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Pi Network Mainnet Migration Checklist: 8 Steps to Activate Your Pi

Pi Network has captivated millions of Pioneers worldwide as a groundbreaking cryptocurrency project allowing easy mining from smartphones. A common question among users is: “How can I actually use the Pi I’ve mined?”

The answer lies in the final stage of Pi Network: migration to the mainnet. A crucial tool for this smooth transition is the “Pi Network Mainnet Migration Checklist.” This article provides a detailed explanation of each step, ensuring you have a solid foundation for utilizing your Pi.

Understanding the Pi Network Mainnet Migration Checklist and Its Importance

This section explains what the Pi Network mainnet is and why this migration process is crucial. By the end, the significance of the checklist and the vision behind Pi Network will be clear.

What is Pi’s “Mainnet?”

In blockchain technology, the mainnet is the production environment where cryptocurrency transactions and applications operate. Unlike the “testnet” (testing environment), transactions on the mainnet have real-world value.

Pi Network is currently in a phase called the “Enclosed Mainnet.” This period facilitates Pi usage within the Pi ecosystem before direct exchange with external blockchains or fiat currencies. Pioneers who complete mainnet migration can transfer their Pi to a Pi Wallet and use it to purchase goods and services within this enclosed ecosystem.

Checklist Purpose and Overview

The mainnet migration checklist outlines the process of transforming your mined Pi into “transferable Pi balance” ready for mainnet migration.

This checklist consists of eight main steps. Completing step 7 prepares your transferable Pi balance for the mainnet migration queue. Following each step ensures a smooth transition and participation in the Pi ecosystem.

Accessing the Mainnet Migration Checklist

This section explains how to access the mainnet migration checklist through the Pi app, allowing you to check your migration status and proceed to the next steps.

  • Tap the “Mainnet Info” shortcut in the bottom right corner of the Pi app’s home screen.
  • Alternatively, tap the hamburger menu icon (three lines) in the top left corner to open the Pi menu, select “Mainnet,” and then tap “Mainnet Checklist.”

Either method will lead you to the checklist page.

Pi Network Mainnet Migration Checklist: 8 Steps Explained

This section details the eight steps required to complete the mainnet migration. Understand the significance and specific actions of each step to ensure a successful migration.

Step 1: Download the Pi Browser App

Pi Browser is the core Web3.0 browser for the Pi ecosystem. Key Pi apps, including the Pi Wallet and Pi KYC, are accessible through Pi Browser, serving as the access point to the Pi ecosystem. Download the Pi Browser app from the App Store (iOS) or Google Play Store (Android) if you haven’t already.

This app will be used to utilize goods and services with Pi and access decentralized applications (dApps) linked to the Pi mainnet in the future.

Step 2: Create a Pi Wallet

The Pi Wallet is a digital wallet for storing your migrated Pi. Pi Network uses a “Non-Custodial Wallet,” meaning you manage your assets.

A non-custodial wallet means Pi Network doesn’t store your wallet passphrase (private key); you are responsible. This enhances security as only you can access your Pi. The official Pi Network YouTube channel provides detailed tutorial videos on creating and using a Pi Wallet.

Step 3: Approve Your Pi Wallet

This crucial step confirms you know your Pi Wallet passphrase. You’ll re-enter it for approval.

Losing your passphrase means losing all your Pi. Pi Network doesn’t record your passphrase; it cannot be recovered if lost. Store it securely and confidentially.

Step 4: Finalize Your Lockup Settings

Finalizing Pi lockup settings allows for higher mining rates before mainnet migration. Lockup supports healthy ecosystem growth and encourages long-term contributions.

Lockup Mechanism:

  • Longer lockup periods and higher Pi percentages result in higher mining rewards.
  • This reward is a crucial decentralized macroeconomic mechanism in the initial stages of ecosystem launch and demand creation.
  • Lockup is optional, but you must finalize your initial settings to complete step 4.
  • Once finalized, lockup settings (amount and duration) cannot be changed (reduced) until your first mainnet migration is complete.

After the first mainnet migration, your previous lockup settings are automatically applied for subsequent migrations. However, you can adjust the settings between mainnet migrations. These changes apply to future migrations and don’t affect already migrated lockups.

For more detailed information on Pi lockup rewards, refer to the updated chapter in the whitepaper released on December 28, 2021.

Step 5: Submit Your KYC Application

KYC (Know Your Customer) verifies that Pioneers are real individuals, meeting regulatory requirements. This prevents fraud and multiple accounts, maintaining network integrity.

The Pi KYC app within Pi Browser uses a decentralized solution combining automated machine processes and human verification through crowdsourcing from Pioneers worldwide. This makes KYC scalable and cost-effective. Submit your Pi KYC application when a slot becomes available. Currently, slots are open for a majority of the network, with the remainder to receive invitations as work progresses.

Step 6: Await KYC Results

This step is complete upon successful KYC application approval.

In rare cases, additional network checks just before mainnet migration might revert your verified status to unverified. If this happens, you might be offered re-application options. Regularly check your KYC application status and next steps in the Pi KYC app. KYC-approved Pioneers can apply to be KYC validators. While not mandatory for mainnet migration, this contributes to the scaling and speed of the overall KYC solution, and the work is rewarded in Pi.

Step 7: Approve Mainnet Migration

Completing all previous steps allows you to add your transferable Pi balance to the mainnet migration queue. This involves using your Pi Wallet passphrase to execute an approval document. This passphrase must be the same as in Step 3.

If you can’t access your current passphrase or want to change your wallet, repeat steps 2 and 3 to create and approve a new wallet, then re-confirm the new wallet passphrase in step 7.

Completing step 7 queues your transferable Pi balance for transfer to your mainnet Pi Wallet address (this is the mainnet migration), unless your KYC-approved status is revoked due to pre-migration checks.

Step 8: Await Mainnet Migration Completion

After queuing, a 14-day holding period exists before your Pi balance reflects in your mainnet wallet. During this period, Pioneers cannot use their mainnet Pi balance for transfers.

This holding period allows the network to perform additional checks and corrections, ensuring secure transfers. After the holding period, Pioneers can freely use their Pi within the current enclosed Pi mainnet.

