What is the PI network?
Despite the years of delay, opaque operations and extensive doubt, the PI network still mandates a close-up as follow the cult.
However, critics have called the project “There is a thought“Its hopes for in-app ads, development driven by referral and centralized control of tokens. Some say it knows your customer’s (KYC) requirements (KYC) may allow user data monetization.
The question is simple: how is a so-called mobile-mined cryptocurrency, criticized for bottlenecks and limited utilities, keeping millions of people honestly taping a button every day?
Launched in 2019 by Stanford-Educated Founders, PI Network Set to reimagine crypto mining. Instead of energy intensive hardware, users are “mine” pi (Pi) Coins through a smartphone app.
The project is dependent on Stellar Consensus Protocol (SCP) and social “security circles” instead of proof-of-work (POW), which promises a broader integration in hash-power careers.
In February 2025, PI finally opened The long -awaited mainnet for outdoor trading and shift token, years after the original promise.
But the rollout weakened. Moving delays, KYC backlogs and uneven accessing Left a lot of frustrated. Although, the hype was held loudly: a short rally pushed the PI price to $ 3 before slipping around $ 0.34 of September 2025.
Today, the PI network has continued to maintain amazing -wonderful enthusiasm while facing the mounted of operational and structural concerns.
Do you know? The first mobile “mining” is not PI. In 2017A project called electroneum promised by smartphone mining but faded after losing interest.
Critical and Red Flags
While the PI network continues to attract a high volume of sunny users, critics have argued its foundation riding on unresolved flaws.
Centralization and control of the main team
Although PI brands itself as an “open network,” control is still in the hands of its main team. Everything Validator node Stay operated by project developers, No. of independent members of the community. It drops decentralization that most cryptocurrencies are built.
Opaque tokenomics and distribution
PI sets a maximum supply of 100 billion tokens, Divide Between four buckets: 65% for community mining rewards, 20% for the main team, 10% for foundation reserves and 5% for liquidity. On paper, which looks straightforward, but the actual numbers in circulation depend on how many coins move to Mainnet. Each category unlocked only the step with the verified transfer of mining rewards (MMR).
Referral -based rewards with MLM similarities
Mining PI is dependent Heavy to referrals and “security circles.” Critics Argue That this layered recruitment system reflects multi-level marketing schemes, which raises maintenance questions today that the new user’s growth has slowed down.
Limited listing and liquidity issues
Even after the February 2025 Mainnet lulnPI trade areas remain restrained with mid-tier exchanges such as OKX, gate.io, bitget and mexc. Basic platforms like Binance and Coinbase have lists of lists, citing unresolved concerns about tokenomics and centralization.
Volatility and weakness -token activity
PI market performance is difficult: from early 2025 high close to $ 3 to nearly $ 0.34- $ 0.35 to Sept. 3, 2025 (a 90% crash). Meanwhile, a crypto wallet labeled “Gas … ODM” was silent Amassing 331 million PI coinsfurther fuel of the suspicion of the insider -driven activity.
Privacy Dangers from Centralized KYC
To move Mined Pi to Mainnet, users must pass first Know your customer (KYC). This means uploading an ID released by the government and completing a facial recognition of the “live selfie” check. Report Indicate That this data is stored on centralized servers instead of under user-controlled systems, drawing criticism with privacy and security risks.
Not before concerns: previous allegations of Issues with KYC third-party providers has picked up ongoing questions about how PI manages the user’s sensitive information and if the protections are sufficient.
Do you know? Recent web Analytics Show the leading guests of Minepi.com through the country: Vietnam (10.2%), South Korea (8.2%), India (6.66%), United States (6.6%) and Ethiopia (5.2%).
Why does the hype continue
Free-to-try mining, social reinforcement and stable ecosystem signals are combined to maintain millions of emotional invested (although critics focus on liquidity gaps, limited listings and centralization).
Low obstruction to entry, minimal financial risk
Mining PI is worth attention to rather than capital. Users only open the app once per session to confirm the activity (no GPUs, no electric charges).
Framing those who lower that risk and make the network accessible to anyone with a smartphone. Layered incentives, such as the referral boost (25% per active invitation) and security circles (up to a 100% bonus), gamify the experience, which becomes casual with the development of the increase.
Access and mobile-first design
PI markets itself as “crypto for the smartphone season.” Rather than purses and Mining RigsParticipation is reduced to a one-tap task. The analysts featured it as a real PI change: it converts non-technical, underbanked or crypto-curious users to participants through a lightweight, efficient energy system (SCP instead of POW).
The identity of the community as momentum
Labels are important. PI users call themselves “pioneers,” and rituals such as day -to -day taps, referrals and team development have created social glue.
Campaigns such as Pifest and “Map of Pi” reinforce the activity, giving participants the owner. Although Pi’s “60m user” figure “has been controversial, to -Vefine activity around 12 million Accounts are still big in crypto standards.
Experiment and hope for immediate utility
The project’s narrative is intentionally long -term: first build the user’s graph, then expand the utility. That sequence -following gives out to assetbacks such as transfer delays or thin listings that can be reflected as temporary obstacles. For those who believe, vision is important than the present.
Signs of ongoing evolution
Momentum is kept alive by ecosystem cues: HackathonsProviding developer and builder funds. These are not final products, but they give community milestones to track and talk, which helps maintain a relationship between market swings.
Do you know? More than 6.9 billion Smartphones are used worldwide in 2025, which means mobile-first crypto experiments such as PI that potentially have a larger addressable market than Bitcoin purses, which are around 460 million.
What is the next to watch
Pi’s staying power is never about short -term prices. The real test is whether it can make it mass curiosity in an open network utility.
For observers, the signals to watch are clear:
- Decentralization of Training: Proof that the “open network” means more than a slogan. Independent validators and real integrations (not just in-app messaging) are key.
- Lists and liquidity: Up to a major Replace Like the steps in Binance, the discovery of the price and the user’s trust will remain limited.
- Delivery of ecosystem: Funded hackathons, live apps and active use of use more than blog updates.
- Developing KYC and Moving: The transparent, growing number of onchain users will develop the base of any functional economy.
If these milestones move forward, the PI hype may begin to move to the tested utility. If they are running, faith (not foundations) remains the main product of the project.
