What is Pi Network (PI)?

Pi Network (PI) is a Layer-1 blockchain project designed to provide everyone with easy access to the Web3 ecosystem. PI coin is the native cryptocurrency of this network. Pi coin mining can be done through an ordinary smartphone, making it far more accessible and low-cost compared to Bitcoin mining. Through this approach, Pi Network aims to open cryptocurrency mining to a broad audience.

Pi Network (PI) Project

The Pi Network whitepaper describes the project as follows: "As the world becomes increasingly digital, cryptocurrency is the next natural step in the evolution of money. Pi is the first digital currency for everyday people, representing a major step forward in the adoption of cryptocurrency worldwide."

Pi Network aims to build a decentralized ecosystem. Its native coin, PI, serves the following functions:

• Governance: PI holders can vote on decisions regarding the future of the network.
• Transaction Fees: PI is used to pay transaction fees within Pi Network applications and on the network itself.
• Payments: Payments within Pi Network applications can be made using PI.
• Incentives: Nodes that secure the network are rewarded with PI coins.

History and Founders

Pi Network was founded in 2019 by Dr. Nicolas Kokkalis and Dr. Chengdiao Fan. Kokkalis is known for teaching the first decentralized application course at Stanford University. The project transitioned to Open Mainnet on February 20, 2025, enabling PI coins to be transferred to external wallets and traded on exchanges.

Tokenomics

The maximum supply of PI coin is set at 100 billion tokens. Of this supply, 65% is allocated to community mining rewards, 10% to the foundation reserve, 5% to liquidity, and 20% to the core team. PI coin operates on Pi Network's own Layer-1 blockchain.

How Does It Work?

Pi Network uses a consensus mechanism based on the Stellar Consensus Protocol (SCP) and Federated Byzantine Agreement (FBA). Unlike Bitcoin's Proof-of-Work algorithm, this mechanism does not require high energy consumption.

Users select 3 to 5 trusted individuals within the app to form "security circles." These circles interconnect to create a global trust graph. Thanks to the trust graph, transactions can be validated without consuming massive computational power. Nodes that contribute to the network's security are rewarded with PI coins.

Pi Network has four participant roles:

• Pioneer: A user who logs into the mobile app daily and verifies their presence.
• Contributor: A user who contributes by listing other pioneers they trust, helping build the trust graph.
• Ambassador: A user who introduces new users to the network.
• Node: A user who runs the Pi Node software on their desktop or laptop, directly contributing to the SCP algorithm.

Why Is It Important?

Pi Network brings cryptocurrency mining to mobile devices, offering a low-cost and energy-efficient alternative. The founders argue that Bitcoin mining has strayed from its decentralization promise due to high hardware and electricity costs, and Pi aims to remove this barrier.

The project's distinguishing feature is that mining requires no specialized hardware, allowing everyday users to participate directly from their phones. The network's security model relies on mutual trust among users, introducing a community-driven approach.

You can read the Pi Network whitepaper here.

Price and Market Status

The price of PI coin is determined by supply and demand dynamics, the level of network adoption, and overall trends in the cryptocurrency market. With the transition to Open Mainnet, PI coin becoming tradable on exchanges has influenced the PI price. It is important to understand the project's fundamentals and risks before investing in PI coin.

Risks

Pi Network can be considered among risky cryptocurrencies. The project's prolonged enclosed mainnet period and delayed open mainnet launch have occasionally caused a loss of trust within the community.

Despite the large user base, the real-world use cases of PI coin remain limited, creating uncertainty around adoption. Additionally, the 20% allocation to the core team and the project's centralized governance structure may weaken its decentralization claims.

Furthermore, the mobile mining model may not be considered sufficiently robust by some security experts. The security of personal data shared during the KYC process is another point that warrants attention.

How to Buy Pi Network (PI)

PI coin can be obtained in two ways: by mining through the Pi Network mobile app or by purchasing from cryptocurrency exchanges. The how to buy PI guide explains both methods step by step.

Buying Pi Network (PI) with TRY on Bitlo

Those who want to purchase PI coin with Turkish lira can use Bitlo. After logging into your Bitlo account, select the PI/TRY trading pair and place a buy order for the desired amount.

Buying Pi Network (PI) with USDT on Bitlo

Those who want to purchase PI coin with USDT can use the PI/USDT trading pair on Bitlo. You can execute your transaction by placing a PI buy order using your USDT balance.

Frequently Asked Questions (FAQ)

What is PI coin?

PI coin is the native cryptocurrency of the Pi Network blockchain. It stands out for enabling mining via mobile devices and is used within the network for governance, transaction fee payments, and incentives.

Which network does PI coin operate on?

PI coin operates on Pi Network's own Layer-1 blockchain.

Is PI a coin or a token?

PI is a coin, not a token, because it has its own independent blockchain.

What is the maximum supply of PI?

The maximum supply of PI coin is set at 100 billion tokens.

Does Pi Network mining damage phone batteries?

No. Unlike traditional mining that consumes processing power, Pi Network mining only verifies user presence, so it has virtually no impact on battery life.

Is Pi Network trustworthy?

Pi Network is a project with millions of users, founded by Stanford-educated academics. However, due to its recent open mainnet launch and centralized governance structure, it should be evaluated carefully, as with any cryptocurrency project.