What is Pi Network? Beginner Guide!

In the ever-evolving world of cryptocurrency, Pi Network has emerged as a unique project offering a new approach to crypto mining and adoption. Launched on March 14, 2019, by a group of Stanford University graduates, including Dr. Nicolas Kokkalis and Dr. Chengdiao Fan, Pi Network aims to make crypto more inclusive and accessible to the wider community.

With more than 60 million global users by 2025, this project has become one of the most interesting phenomena in the blockchain world. This article will review the journey of Pi Network, the latest developments such as the launch of the Open Network, the potential for the future, and the challenges faced, based on information available up to March 2025.

The Beginning and Vision of Pi Network

Pi Network was founded with an ambitious vision: to create a cryptocurrency that can be widely used by the general public, not just experienced technicians or investors. Unlike Bitcoin, which requires expensive hardware and large energy consumption for mining, Pi Network introduces the concept of cellphone-based mining.

Users, referred to as “Pioneers,” simply download the Pi Network application and press the “mine” button every 24 hours to get Pi tokens. This approach utilizes Stellar Consensus Protocol (SCP), an energy-efficient consensus algorithm, so it doesn’t burden the user’s device.

The founder of Pi Network, Dr. Nicolas Kokkalis, once stated that the main goal of this project is to “bring crypto to the hands of millions of people around the world through accessibility.” Meanwhile, Dr. Chengdiao Fan added that Pi Network is designed to be an inclusive global peer-to-peer ecosystem, with a focus on real utility. This vision has caught the attention of many, especially those who have not previously been exposed to the crypto world due to technical or financial barriers.

The Journey to the Open Network

Pi Network’s journey has not been instantaneous. Since its launch in 2019, the project has gone through several important phases to ensure the stability and sustainability of its ecosystem. Here is a brief overview of these phases:

1. Beta Phase (2019)

   In the initial phase, Pi Network focused on community building. The application was launched as an experiment to see how much public interest there was in the concept of cellphone-based mining. In a short time, millions of users joined, mainly through a referral system that encouraged organic growth.

2. Testnet Phase (2020)

   In 2020, Pi Network entered the blockchain testing phase. This phase allows developers and early adopters to test network stability, while preparing for future scalability.

3. Enclosed Mainnet Phase (December 2021)

   In December 2021, Pi Network launched Mainnet in “Enclosed Network” mode. In this phase, the blockchain is active, but with a firewall that limits external connectivity. The goal is to allow time for users to complete the Know Your Customer (KYC) process, migrate their tokens to the Mainnet, and for developers to build Pi-based applications. During this period, more than 100 Mainnet-ready applications have been developed, which can be accessed through the Pi Browser for real goods and services transactions.

4. Launch of the Open Network (February 20, 2025)

   After more than six years of development, the Pi Network finally launched the Open Network on February 20, 2025, at 08:00 UTC. This launch was a major milestone because it removed firewalls, enabling external connectivity with other blockchains and compatible systems. The Open Network allows Pi tokens to be used in real-world transactions, integrated with fiat-based businesses, and even traded on major crypto exchanges such as OKX, which listed Pi in February 2025.

Impact of the Open Network on the Pi Ecosystem

The launch of the Open Network brings significant changes to the Pi Network ecosystem. With more than 19 million KYC-verified users and 10.14 million users who have migrated to Mainnet, Pi Network now has a strong community foundation. Some of the main impacts of this launch are:

Pi tokens can now interact with other networks, allowing transfers to external wallets and integration with real-world businesses. This opens up new opportunities for users to use Pi as a universal means of payment.

With more than 200,000 nodes run by a decentralized community and more than 100 Mainnet-ready applications, the Pi ecosystem now has real utility. Users can transact for goods and services through applications on the Pi Browser, increasing the adoption of Pi as a functional currency.

Although the Open Network has been launched, users can still mine Pi with reward rate adjustments based on a declining exponential emission model, according to the Pi Network whitepaper. This ensures a balance between network growth and token scarcity.

The Open Network allows businesses to integrate Pi as a payment method, expanding economic opportunities in the Pi ecosystem. It also encourages developers to continue building new applications that meet the needs of the community.

However, this launch was also accompanied by a final extension for KYC and Mainnet migration until March 14, 2025, as announced by the official Pi Network team. This step was taken to ensure that more users can verify their balances and migrate, so that the ecosystem remains inclusive.

Potential Price and Market Sentiment

One of the most discussed topics among the Pi Network community is the potential price of the Pi token after the launch of the Open Network. Prior to launch, Pi was only traded in the form of IOUs (I Owe You) on several exchanges, which were speculative. In February 2025, Pi IOUs ranged in price from $61 to $80, with a spike of up to 102% after listing on OKX and speculation on Binance.

Here are some price predictions based on market analysis through March 2025:

• Optimistic Prediction: Some analysts predict that if adoption continues to increase and listings on major exchanges such as Binance or Coinbase occur, Pi’s price could reach $10-$20. The main driving factors are support from major exchanges and favorable macroeconomic trends in the crypto market.
• Conservative Prediction: On the other hand, some analysts are more cautious, predicting that the price of Pi could fall to $11.46-$17.26 by the end of 2025, especially if there are regulatory obstacles or a decline in market sentiment. Technical analysis shows that Pi has completed a W-X-Y corrective structure since 2023, which could trigger a bearish trend.
• Community speculation: On the X platform, some users speculate that 1 Pi could be worth up to $314,159, a symbolic figure because it relates to the mathematical value of π (3.14159). However, this figure is more of an exaggerated expectation and is not supported by realistic market data.

Overall, market sentiment towards Pi Network is quite mixed. On the one hand, there is great optimism due to the massive user base and the launch of Open Network. On the other hand, skepticism arises due to the delay of the Mainnet launch in the past, the uncertainty of market value, and regulatory challenges.

Challenges and Criticism

Despite its many significant achievements, Pi Network has not been immune to challenges and criticism throughout its journey.

One of the primary issues is the repeated delay in launching the Mainnet, originally scheduled for December 2024 but only realized in February 2025 after several postponements. These delays have sparked uncertainty among users and investors, raising doubts about the project’s commitment and reliability.

Additionally, skepticism surrounding Pi Network’s legitimacy has been a focal point, driven by its prolonged testing phase and the absence of official trading on major exchanges until 2025.

Some critics have even drawn comparisons to failed crypto projects like Terra Luna, though the Pi team has emphasized that their cautious approach is necessary to comply with stringent global regulations.

Furthermore, the launch of the Open Network has introduced new challenges, particularly concerning market volatility. With many users having mined Pi for years, there is an anticipated increase in selling pressure, which could lead to a price drop, especially if the token’s utility does not grow as quickly as the community hopes.

Compounding these issues is the confusion among users regarding terminology, with many struggling to understand the distinction between “Open Network” and “Open Mainnet Launch.” This lack of clarity has misaligned expectations about the project’s progress. Collectively, these challenges highlight that while Pi Network has a grand vision, it still has significant hurdles to overcome to build trust and ensure success in the highly competitive crypto landscape.

Conclusion

Pi Network has come a long way since its launch in 2019, and the launch of the Open Network in February 2025 is a big step towards their vision of creating an inclusive peer-to-peer ecosystem.

With an innovative approach to mobile-based mining and a massive community, Pi has the potential to change the way the world views crypto. However, challenges such as market volatility, skepticism, and the need for real adoption must be overcome to ensure long-term sustainability. For pioneers and investors, the Pi Network remains a project worth watching amid the evolving dynamics of the crypto market.