Post-Mainnet Migration Outlook and Usage

Pioneers who have completed the checklist and migrated their Pi balance to their Pi Wallet can begin participating in the Pi ecosystem. In the enclosed mainnet, you can use Pi to buy various goods and services and use Pi-based Web3.0 applications.

This marks a significant step in Pi Network’s evolution from a mobile mining app to a functional blockchain ecosystem with actual value exchange. As the Pi ecosystem grows, more utility will emerge, expanding Pi’s value and usage.

Conclusion: Act Now for the Future of Pi Network

Since its inception, Pi Network has shown remarkable growth in scale and enthusiasm. The start of mainnet migration and the development of a fully functional and thriving ecosystem on the mainnet blockchain is a great achievement for the Pi Network development team.

Completing this mainnet migration checklist is crucial for all Pioneers to activate their Pi. Use the knowledge gained in this article to complete the checklist and contribute to the future development of Pi Network. For further learning, regularly check the official Pi Network whitepaper, updates within the Pi app, and official announcements.

Unveiling Pi Network’s ‘Open Network’: A $100M Fund and Gaming Drive Its Utility-Focused Future

For years, Pi Network has captured global attention with its innovative approach to mobile mining. Many users have eagerly anticipated its future potential, particularly the opening of the ‘mainnet’ and the concrete utility of their earned Pi coins.

Now, Pi Network is transitioning into a new phase called ‘Open Network,’ reaching a critical juncture where these expectations will be put to the test. Approximately 100 days into this transition, Pi Network is demonstrating tangible efforts to build a cryptocurrency ecosystem that prioritizes ‘utility’ rather than being merely a speculative asset. Will Pi truly become a ‘usable’ cryptocurrency deeply rooted in our daily lives?

This article delves into what has transpired in the first 100 days since Pi Network’s Open Network transition, exploring the core of its vision and concrete strategies to accelerate its ecosystem, all based on reliable information. We particularly focus on the newly established $100 million fund, ‘Pi Network Ventures,’ and the potential of the gaming sector it prioritizes, unraveling the future of ‘utility’ that Pi Network aims for.

## Long-Awaited Realization: The Significance of Pi Network’s ‘Open Network’ Launch

Pi Network, which has attracted global attention through mobile mining, has transitioned into the ‘Open Network’ phase, a stage where its true value will be tested. This section deeply explores how this transition connects to Pi’s envisioned future and its profound significance.

### Pi Network’s Journey: Over 6 Years of Development and Mobile Mining

Since its launch in 2019, Pi Network has garnered tens of millions of users worldwide, thanks to the ease of mining Pi coins for free via a smartphone app. Its core concept was to expand the potential of blockchain technology to ordinary people without specialized knowledge. However, previous stages primarily focused on technological development and user base expansion, with a cautious approach to the so-called ‘open mainnet’ transition.

### What is ‘Open Network’?: The Path to Utility and Universal Access

The ‘Open Network’ that Pi Network aims for signifies not just a complete technical infrastructure but also an environment where external connections are actively fostered, and Pi coins can be genuinely utilized. Specifically, it means external companies and developers can build services on Pi’s blockchain, allowing users to conduct peer-to-peer (P2P) transactions directly with Pi coins and interact within various applications.

Pi Network’s ambition from the outset has been to create a cryptocurrency accessible to everyone and useful in daily life. This transition to ‘Open Network’ is a crucial step towards realizing that vision.

This reflects Pi Network’s fundamental philosophy of pursuing ‘utility’ through real-world problem-solving and value provision, rather than merely being an object of ‘speculation’ where cryptocurrency values fluctuate.

## Catalyst for Ecosystem Acceleration: The Role of the $100 Million ‘Pi Network Ventures’ Fund

To materialize its ‘Open Network’ vision, Pi Network has launched a large-scale funding program. This section explains how this $100 million fund aims to contribute to the ecosystem’s growth.

### What is ‘Pi Network Ventures’?: Fund Allocation and Objectives

One of the most notable developments in the first 100 days after the Open Network transition was the launch of ‘Pi Network Ventures,’ a $100 million investment fund. This fund, composed of both Pi coins and US dollars (USD), has been allocated to support startups and projects contributing to the strengthening of the Pi ecosystem.

This fund has three distinct strategic objectives:

* **Promote Pi Utilization:** Create more opportunities for Pi coins to be used in more places and more frequently.
* **Stimulate Economic Activity on the Network:** Develop an environment where users and businesses can create and exchange economic value within the Pi ecosystem.
* **Connect Pi with the Real World:** Ensure Pi Network’s technology and Pi coins are useful in solving actual business and daily life challenges.

These objectives are directly tied to Pi Network’s vision of ‘utility.’ Through financial support, the expectation is that innovative applications and services built on Pi will emerge.

## Gaming Driving Pi Network’s ‘Utility’: Concrete Examples and Potential

One of the areas Pi Network Ventures particularly focuses on is gaming. This section explores why gaming is crucial for Pi’s practical use and widespread adoption, and examines its potential through specific examples.

### Why is Gaming Prioritized?: Web3.0 and Engagement

In recent years, blockchain technology and cryptocurrencies have shown high compatibility with the gaming industry (especially Web3.0 games and Play-to-Earn (P2E) models). Games naturally foster high user engagement and often feature in-game economies, providing an ideal environment to test the ‘utility’ of cryptocurrencies. Pi Network prioritizes the gaming sector for the following reasons:

* **Large User Base:** Directly provides Pi utilization opportunities to a global Pi user base.
* **High Engagement:** Makes Pi usage an everyday experience through gaming.
* **Creation of Economic Activity:** The use of Pi for buying/selling in-game items or as rewards creates activities similar to a real economy.

Gaming can also serve as an entry point into the world of cryptocurrencies, helping more users become familiar with the Pi ecosystem.

### Case Study: Integration with the Fruit Match Game ‘Free’

A concrete example of Pi Network Ventures’ focus on gaming is its integration with ‘Free,’ a fruit match game. This game is incorporated into the Pi Network ecosystem, featuring Pi coin payment functionality and user-to-user social interaction.

Such integration examples demonstrate Pi’s role not merely as a digital asset but as a ‘currency’ that can be actively used for in-game purchases and interactions. In the future, a wider variety of game genres are expected to join the Pi ecosystem, expanding Pi’s use cases.

