What is Pi [IOU] (PI)?

Deep Dive

1. Purpose & Value Proposition

Pi Network targets mainstream crypto adoption by letting users “mine” PI tokens daily via a mobile app, eliminating traditional mining’s technical/energy barriers. Founded in 2019 by Stanford researchers, it positions itself as an inclusive Layer 1 blockchain for 13M+ users, prioritizing accessibility over transaction speed or institutional use cases.

2. Technology & Architecture

The network uses a modified Stellar Consensus Protocol (SCP), enabling energy-efficient validation via user-selected nodes. Unlike proof-of-work blockchains, PI’s “mining” involves periodic app check-ins to secure the network, rewarding users without requiring specialized hardware.

3. Tokenomics & Governance

• Supply: Total fixed at 68M PI (self-reported), with 5.2B tokens locked until post-mainnet migration (as of June 2025).
• Distribution: Earned through mobile mining, referrals, and node operation.
• Utility: Intended for in-ecosystem transactions, app development incentives, and governance voting post-mainnet.

Conclusion

Pi [IOU] represents a bet on Pi Network’s vision of frictionless crypto participation, though its value hinges on delivering Open Mainnet functionality and tangible use cases beyond speculative trading. With 400K+ nodes and tools like its no-code app builder live, can PI transition from a mining experiment to a sustainable Web3 ecosystem?