What is Pi Network?

Pi Network is a social cryptocurrency and developer platform designed to facilitate digital currency mining through mobile devices. The project aims to create a currency that enables transactions for goods and services, moving beyond speculative trading. The network employs the Stellar Consensus Protocol and a Federated Byzantine Agreement to achieve consensus, relying on a global trust graph formed by user-created security circles.

Founded by Dr. Nicolas Kokkalis and Dr. Chengdiao Fan, both with doctorates from Stanford University, Pi Network is managed by Social Chain Inc. The ecosystem includes a native wallet, a browser, and a platform for decentralized applications. The PI token serves multiple purposes, including peer-to-peer exchanges and transaction fees, as well as supporting purchases in an internal marketplace and enhancing personal mining rates through staking and lockups. The project has emphasized organic community growth without showcasing external institutional investors.