## Challenges and Future Outlook for Pi Network: The Path to True Adoption

While Pi Network’s Open Network transition is a significant step, many challenges remain for true widespread adoption. This section objectively examines these challenges and considers future prospects.

### Difficulty in Ecosystem Expansion: Acquiring Developers and Users

The $100 million fund provides a strong boost, but building a truly sustainable ecosystem requires the continuous acquisition of high-quality developers and users who will utilize the services they create. To achieve the ‘utility’ Pi Network aims for, not just games but attractive applications and services in diverse fields must continuously emerge.

### Definition of ‘Utility’ and Market Acceptance

Pi Network emphasizes ‘utility over speculation,’ but the question remains how attractive this ‘utility’ will be to users compared to other established payment systems or existing cryptocurrencies. Factors such as ease of use, fees, processing speed, and service quality will be key to widespread market acceptance.

### Gap Between Community Expectations and Reality

After years of mobile mining, the Pi Network user community has high expectations for mainnet activation and the realization of Pi coin’s value. It will be crucial for the Pi Network operation team to meet these community expectations while continuously presenting a realistic development roadmap and tangible results to maintain the project’s credibility moving forward.

## Conclusion: Will Pi Network’s Challenge Pave the Way for the Future of Cryptocurrency?

Approximately 100 days have passed since Pi Network’s ‘Open Network’ transition. This period marks the beginning of their new challenge to fulfill long-held expectations and pursue ‘utility.’ The establishment of the $100 million ‘Pi Network Ventures’ fund and its particular focus on the gaming sector demonstrate that the Pi ecosystem aims for concrete value creation, not just speculation.

Pi Network’s vision of ‘a cryptocurrency accessible to everyone and useful in daily life’ suggests an important direction for cryptocurrencies to become rooted in the lives of a wider range of people, not just experts and investors. This unique approach is worth continued attention as it shapes the future of blockchain technology and cryptocurrency.

If you wish to learn more about Pi Network, compare it with other cryptocurrency projects, or delve deeper into the fundamentals of blockchain technology, we encourage you to refer to relevant books and official information to continue your intellectual curiosity. Pi Network’s journey may offer new insights into how our daily lives can be enriched by digital technology.

Pi Network: An Expert Analysis of its Current Status, Open Mainnet Migration, and True Value

Introduction: The “Hype” Versus “Reality” Surrounding Pi Network

The “Pi Network” has garnered significant attention for allowing users to obtain cryptocurrency with just a smartphone, forming a massive global community. As 2025 unfolds, its trajectory is entering a new phase.

On social media, seemingly miraculous success stories are circulating, such as an Indian farmer buying a smartwatch for his son with saved Pi, or someone acquiring a laptop using Pi. These tales have steadily amplified expectations for the project. Are these truly indicators that Pi Network has finally triggered a “digital revolution” with real-world value?

This article aims to explore what lies behind such fervent expectations, analyzing objective facts based on reliable sources without being swayed by mere rumors or speculation. Our goal is to provide a clear compass for accurately understanding Pi Network’s “now” and envisioning its future.

What Exactly is Pi Network?

To understand Pi Network’s current status, it’s crucial to first grasp its fundamental mechanism and purpose. Here, we will clearly explain its core concepts.

Concept: A Project Aiming for “Cryptocurrency Accessible to Everyone”

Pi Network was launched in 2019 by a team holding PhDs from Stanford University. Its primary vision is to create a decentralized digital currency that anyone in the world can easily participate in with just a smartphone, without requiring specialized knowledge or expensive equipment, unlike Bitcoin.

Mobile Mining Mechanism and Two Network Phases

When you hear “mobile mining,” you might imagine complex calculations that drain your battery. However, Pi Network’s mechanism is different. Unlike Bitcoin’s “Proof of Work” (proof by computation), it employs a unique algorithm based on trust relationships among users (rooted in the Stellar Consensus Protocol). This allows users to contribute to maintaining network security with simple actions, such as tapping a button on the app once a day, and receive Pi as a reward.

The project has progressed through two major phases:

  • Enclosed Mainnet: A “walled garden” network where Pi transactions are restricted to Pi Network’s applications and services. There is no connection to the external world.
  • Open Mainnet: The phase where the “walls” are removed, allowing Pi to connect with external blockchains and exchanges. This enables Pi to be exchanged for other cryptocurrencies or fiat currencies.

Fact Check: The Truth Behind the “Historic Update” in 2025

As 2025 began, Pi Network reached a significant milestone. Let’s examine the claims of a “historic update” circulating within the community, comparing them against objective facts based on official announcements and reliable sources.

Claim ①: Has the Open Mainnet Finally Launched? → Fact: Migration Has Begun, but Challenges Remain

Multiple sources report that Pi Network began its migration to the Open Mainnet around February 20, 2025. This marks the project’s most significant development, signifying that the technical gateway for Pi to break free from its enclosed ecosystem and connect with the external economy has opened. Consequently, Pi trading has commenced on some exchanges.

Claim ②: Is KYC 100% Complete? → Fact: Target Surpassed, but Not All Users Are Verified

KYC (Know Your Customer) is a crucial process for eliminating fraudulent accounts and maintaining network integrity. According to official information, over 18 million users have completed KYC, surpassing the initial target of 15 million. However, this does not mean all users have completed it; many are still awaiting the completion of their KYC process. Issues such as authentication delays and difficulties in completing the procedure remain significant challenges for the community.

Claim ③: Can Real-World Goods Be Purchased with Pi? → Fact: Primarily Limited to P2P Transactions

The claim that “you can buy things with Pi” is not entirely false. However, it’s essential to understand the true situation. Currently, there isn’t an official, large-scale marketplace like Amazon.

Transactions are primarily conducted in the following ways:

  • User-Initiated Marketplaces: Users buy and sell goods or services with Pi on applications developed within the Pi Network ecosystem, such as “PiChain Mall” and “Barter Mall.”
  • P2P (Peer-to-Peer) Transactions: Direct transactions between individuals or at a limited number of local stores that are experimentally implementing Pi payments.

Therefore, it’s an objective assessment to recognize that the project has not yet reached the stage where “anything can be freely purchased,” and transactions remain limited.

