What is Pi Network? It is a mobile-first Layer-1 blockchain and cryptocurrency ecosystem that lets users participate through a smartphone app, while its native asset, PI, supports peer-to-peer payments, merchant transactions, applications, and other network services. Pi launched on 14 March 2019 and differs from proof-of-work networks by combining app-based mining rewards with consensus technology adapted from the Stellar Consensus Protocol.
Core technology and consensus
Pi operates its own blockchain rather than issuing PI on Ethereum or another network. Its architecture uses a Federated Byzantine Agreement model, in which nodes reach consensus through overlapping quorum sets and trusted relationships. Users contribute to this trust structure through “security circles,” which identify other participants they consider trustworthy.
The network includes mobile participants, contributors who create security circles, desktop nodes, and higher-level SuperNodes that support consensus and ledger operations. The mobile application does not perform conventional computational mining. Instead, users activate periodic mining sessions, while network nodes handle blockchain infrastructure. This approach avoids the specialized hardware and high electricity consumption associated with proof-of-work.
Pi’s Open Network launched on 20 February 2025. That milestone removed the previous external-connectivity restrictions and allowed the blockchain to interact with qualifying external businesses, wallets, exchanges, and other systems. Mainnet access still depends on KYC verification, migration procedures, wallet confirmation, and any selected lockup settings.
What is Pi Network used for?
Pi’s intended use cases center on payments and applications. Eligible users can transfer PI between Mainnet wallets, while merchants can accept it through Pi Wallet and integrated applications. Pi’s Map of Pi service is designed to help users locate participating businesses. During PiFest 2025, the project reported more than 100,000 registered sellers and 49,000 active sellers on Map of Pi.
Developers can build applications using Pi authentication, wallet functions, payment APIs, and developer tools. The ecosystem targets marketplaces, games, social applications, e-commerce, fintech, and embedded payments. Pi also promotes KYC infrastructure as a possible identity-verification service for outside businesses and developers.
Who is behind Pi Network and where is it based?
Pi Network was founded in 2019 by Dr. Nicolas Kokkalis and Dr. Chengdiao Fan. Kokkalis is identified by Pi as founder and Head of Technology, while Fan is identified as co-founder and Head of Product. Both have Stanford backgrounds, with Kokkalis associated with distributed systems and blockchain research and Fan focused on social computing and human-computer interaction.
Early launch reporting also identified Vincent McPhillip and visiting researcher Aurélien Schiltz as part of the founding group. McPhillip left the project in February 2021, according to later reporting. Pi’s official materials describe the Core Team as headquartered in Silicon Valley, with members across the United States, Europe, and Asia.
Pi is associated with several legal entities rather than one universally disclosed operating company. The MiCA whitepaper identifies SocialChain, Inc. as a Delaware entity connected with development and operation of the platform. It also identifies Pi Community Company and the Pi Foundation as Cayman Islands entities, and PiBit Ltd. as a British Virgin Islands company and wholly owned subsidiary of the Pi Foundation. Pi Network Ventures operates as a foundation-backed initiative rather than a separate cryptocurrency.
Tokenomics and supply
Pi’s published maximum supply is 100 billion PI, allocated as follows:
- 65% to community mining rewards
- 20% to the Core Team
- 10% to foundation reserves
- 5% to liquidity
The CoinStats snapshot recorded a circulating supply of 11,243,022,455 PI and a total supply of 17,296,957,624 PI. The market price was $0.09284, with a 24h change of +2.55%. Market capitalization was $1.04B (rank #103), and 24h volume was $8.12M. The all-time high was $2.99, leaving the current price 96.90% below it.
Supply enters circulation through verified mining rewards and Mainnet migration. KYC, wallet activation, eligibility checks, and lockups determine when balances become transferable. Pi has a capped maximum supply, but ongoing migration and reward distribution can increase circulating supply. The project describes dynamic mining-rate adjustments and lockups, but the available sources do not establish a permanent network-wide burn or fixed inflation rate.
Ecosystem, advantages, and development
Pi’s main differentiators are smartphone accessibility, low-energy consensus, an identity-verified user model, and an integrated wallet, browser, blockchain, and developer platform. KYC is intended to reduce duplicate accounts and automated activity, although it also makes the system less anonymous and introduces privacy and centralization considerations.
The project launched Pi Network Ventures in May 2025 with a stated $100 million allocation in PI and U.S. dollars. Other ecosystem initiatives include CiDi Games, Pi App Studio, Pi Wallet, Pi Ad Network, Map of Pi, and developer APIs. Pi’s official KYB list includes businesses such as Kraken, OKX, Bitget, Gate.io, Pionex, MEXC, Banxa, and TransFi, although services and availability vary by jurisdiction.
Development during 2026 has focused on KYC and migration, node upgrades, Protocol 20, ecosystem-token functionality, identity services, artificial-intelligence applications, and external business integrations. Pi’s long-term progress depends on whether its large user base produces sustained payments, merchant activity, developer adoption, and demand for PI.