Pi Network is a unique cryptocurrency project that allows users to mine cryptocurrency directly on their mobile phones without the need for complex hardware. With an efficient consensus mechanism and the goal of developing a decentralized financial ecosystem, Pi Network is gaining significant attention from the global cryptocurrency community.
1. What is Pi Network?
Pi Network is a cryptocurrency project founded by a group of graduates from Stanford University, officially launching in March 2019. Unlike traditional cryptocurrencies such as Bitcoin, Pi Network does not require complex and energy-intensive mining processes. Instead, Pi uses the Stellar Consensus Protocol (SCP) algorithm, which maximizes energy efficiency and consumes far fewer resources compared to the Proof-of-Work (PoW) mining method used by Bitcoin.
Thanks to the efficiency of SCP, users can mine Pi directly on their mobile phones without consuming excessive energy or computational resources. In fact, anyone with at least 250MB of storage space on their device can run the Pi Node software, a much smaller requirement than other cryptocurrencies like Bitcoin, which needs hundreds of gigabytes of storage to operate a node.
2. The role of Pi Network
Pi Network is not just a cryptocurrency mining platform; it also builds an ecosystem with various roles that allow users to participate and contribute to the network’s development. There are five main roles in the app, including:
- Pioneer: This role is for beginners. “Pioneers” can earn Pi by opening the app and participating in regular mining activities.
- Contributor: Once users reach the “Contributor” level, they can mine Pi at a faster rate and add new members to their “security circle.”
- Ambassador: “Ambassadors” are rewarded for inviting new users to join the network, helping expand the Pi community.
- Node: “Nodes” are individuals who can participate in running the decentralized network by installing Pi Node software on their computers.
- Ambassador Node: This role is for those who invite developers to join the Pi network and build products and services on the platform.
Over the years, the Pi Network team has continuously worked to attract new developers to build applications on the Pi network. They frequently organize events such as hackathons and Pi Fest to invite developers to join and showcase new features to the user community. These events have garnered significant attention, helping Pi Network reach over 60 million users. This means 15 million new users joined in 2023 alone, an impressive figure that highlights the growing appeal of Pi Network.
3. The latest roadmap update of Pi Network
In December 2023, the Pi Network development team officially unveiled the latest roadmap update, revealing key plans for the Pi Network ecosystem before the Open Mainnet launch. These updates not only bring significant improvements to the mining app but also provide users with a clearer understanding of the project’s progress.
The latest update has significantly enhanced the Pi Network mining app, offering smoother and more user-friendly experiences. The registration and login processes have been simplified, making it easier for new users to join the ecosystem right from the moment they open the app. Additionally, the app includes bug fixes and improvements to the user interface (UI), making it easier for miners to operate and interact.
One of the highlights of this update is the introduction of the user retention program. This program will send regular reminders to inactive miners, encouraging them to continue mining and earning Pi rewards. Notably, the app has been translated into 50 different languages, enriching the experience for users worldwide.
Pi Browser, the tool that enables users to access applications built on Pi Network, has also received significant updates. The main goal of this update is to optimize the user experience while enhancing the browser’s security. These changes will help users access Pi Network services more quickly and securely.
Another important change is the improvement of the KYC (Know Your Customer) process. The identity verification process has been streamlined with new verification steps, including face angle checks to ensure accuracy. A new feature allows users to become KYC verifiers, helping to reduce waiting times in the process. Verifiers will receive Pi rewards for each successful verification, creating additional incentives for the community.
Despite the many exciting updates, one point that has left many users disappointed is the lack of specific information regarding the official Open Mainnet launch date. The development team has only stated that Pi Network will officially open the Mainnet after completing the Enclosed Network phase and when the KYC process reaches the required maturity. This could happen by the end of 2024, but given the previous delays, it is likely that the official launch will be postponed to 2025 or later.
Recently, the Pi Network team also shared a commitment to launch the Open Mainnet before Pi Day (March 14 each year), which could mark an important milestone for the event.
4. Advantages and disadvantages of Pi Network
Advantages of Pi Network
With over 60 million users globally, Pi Network boasts a large user base and strong growth potential. This indicates significant interest and active participation from the community, providing a solid foundation for Pi’s sustainable development in the future.
Unlike traditional cryptocurrency mining systems, Pi Network allows users to earn Pi coins simply by running the app on their mobile phones, without the need for special hardware. This is a major advantage, expanding the opportunity for participation in the cryptocurrency market to a wide range of users, including those without in-depth technical knowledge.
Through hackathons and community initiatives, Pi Network has expanded the number of decentralized applications (dApps) on its network. This demonstrates that Pi is not only focused on mining but is also evolving into a rich ecosystem of applications, contributing to the added value of Pi coins.
With an efficient consensus mechanism, Pi Network can continue to scale and grow rapidly. This enables Pi Network to maintain stable development even as the user and application networks continue to expand.
A positive sign of Pi Network’s progress is the transfer of nearly 4.5 billion Pi to the mainnet. This indicates that Pi Network is taking the necessary steps to prepare for the mainnet launch and lays the groundwork for future developments.
Disadvantages of Pi Network
One of the major drawbacks of Pi Network is the delay in launching the full Mainnet. Although the project has announced plans for a 2024 launch, no exact timeline has been provided for the Open Mainnet phase. This has raised concerns among the community and investors, as they are facing longer-than-expected waiting times.
The Pi app requires users to provide a significant amount of personal information to use the platform, which has raised concerns about security and privacy. Requiring details such as phone numbers, email addresses, and other personal data may reduce long-term trust among users.
Although Pi Network is expanding and developing applications, the Pi network still lacks specific use cases. This could impact the widespread adoption of Pi coins, as users may not see the practical application of the coin beyond mining and accumulation.
5. When is the official mainnet launch of Pi Network?
Pi Network is currently in the transition phase between the Enclosed Network version and the Open Mainnet. Although the Open Mainnet was initially expected to launch in 2022, the process has been delayed for various reasons. The Pi Network team has announced that the open network phase will begin once the Enclosed Network ecosystem and the KYC (Know Your Customer) process meet certain criteria.
The Open Mainnet phase is expected to begin by the end of 2024, with the goal of removing firewalls and opening connections to other networks. Users will be able to connect wallets and run their own API services on the main network. Furthermore, as of March 2024, over 9 million users have completed KYC, indicating positive progress in network expansion.
With a progress update announced in June 2024, the Pi Network team revealed that over 1.3 million Pioneers have transitioned to the mainnet, and more than 2.5 million new users have completed KYC. Additionally, 20 new applications are ready for the mainnet, laying the foundation for the strong development of the Pi ecosystem.
Although Pi Network has not yet officially launched, the project promises to make significant strides in the cryptocurrency world. Users are eagerly awaiting the mainnet launch to explore new applications and opportunities on the platform.