Item Official Status (As of June 2025) Community Expectations/Rumors
Open Mainnet Reported migration began around February 2025. Trading possible on some exchanges. Strong expectations of a “historic update” and “start of a revolution.”
KYC (Identity Verification) Over 18 million completed, meeting the target, but not all users are verified; many challenges remain. Increasing reports of completion, but also complaints from unverified users.
Physical Stores/Product Payments No official large-scale marketplace. Primarily user-to-user (P2P) transactions or usage in unofficial malls. Success stories like “buying a car with Pi” or “purchasing daily necessities” seen on social media.

Where Does Pi Network’s “Value” Originate?

What many people most want to know is, “Does Pi truly hold value?” We will delve into the mechanisms by which cryptocurrency value is formed and the ecosystem Pi Network aims to build.

The value of a cryptocurrency is not solely determined by price fluctuations. Its intrinsic value emerges from how “practical” its technology is and how widely it is “utilized” by people and services.

The source of Pi Network’s value can primarily be summarized by the following three elements:

  1. Realization of Open Mainnet Migration: This enabled Pi to connect with external economies for the first time, making it exchangeable with other cryptocurrencies or fiat currencies. This was an absolute prerequisite for Pi to transition from a “closed point system” to an “asset.”
  2. Utility and Ecosystem Development: The key to increasing value will be how many online stores accepting Pi payments and useful applications (DApps) built on Pi emerge in the future. Value is only created when there are attractive use cases that make people think, “I want to do this with Pi.”
  3. Massive Community and Network Effect: The existing active user base of tens of millions is Pi Network’s greatest strength. This immense user base can act as a powerful driving force, attracting new service developers and expanding the ecosystem.

Conclusion: Pi Network’s Future Outlook and Our Recommended Stance

Based on the analysis above, we will conclude on Pi Network’s current status and future.

Undeniably, Pi Network has taken a significant step by migrating to the Open Mainnet in 2025, entering a new stage of its grand social experiment. However, it has not yet reached the stage of a “completed digital revolution where anyone can buy anything,” as often circulated in background information. The project is still under development and faces numerous challenges.

Its future prospects depend on the following points:

  • Improved liquidity and trustworthiness through expanded listings on major cryptocurrency exchanges.
  • Expansion of practical applications and partner services that users genuinely want to use.
  • Smooth resolution of the remaining users’ KYC issues and the ability to encourage overall community participation.

The wisest stance for those interested in this project is to calmly follow official information without being misled by hype or rumors. We strongly recommend checking the latest updates on the official Pi Network app or blog. Engaging with primary sources and monitoring the project’s progress with your own judgment will be the most crucial approach to discerning its future value.

In-Depth Analysis: When Will Pi Network’s Open Mainnet Launch? Decoding 2025 Plans and Current Status from Official Sources

Pi Network has garnered global attention for the ease with which users can mine cryptocurrencies on their smartphones. Especially as 2025 approaches, expectations for the “Open Mainnet to finally launch” are building both within and outside the community. However, it’s also true that various pieces of information, including specific dates, are circulating and often contradictory. This article aims to set aside fervent rumors and expectations, and objectively and logically unravel Pi Network’s “present” and “future” based on officially released information.

What is Pi Network in the First Place? Basics of the Cryptocurrency Project You Can Join with Your Smartphone

First, let’s reconfirm the basic concept and purpose of Pi Network: what kind of project it is and why it attracts so many people.

Pi Network is a cryptocurrency project launched in 2019 by Stanford University PhDs Nicolas Kokkalis and Chengdiao Fan, among others. Its biggest vision is to create “a global cryptocurrency accessible to everyone.”

To realize this vision, Pi Network possesses the following features:

  • Smartphone Mining: Unlike Bitcoin, which requires high-performance computers and large amounts of electricity, you can participate by simply tapping a button once a day on a smartphone app.
  • Environmental Consideration: It adopts a unique consensus algorithm (based on the Stellar Consensus Protocol) that consumes less energy, and is thus considered to have a very small environmental footprint.
  • Current Phase: “Enclosed Mainnet”: It is currently in a phase called the “Enclosed Mainnet.” This is a state where Pi’s blockchain is isolated from external exchanges and other blockchains, like a “walled garden.” During this period, user identity verification (KYC) is advanced, and an ecosystem of apps (dApps) that use Pi is being fostered.

Fact-Checking the Core Rumor: The “2025 Launch Theory”

Recently, specific information, particularly on overseas social media and video content, claiming that the “Open Mainnet will launch on June 28, 2025,” has become a hot topic. While this would be big news if true, let’s calmly verify its credibility against official statements.

To be clear, no specific date, such as “June 28, 2025,” has been announced by the Pi Network core team at this time.

These pieces of information are likely to have spread due to the expectations and predictions of some influencers and community members. No such definitive announcement has been confirmed from the social media accounts of co-founder Chengdiao Fan.

Furthermore, while a figure of “300 million users” is sometimes mentioned, this is also likely an exaggeration. According to official Pi Network information, over 19 million users have completed KYC (Know Your Customer), which undoubtedly represents a huge community, but it is always important for us to base our judgments on accurate numbers.

The Key to Success: Three Essential Conditions for Open Mainnet Migration as Stated by Pi Network

So, what is the path to the Open Mainnet officially indicated by Pi Network? There are three crucial conditions that must be met for the healthy growth of the project. Only when these are cleared can Pi step out of its “walled garden” into the outside world.

  1. Condition 1: Ecosystem Readiness
    This refers to the readiness of the internal network. Specifically, this includes:

    • KYC and Mainnet Migration: 15 million users have completed KYC, and 10 million of them have migrated their Pi to the Mainnet wallet. (This goal has reportedly already been achieved)
    • Utility: Over 100 applications (dApps) that can actually be used or enjoyed with Pi are ready to operate on the Mainnet.
  2. Condition 2: Technical Readiness and Maturity
    This concerns whether the network’s technical foundation is mature enough to withstand an open environment. This includes network stability, the ability to process many transactions quickly (scalability), and sufficient security against external attacks.
  3. Condition 3: Favorable External Environment
    Not only issues within Pi Network itself, but also the global situation surrounding the project are important. For example, the absence of a global financial crisis or war, and the clarity of cryptocurrency regulations, are factors considered.

