requires expensive specialized equipment and large amounts of electricity, creating a high barrier to entry for general users. On the other hand, Pi Network enables mining on mobile devices and prioritizes energy efficiency, giving it an advantage in terms of accessibility for anyone to easily participate. In terms of security, Pi Network adopts Byzantine Fault Tolerance (BFT), which, while not as robust as Bitcoin, ensures the resilience of the decentralized network.
Comparison with Ethereum: Smart Contracts and User Base
Ethereum is known as the first Layer 1 blockchain to introduce smart contracts and is widely adopted as a development platform for decentralized applications (dApps). Although it transitioned to Proof of Stake (PoS) after “The Merge” in 2022, improving energy efficiency, the high gas fees (transaction fees) remain a challenge. The current TPS is said to be around 15-30, but fees surge when demand increases, becoming a burden for general users. In contrast, Pi Network supports smart contracts while aiming for low-cost transaction processing, differentiating itself particularly in accessibility targeting emerging markets and mobile users. However, it will take time to catch up to the massive developer community and ecosystem built by Ethereum.
Comparison with Solana: Scalability and Practicality
Solana is a Layer 1 blockchain known for its high processing speed, achieving a theoretical maximum of 65,000 TPS through its unique consensus combining Proof of History (PoH) and PoS. This scalability is highly regarded in DeFi and NFT projects, overwhelming others in practicality. However, Solana has experienced multiple network outages in the past, raising concerns about its stability. While Pi Network does not currently achieve the same high speed as Solana, it prioritizes a mobile-centric approach and stable operation, emphasizing user experience simplicity. Also, while Solana pursues high performance, Pi Network’s design is characterized by rewarding early participants through its token supply model while looking towards long-term growth.
Advantages of Pi Network as a Layer 1
The main advantages Pi Network has compared to other Layer 1 networks are as follows:
- Improved Accessibility: Mining is possible with just a smartphone, requiring no specialized knowledge or expensive equipment, making it appealing to emerging markets and less tech-savvy demographics.
- Energy Efficiency: Unlike Bitcoin and older Ethereum which use PoW, it can operate with low energy consumption, reducing environmental impact.
- Community-Driven Growth: The negative exponential declining supply model incentivizes early participants while promoting network expansion. This has built a strong community base, with over 18 million KYC-verified users (as of January 2025) and growing.
- Flexible Ecosystem: By supporting the development of smart contracts and dApps, it offers versatility similar to Ethereum and Solana while leveraging its unique mobile-friendly design.
On the other hand, Pi Network is still under development and faces challenges in reaching the ultra-high processing speed of Solana or the mature ecosystem of Ethereum. However, with its ease of use and inclusivity as strengths, its potential to attract general users is very high.
Pi Network Ecosystem and Features
Pi Network aims to build a comprehensive ecosystem, not just a cryptocurrency. On this platform, various functionalities and applications can be developed, such as:
- Development of Decentralized Applications (dApps)
- Decentralized Finance (DeFi) platforms
- Marketplaces
- Gaming platforms
- NFT projects
- Social networks for cryptocurrency users
Leveraging the characteristics of a Layer 1 blockchain, Pi Network is designed with a unique custom design to efficiently scale and handle large volumes of transactions as adoption grows. In the future, businesses such as e-commerce, fintech, and social media platforms may integrate Pi Network for payments and smart contracts.
Latest Development Status: Transition to Open Network
On February 20, 2025, after a long preparation period, Pi Network finally launched its Open Network mainnet. This signifies the transition from the “Enclosed Network” phase (a stage where external interactions were restricted) which had been ongoing since December 2021.
In the Open Network phase, the Pi Network blockchain will be able to connect with external networks, allowing users (called “Pioneers”) to conduct transactions outside the Pi ecosystem. This is expected to significantly expand real-world use cases.
Once the firewall is lifted, anyone will be able to operate a node on the mainnet blockchain. However, the Pi Network core team’s policy is to prioritize experienced users for the node migration process from testnet to mainnet. This process will be managed through the desktop node UI, prioritizing users with high reliability scores and consistent contributions. Node rankings are also planned to be publicly displayed.
As of January 2025, Pi Network has recorded over 18 million KYC-verified users, and this number is still increasing. Furthermore, the price of the Pi token has shown fluctuations after the Open Network transition, attracting attention.
Interoperability and Future Integrations
One of the important aspects of Pi Network as a Layer 1 blockchain is its ability to achieve interoperability with other blockchains in the future. The possibility of connecting with other blockchains such as Ethereum and Binance Smart Chain through bridges is being considered for the future.
This interoperability could enable:
- Cross-chain transactions
- Token swaps
- Increased liquidity in the cryptocurrency market
This functionality is sometimes referred to as “Pi Bridge” or “Bridge Day” and represents partnerships outside the Pi Network ecosystem. This includes collaborations with other Layer 1 and Layer 2 blockchains.
Pi Network’s Potential and Concerns
Pi Network aims to become a practical currency used for real-world transactions and payments, but at the same time, there are skeptical views regarding its utility and value.
Expected Potential
- Interoperability with other blockchains (Ethereum, Binance Smart Chain, etc.)
- Realization of cross-chain transactions and token swaps
- Independent management of economic model, monetary policy, and inflation rate
- Utilization as a real-world currency rather than a speculative asset
- Integration into e-commerce, fintech, and social media platforms
Concerns and Criticisms
- Concerns regarding centralization
- Lack of transparent tokenomics (token economy)
- Uncertainty regarding true utility
- Uncertainty regarding valuation relative to current market capitalization
- Challenges regarding listing on major exchanges
Future Outlook for Pi Network
As a mobile-centric blockchain, Pi Network is suited to the modern financial system, which is increasingly digitized and mobile. The future of Pi Network largely depends on the growth of its ecosystem and real-world adoption.
Pi Network’s mobile-centric approach aligns with modern user behavior patterns. Today, it is commonplace for people to use smartphones to order food or purchase goods. Similarly, Pi Network has the potential to become a part of society and a tool that meets people’s daily needs.
Furthermore, Nicolas Kokkalis (Head of Technology and Co-founder of Pi Network) emphasizes the platform’s accessibility. According to him, Pi allows users to mine cryptocurrency for free on their mobile phones, bringing cryptocurrency to millions of people worldwide.
With large-scale partnerships and real-world adoption, Pi Network has the potential to become a significant player in the blockchain space. In the future, it may contribute to the evolution of the banking system, helping to build a more accessible financial system where people don’t have to queue at banks or wait in bad weather.
Conclusion: Is Pi Network Innovation or Overhyped?
Pi Network, as an independent Layer 1 blockchain, provides the foundation for a digital economy. This infrastructure enables decentralized applications, decentralized finance, secure transactions, governance, and global payments, while also allowing independent management of network growth and token supply.
With its innovative approach of mining cryptocurrency through mobile devices, it stands apart from traditional cryptocurrencies. Its technical foundation as a Layer 1 blockchain, growing ecosystem, and clear vision for real-world use suggest its future potential.
However, at the same time, challenges remain, such as the uncertainty regarding the transparency of tokenomics and true utility. Whether Pi Network becomes an innovative project or ends up as an overhyped experiment will be determined by future development and market reaction.
When considering cryptocurrency investments, it is always necessary to conduct sufficient research and make cautious judgments. While keeping an eye on the developments of Pi Network, let’s watch how the future of decentralized finance takes shape.