From these conditions, it can be inferred that the Pi Network team is prioritizing the construction of a sustainable and valuable ecosystem, rather than simply rushing a launch.

Pi Network Ecosystem Outlook: dApps, Nodes, and Community

What kind of world will unfold beyond the Open Mainnet? Let’s look at the overall vision of the ecosystem Pi Network aims for and its potential.

    • dApps (Decentralized Applications): These are the heart of the Pi economy. After the Open Mainnet, developers will be able to build various applications on the Pi blockchain. For example, marketplaces where goods can be bought and sold with Pi, games, and social media could be envisioned, creating “use cases” for Pi.

– Nodes: Nodes are a mechanism where volunteer computers worldwide verify and support the network’s transaction records. By maintaining the network through many nodes rather than centralized corporate management, Pi Network’s decentralization and security are preserved.

  • Community Power: A massive and active user community numbering in the tens of millions is the greatest asset of this project. This community’s use of dApps and engagement in economic activities will invigorate the entire Pi ecosystem.

Conclusion: How Should We Approach the Future of Pi Network?

Based on the information gathered so far, how should we, as users, approach this ambitious project called Pi Network?

The most important thing is to calmly observe the progress of the “three conditions” outlined by the official team, rather than being swayed by uncertain date rumors. Pi Network is not a speculative project designed to make you rich overnight; rather, it is an ambitious social experiment in the process of building a new economic zone with a long-term vision.

Its success is not yet guaranteed. However, its innovative vision and the potential held by its massive, global community are unique attractions that many other projects lack.

To truly assess the project’s future value, always make an effort to obtain the latest and most accurate information from official announcements within the Pi Network app, its official website, or official social media accounts. Observing this project’s future based on objective information, rather than being carried away by enthusiasm, will be the wisest approach.

Pi Network’s True Current State: Exploring Future Potential and Challenges Through Believers’ Voices and Objective Data

With its groundbreaking concept of easy smartphone mining, the cryptocurrency “Pi Network” has amassed tens of millions of users worldwide. However, doubts and criticisms persist, such as “When will it gain value?” or “Is the project truly progressing?” This article delves into the real current state of this project, which is swirling with enthusiastic support and harsh criticism, using the voice of a believer as a starting point, thoroughly dissecting it from objective data and multiple perspectives. No specialized prior knowledge is required. By the time you finish reading, you will have a solid compass to judge the true nature of Pi Network for yourself.

Confessions of a ‘Believer’: Significant Losses, Yet Still Believing

To understand the curious appeal and fervor of the Pi Network, let’s look at the words of a passionate South Korean supporter. He describes himself as ‘crazy about Pi Coin (또라이)’ yet analyzes the project with surprising calm.

He confesses to having lost a large sum, approximately 40 million Korean Won (equivalent to about 4.5 million JPY at current rates), in past Pi Network-related transactions. However, it’s crucial to note that this loss was not from selling Pi he mined on his smartphone. This was a failure in a high-risk market trading the “future value” of Pi, which officially has no value yet. Under normal circumstances, one might resent the project, but he continues to share information about Pi Network daily. Why? Perhaps because he sees the potential for a “grand social experiment” in this project, something beyond a mere speculative asset. This episode symbolizes the complex psychology that draws many people to Pi.

Pi Network’s ‘Now’ as Seen Through Objective Data

Let’s set aside emotional arguments for a moment and calmly analyze Pi Network’s current position based on publicly available data and facts.

The True Nature of ‘Price’ in the Market: What is IOU?

You might have seen Pi seemingly listed with a price on some crypto information sites or exchanges. However, as of June 2025, Pi Network is not listed on any major exchanges, and there is no official price.

So, what is the displayed price? It is primarily what is called an “IOU (I Owe You).” This is:

  • a promise being traded: “If Pi truly gets listed in the future, we will hand over the actual Pi coins at that time.”
  • In other words, it is a type of rights trading betting on the project’s future, and its price fluctuates significantly based on market expectations and speculation.
  • You must understand that if the project fails, its value will become zero, making it a very high-risk asset.

Current IOU prices are traded at around 85 to 90 JPY per Pi on some exchanges, but it is crucial to strongly recognize that this is by no means the confirmed value of Pi.

The Major Hurdles of KYC and Migration Progress

For Pi Network to become a ‘real cryptocurrency,’ it must go through the unavoidable processes of ‘KYC’ and ‘Migration.’

  • KYC (Know Your Customer): This is the ‘identity verification’ procedure. It is essential to prevent one person from fraudulently mining coins with multiple accounts and to maintain the network’s integrity.
  • Migration: This is the process of moving Pi mined on the test network to the official network (mainnet), where it has the potential to hold actual asset value.

According to official information and reports, over 18 million people have completed KYC, but some sources suggest that less than half of those users have completed migration. As the process targets tens of millions of users, it is taking a long time, and many users are currently eagerly awaiting their turn.

Why the Criticism? Three Major Hurdles Pi Faces

While there is significant anticipation, Pi Network also faces harsh criticism. Here, we will organize the main challenges the project must overcome from three perspectives.

1. Stalled Development and Opaque Roadmap

One of the users’ biggest frustrations is the delay in development. The launch of the “open mainnet,” which would allow free transactions for anyone, has been repeatedly postponed from its initial schedule. Furthermore, the official roadmap (development plan) often lacks specific completion dates, increasing dissatisfaction and anxiety about “when it will finally materialize.”

2. A ‘Pie in the Sky’? Lack of Practical Utility

For a cryptocurrency to hold value, practical utility – “what it can be used for” – is essential. However, Pi Network faces a significant challenge in this regard. The promised DApps (decentralized applications) ecosystem development is not progressing as expected, and places where Pi can be used to purchase goods or services are currently limited to a very small part of the community. There are harsh criticisms that as long as this “useless” state continues, it will be difficult for Pi to attain true value.

3. Dissatisfaction with Lack of Communication from the Core Team

The lack of communication between the ‘core team’ leading the project and the user community is also a concern. Many users feel that when KYC delays or technical issues arise, there is often little clear explanation or swift response from the core team. Such an attitude contributes to increased distrust in the project.

Why Hope Persists: Pi’s Uniqueness Compared to Bitcoin

Despite facing so many challenges, why do tens of millions of people not give up hope? The answer lies in Pi Network’s unique philosophy and fundamental differences from Bitcoin.

  1. Differences in Philosophy and Design
    Bitcoin was created by an anonymous individual named Satoshi Nakamoto, idealizing “decentralization” with no specific administrator. In contrast, Pi is operated by a team led by Dr. Nicolas Kokkalis, who holds a Ph.D. from Stanford University, and the project’s early stages are proceeding under strong centralized management.
  2. Differences in Barriers to Entry
    Bitcoin mining now requires high-performance specialized computers and vast amounts of electricity. In contrast, Pi aimed for thorough democratization of access, allowing “anyone, anywhere, with just a smartphone” to participate. This ease of access is the biggest factor that enabled the formation of a massive user community that no other project has achieved.

Pi Network can be described as a grand experiment aiming to become “the world’s most widely adopted cryptocurrency” through an entirely different approach than the world Bitcoin has created.

Outlook on the Upcoming Important Event: ‘Pi2Day’

Every year on June 28th, a significant date for the community named ‘Pi2Day’ (derived from being twice the value of Pi ≈ 3.14), some announcements related to the project are expected.

The community speculates that the introduction of ‘KYB,’ a corporate identity verification system, or new initiatives to expand the ecosystem might be announced. However, these are currently mere speculations. In recent years, despite the anticipation for events, objective data shows a declining trend in actual interest, so excessive expectations should be avoided. Whatever announcements are made, their content will undoubtedly be a crucial indicator for the project’s future.

Conclusion: How Should We View the Future of Pi Network?

Synthesizing the information presented so far, Pi Network can be summarized as follows:

  • A Grand Social Experiment: It is an unprecedented, high-risk, high-return long-term project advocating the ideal of “currency for everyone.”

    • – Piles of Challenges: The hurdles to overcome are high, including KYC and migration delays, an opaque roadmap, and lack of practical utility, so it cannot be viewed optimistically.
    – Its Greatest Asset is ‘People’: However, on the other hand, its vast and enthusiastic global community is a unique asset that no other project possesses.

The purpose of this article is not to definitively state whether “Pi will succeed” or “fail.” Rather, it is to present the fact that the key to success lies in “whether it can resolve its numerous challenges and transform its massive community into a practical economic zone,” and to highlight both possibilities.

Use this article as one piece of information, and I encourage you to follow official information with your own eyes. Without being swayed by excessive expectations on social media or unsubstantiated criticisms, calmly assess the project. That intellectual curiosity will undoubtedly be your most reliable strength in discerning the true nature of new technologies to come.

Bank Blockchain and Pi Fortune Market Partnership News: Will Pi Network Currency Achieve Real-World Use?

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Hello Pi Pioneers around the world. Will a future arrive where we can use the cryptocurrency earned through mobile mining for everyday shopping? This time, we will tell you about a noteworthy movement that has the potential to redefine digital currency and the way we conduct our daily transactions.

According to some reports, attention is being drawn to a movement where a project referred to as Bank Blockchain and Pi Fortune Market are cooperating to aim for the real-world practical application of cryptocurrency through the Pi Network. This may not just be a rumor of technical progress, but something that suggests the possibility of a transformation in the very function of money.

From Speculation to Practical Use: Expectations for a New Phase of Cryptocurrency

While many digital currency platforms still focus on speculative trading and highly volatile investments, this reported partnership is attracting interest as something that suggests a shift towards practical use. According to reports, both parties aim to connect real-world commerce with digital assets and bridge the gap between innovative technology and our daily lives.

This movement may be in line with the philosophy of the Pi Network, which has brought digital assets into the hands of many people by leveraging the power of mobile mining, rather than energy-intensive mining rigs. Amidst criticisms that many digital currencies are limited to the speculative realm, it is reported that the project referred to as Bank Blockchain is trying to prove that the true power of blockchain lies in its ability to bring tangible benefits to everyday life.

Bank Blockchain: A Project Aiming for Practicality?

According to reports, Bank Blockchain is said to be a project aiming to build a scalable and practicality-first blockchain ecosystem. It is currently in the “Inner Mainnet” phase, and is said to be building a digital foundation that supports future functional expansion, improved transaction processing capacity, and a level of decentralization that redefines trust and security in financial transactions.

This current phase is not just a testing stage, but is said to be a preparation phase for the launch of the “Outer Mainnet”, which will introduce a set of advanced features designed to meet the growing demands of a global user base seeking accessible digital solutions. The reported partnership with Pi Fortune Market is said to be one of the first attempts at a real-world application demonstrating this vision, and may suggest the dawn of a new era where digital currency is not just held as an asset, but used easily and with peace of mind.

Pi Network: The Potential for a Digital Revolution Anyone Can Join

At the core of this groundbreaking initiative report is the plan to integrate Pi, the native currency of the Pi Network, into the Pi Fortune Market commerce platform. Unlike the complex mining processes associated with many other cryptocurrencies, Pi is designed to be mined directly from mobile devices. This has opened the door for ordinary users to participate in the digital economy without requiring expensive technological investment.

This accessible characteristic of the Pi Network has attracted over 60 million reported users from around the world, who are hopeful about the project’s potential to evolve from an experimental idea into a currency with practical applications. Today, the expectation for that evolution is being discussed in a way that could transform what was once seen as a speculative digital asset into a tool for practical, everyday utility, changing how we interact with money.

Details of the Partnership Report: Innovation Grant and Market Opening Schedule

The significance of this partnership report goes far beyond the expectation of technical progress. It is something that gives rise to the expectation that real-world economic utility is not just possible, but may be close to realization. According to reports, Bank Blockchain’s Innovation Grant Initiative is said to have chosen Pi Fortune Market as its first beneficiary. This means Pi Fortune Market is reportedly planned to receive funding to integrate and test cryptocurrency utility in a real environment, ahead of the market opening event reportedly scheduled for August 3, 2025.

This grant is designed to support early-stage developers and visionary platforms, and is said to fund integration, testing, and outreach activities. This means that, if things proceed as planned, the goal may be to be ready to showcase a market where digital currency and tangible commerce are seamlessly integrated on the day of the August 3 event. This event may not just be a product launch, but a full-fledged demonstration of what can be achieved when pioneering technology meets real market needs.

The Challenge of Real-World Utility: Will the Conventional Wisdom Change?

The path to this realization is said to have been built through continuous innovation and an unwavering commitment to creating a scalable and user-friendly blockchain ecosystem, according to those involved. The strategy of the project referred to as Bank Blockchain is said to have been focused on practicality and real-world applications from the outset, rather than chasing speculative trading trends. The cooperation report with Pi Fortune Market may be emphasizing that philosophy by showing the potential for digital currency to revolutionize everyday transactions if applied carefully.

This could be a turning point that challenges the conventional wisdom that cryptocurrency is an unreliable store of value or a playground for speculative investors. Instead, it suggests a new possibility: that with the right technology and strategic partnerships, digital currency can become as common and practical as cash in a wallet.

Future Outlook: Expectations for the Mainnet and the 2025 Event Schedule

Imagine a future where your mobile device is your wallet, your bank, and your gateway to global commerce. A future where the limitations of traditional financial systems are replaced by the boundless possibilities of blockchain technology. This may be the reality that the project referred to as Bank Blockchain is trying to build through a phased blockchain development approach.

The current Inner Mainnet is said to serve as a crucial stepping stone. It is a controlled environment where the foundation is built and tested before the Outer Mainnet unleashes its full potential. And within this environment, the partnership report with Pi Fortune Market is expected to be a perfect use case for real-world cryptocurrency utility. This strategic move not only highlights the expectation for the technology’s practicality but also suggests the increasing convergence of digital innovation and daily life.

Expert Perspectives: Expected Transformation

Regarding the possibility of the dawn of this new era, industry experts are offering various views on future developments. Some analysts and experts see such movements as potentially becoming a “Proof of Concept” for the practical application of cryptocurrency that many people have been waiting for.

Some of these experts point out that the integration of cryptocurrencies like Pi into everyday commerce is a step towards answering the long-standing skepticism about whether cryptocurrencies can function as legitimate currency. There is an expectation that they have the potential for stability, reliability, and functionality in the real world, not just the speculative aspect, and if successful, it could be a catalyst for a transformation where digital currency is widely accepted as a medium of exchange.

Expectations for Broader Impact: Towards a More Inclusive Financial Future

The excitement surrounding this news is not just about the expectation of technological innovation. It is about the promise of a brighter, more inclusive financial future. Imagine small business owners in remote areas finally having access to fast, secure, and low-cost transactions that bypass the inefficiencies of traditional banking systems. Or consider the impact on everyday consumers who can use their mined Pi tokens to pay for daily necessities without the hassle of currency conversion or transaction delays.

This may be the real-world impact that the project referred to as Bank Blockchain and Pi Fortune Market are aiming to achieve. It is a change that empowers individuals, drives innovation, and ultimately reshapes our relationship with money.

Conclusion: Expectations and Reality for a New Chapter in the Digital Economy

As the market opening event reportedly scheduled for August 3, 2025 approaches, anticipation is building within the community. If things proceed as planned, Pi Fortune Market may unveil a marketplace leveraging Pi transactions, potentially serving as an attempt to demonstrate the fusion of digital convenience and practical utility. Every transaction completed on the platform may serve as a testament to the potential of blockchain technology to simplify and enrich our daily lives.

As we look to the potential of this exciting new chapter in the digital economy, consider the broader implications of this partnership report. It may suggest not just an expectation for technological innovation, but a shift in perspective from viewing cryptocurrency merely as a speculative tool to recognizing its potential as an everyday tool driving global commerce. The expectation for this transformation may be built upon a foundation of forward-thinking strategy, community empowerment, and a relentless pursuit of progress. Anticipation is high for a future where blockchain technology and digital currency become an integral part of our economic landscape, seamlessly woven into the fabric of daily life.

What are your thoughts on this transformative movement? How do you envision a world where digital money is a natural part of everyday transactions? It is important to continue paying attention to official information regarding the future developments of the Pi Network and its ecosystem.

Pi Network’s Open Network Migration: Exploring the Future of Next-Generation Cryptocurrency

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On February 20, 2025, at 8:00 AM (UTC), the Pi Network officially transitioned to the long-awaited Open Network phase. This transition marks a significant milestone in the development of the Pi Network as a cryptocurrency project, enabling external connections and interaction with other blockchains and applications.

What is the Open Network?

The transition to the Open Network allows the Pi Network to break away from its traditional closed ecosystem, enabling its use on external platforms and in the real world. This is expected to lead to the integration of Pi tokens with other blockchains and listings on exchanges, anticipating widespread adoption.

Unique Features of the Pi Network

  • Mobile Mining: The Pi Network utilizes energy-efficient mobile mining, providing a mechanism for users to easily mine cryptocurrency with their smartphones.
  • Community-Driven Token Distribution: 80% of the token supply is held by the user community, avoiding reliance on large investors.
  • KYC/KYB Authentication: The KYC (Know Your Customer) and KYB (Know Your Business) authentication processes ensure trust and transparency within the ecosystem by maintaining regulatory compliance and high security standards.

Expectations and Challenges for the Open Network

While the Pi Network is gaining attention for its unique approach, it also faces several challenges. Concerns regarding scalability and transparency have been raised. Additionally, the token price has shown rapid fluctuations.

Scalability and Security

The Pi Network is currently working on enhancing scalability and security to support its massive user base. New updates are being provided for node operators, and performance optimization is underway.

Token Price and Market Trends

Immediately after the Open Network transition, the Pi token price temporarily surged, reaching $2.10 at one point. However, it subsequently plummeted by over 52%, falling to $1.01. This price fluctuation has also impacted the overall market.

Vision for the Future

The Pi Network aims to be an “inclusive and sustainable cryptocurrency” and is focused on building a community-driven ecosystem. This project has the potential to present a new economic model and bring innovation to the entire cryptocurrency industry.

Key Success Factors

  • Adoption by a broad user base
  • Ensuring reliability through KYC/KYB authentication
  • Development of practical applications

The Pi Network will continue to evolve, providing new values and opportunities to many people. Let’s keep an eye on its future developments.

Mainnet Pi Balance Check Relocated: The Mystery of the Color Change and Future Outlook Explained

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In March 2025, the Pi Network user community faced a surprising situation. A phenomenon occurred where the “Pink Pi” (transferable balance to the mainnet) owned by many users suddenly disappeared and then reappeared. This article explains in detail what happened, the meaning of Pi Network’s color-coding system, and future prospects.

What Happened on Pi Network?

On March 14, 2025 (Pi Day), many Pi Network users reported a phenomenon regarding the color change of Pi within their accounts. The tokens that had previously been displayed as “Pink Pi” suddenly changed to “Yellow Pi” (unverified balance) or completely disappeared. This sudden change caused confusion and concern within the community.

The administrator’s Pink Pi also moved to Yellow.

Since Pi Day, some users have reported that their “Pink Pi” has reappeared. Even more surprisingly, some users have reported that more Pink Pi was returned than before the disappearance.

“The recovery of Pi reported by many users has helped rebuild confidence in the project.”

Understanding the Pi Network Color-Coding System

It is reported that Pi Network distinguishes the state of tokens by color. This color coding is important for users to understand their asset status.

  • Purple Pi (Transferred to Mainnet): Pi earned by users through daily check-ins. These have completed KYC, met the mainnet requirements, and have been migrated to the wallet. They are in a tradable state.
  • Pink Pi (Transferable Balance to Mainnet): Pi from referral circles, which has completed KYC and is waiting to be migrated to the wallet.
  • Yellow Pi (Unverified Balance): Bonus Pi from members who used a referral code or from mining circles. Once all these members complete KYC, it will turn into Pink Pi and enter the waiting list for wallet migration.

Significance of March 14 (Pi Day)

March 14, 2025, was an important milestone for Pi Network. This day was notable for the following reasons:

  • Final deadline for the KYC (Know Your Customer) grace period
  • Start date of the commercial event called PiFest (March 14-21)
  • Transition period to a new development phase for Pi Network

According to the announcement by the Pi Core Team, the KYC grace period ended at 8 AM UTC on March 14, and users who had not completed KYC were at risk of losing a significant portion of their Pi. This deadline setting is believed to be related to the temporary disappearance of Pink Pi.

PiFest and Future Developments

PiFest, which started on March 14, is an event focused on the commercial utilization of Pi Network. This event continues until March 21 and aims to showcase practical applications of Pi around the world.

The Pi Core Team suggests that Pi Network, which has been building its infrastructure and ecosystem for approximately 6 years, is finally entering the practical phase. This means that Pi Network is evolving from a testing phase into a cryptocurrency with real value.

Uniqueness and Features of Pi Network

A characteristic of Pi Network is its efficient mining process using smartphones, unlike traditional cryptocurrencies. This platform features an efficient mining process utilizing smartphones.

Pi Network’s mining is said to have the following characteristics:

  • Achieves efficient mining while minimizing smartphone battery consumption
  • Adjusts mining efficiency based on user activity patterns
  • Optimizes rewards based on security circles and mining frequency

Transition to Open Mainnet

Pi Network officially launched its Open Mainnet on February 20, 2025, at 8 AM (UTC). Previously, Pi Network operated within a closed ecosystem, and users could not move Pi tokens to external wallets or exchanges. However, with the launch of the Open Mainnet, integration with the outside world and real-world usage became possible.

Furthermore, there was an announcement in January 2025 that the “Grace Period” was extended until February 28, but ultimately the deadline for KYC and mainnet migration was set for March 14.

Impact and Outlook for Pi Network

The reappearance of Pink Pi is a positive event that restores confidence in Pi Network’s transparency and stability. Many users are looking forward to future developments now that the Pi Core Team has resolved this issue.

Pi Network’s long-term goals include improving scalability, strengthening security, and expanding the ecosystem. These efforts will form the foundation for Pi Network to continue growing and support more users.

Summary

The disappearance and reappearance of Pink Pi on Pi Network are considered to have been temporary confusion during the project’s transition to the actual operational phase. This period, coinciding with the final KYC deadline and the start of a commercial event, became a significant turning point for Pi Network.

Currently, Pi Network continues to grow with an approach different from traditional cryptocurrencies, as a pioneer in mobile mining. Its high accessibility from smartphones and efficient mining process are Pi Network’s strengths.

Let’s continue to pay attention to the developments of Pi Network, especially the progress after the end of PiFest on March 21, price trends, and the announcement of new features and services.

Pi Network Complete Guide: Layer 1 Blockchain Mechanism and Future Potential

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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.

Pi Network’s Open Network Launch: Unconventional Approach and Future Possibilities

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On February 20, 2025, at 8:00 AM (UTC), the Pi Network officially commenced its long-awaited transition to the Open Network. This transition marks a new era, enabling the Pi Network to connect with external blockchains and real-world applications.

What is the Pi Network?

The Pi Network is known as a platform that allows users to easily mine cryptocurrency on their smartphones. Its key characteristic is the adoption of environmentally friendly mobile mining, unlike traditional high-energy consumption mining.

An Unconventional Approach

The Pi Network employs a mechanism where 65% of tokens are distributed to the community as mining rewards. This approach ensures that the project’s profits are returned to the entire user base, rather than a small number of investors.

Ensuring Trustworthiness through KYC and KYB

KYC (Know Your Customer) and KYB (Know Your Business) ensure transparency between users and businesses, significantly reducing the risk of fraud and scams. This process plays a crucial role in enhancing trustworthiness throughout the ecosystem.

Transition to Open Network and Its Impact

With the transition to the Open Network, Pi tokens have become available on other blockchains and some exchanges. However, they have not yet been listed on major exchanges. This new phase is also expected to foster the development of decentralized applications (dApps) and expand real-world use cases.

Criticism and Response

Some have pointed out a lack of transparency and excessive app permission requests. However, the diverse user base is precisely the strength of the Pi Network. This enables large-scale adoption and accessibility.

Vision for the Future

The Pi Network holds a vision of paving the way for an “inclusive, sustainable, and utility-focused” future. It aims to succeed as a community-driven, transparent, and genuinely useful cryptocurrency.

Next Steps

  • Promoting dApp development
  • Addressing users who have not completed KYC
  • Improving utility across the entire ecosystem

In this way, the Pi Network is forging a new era with an approach that sets it apart from traditional cryptocurrencies.

“Pi will always be different. That is our strength.” — Chengdiao Fan (Founder)

Let’s continue to watch how the Pi Network evolves in the future.