Pi Network (PI) Complete Guide: From Basic Knowledge to Pre-Mainnet Launch Checklist

What exactly is Pi Network? Why does it attract 45 million users?

Founded in 2019 by a team of Stanford PhDs, Pi Network is an innovative attempt to enable ordinary people to participate in the cryptocurrency ecosystem. Unlike traditional mining models like Bitcoin that require massive computing power and high electricity costs, Pi Network allows anyone to participate in network security maintenance using just a smartphone. This design philosophy completely lowers the barrier to entry for cryptocurrencies.

As of October 2024, the network has gathered over 45 million active users. The reason behind this number is simple: just open the app, click a button once a day, and you can earn Pi tokens with minimal impact on phone battery and data usage. But the real highlight is—Pi tokens are currently not freely tradable on exchanges, and their value remains entirely unknown. According to official plans, the mainnet launch by the end of 2024 will change all that.

Why is Pi Network different? Uncovering the essence behind the surface

Low barrier vs. traditional mining’s huge gap

Traditional cryptocurrency mining is like a “hardware race”—requiring specialized mining rigs, ample electricity, and constant cooling. Pi Network takes the opposite approach: anyone with a smartphone can become a network maintainer, directly addressing the mass adoption pain point of cryptocurrencies.

User interaction design on the app

Open the Pi app, and you’ll see a simple interface. Tap the mining button daily to start a 24-hour cycle. This “one-click start and wait” mode has become a core lever for attracting new users.

Unique four-layer user ecosystem

Pi Network creates differentiated roles, each with different rewards:

• Pioneers: Basic miners verifying identity daily
• Contributors: Invite trusted people into the security circle to improve mining efficiency
• Ambassadors: Community spreaders bringing in new members
• Node Operators: Run Pi node software on personal computers to further decentralize the network

This layered incentive system essentially replaces “hash power competition” with “social mining.”

Technical core reveal: How Stellar Consensus Protocol disrupts energy consumption

Why is Pi considered more “eco-friendly”?

Most people know Bitcoin’s Proof-of-Work (PoW) consumes enormous amounts of electricity per second. Pi Network uses the Stellar Consensus Protocol (SCP)—a federated Byzantine agreement protocol.

The three main advantages of this protocol:

1. Very low energy consumption: No need for hash power competition; running in the background on a phone is effortless
2. High throughput: Can efficiently handle large-scale transactions, avoiding Ethereum-like congestion
3. True decentralization: Achieved through multi-signature confirmation among trusted nodes, replacing centralized validators

Comparison table

Starting from zero: Complete process of Pi mining

Step 1: Download and install

Search “Pi Network” in iOS and Android app stores, and install with one tap.

Step 2: Create an account

Register with your phone number or Facebook account; the system will automatically verify your identity.

Step 3: Activate mining mode

On the app’s main screen, tap the lightning icon to start a 24-hour mining cycle.

Step 4: Build your security circle

Invite 5-10 trusted friends. Once they join, your mining rate will increase (usually double).

Step 5: Maintain daily participation

Log in at least once every 24 hours to keep the mining chain active.

Why is this process so lightweight?

Compared to traditional mining that requires 24/7 operation, Pi only asks you to spend a few seconds each day to tap. Battery, data, and computational load are almost unaffected—this is the core reason for its viral spread.

How to maximize Pi earnings? Beyond basic mining gameplay

How much can you earn just by clicking daily? According to official data, basic mining yields about 0.1-0.5 Pi per day (depending on total network users). But there are multiple ways to accelerate:

Security circle mechanism

Invite trusted people (not just random invites). Form a “security circle.” The more members and the higher mutual trust, the faster everyone’s basic mining rate.

Referral reward program

Invite each new user, and you get 25% of their mining rewards. If you successfully build an active user network, this income can far surpass basic mining.

Periodic bonus rewards

Pi periodically hosts special events; completing specific tasks (like using the app, locking tokens) grants extra Pi.

Data as of October 2024

45,000 active participants are accumulating Pi through various methods. Most are motivated neither by believing Pi will become the next Bitcoin nor by religious faith—more by the “zero-cost participation and extremely low time investment” unique attribute.

In-depth tokenomics: How 10 billion Pi are allocated

Pi’s white paper in 2019 clearly states the total cap: 100 billion Pi, with an 80/20 split between community and core team.

Community quota (80%, 80 billion Pi)

Mining rewards (65 billion Pi, 80% of community quota +)

• About 30 billion Pi mined before mainnet, but only 10-20 billion expected to be confirmed after KYC verification
• After mainnet launch, remaining tokens will be distributed via a decreasing mechanism each year
• Annual supply will gradually decline according to a formula to ensure steady release

Community governance and ecosystem fund (10 billion Pi)

Managed by the future Pi Foundation, used to fund developers, community activities, and ecological collaborations to sustain network growth.

Liquidity reserve (5 billion Pi)

Provide initial liquidity for mainnet trading, ensuring users can buy and sell Pi smoothly.

Core team quota (20%, 20 billion Pi)

This portion is linked to community mining progress and set with additional lock-up periods by the team.

Supply reduction mechanism

The most interesting design is the annual decreasing reward:

• Each year’s mining reward cap decreases
• The system dynamically adjusts based on network lock-in rate, activity, etc.
• The goal is to prevent early users from earning excessively and to incentivize long-term participation

Future adjustments

Once all tokens are distributed, the Pi Foundation and community may decide whether to introduce inflation mechanisms to promote network growth or adjust rewards. These decisions will directly impact Pi’s long-term value.

Mainnet launch timeline: current status and expectations

Official stance

Targeted for the end of 2024, but Pi team remains cautious and has not provided an exact date. This conservative attitude stems from multiple previous delays that have tested community patience.

Current progress

Since December 2021, Pi has entered the “closed network” phase—mainnet is running but isolated from the outside world, used for testing applications and verifying KYC. This is the preparatory stage toward a truly decentralized open network.

What does open network mean?

When the mainnet upgrades from “closed” to “open”:

• Pi will interconnect with external blockchains
• Exchanges will list Pi trading pairs
• Pi tokens will flow freely, be traded, and cross-chain interactions will occur
• Users will truly own liquid assets, not just virtual points within Pi ecosystem

Until that moment, Pi’s actual value remains “Schrödinger’s cat.”

Mainnet sprint: preparing for airdrops

Pi plans to launch a large-scale airdrop at mainnet, mapping verified user Pi balances to the mainnet. But the prerequisite is—you must pass KYC.

KYC deadline set for November 30, 2024

Users who do not complete verification before this date will be granted an extension, but the risks are obvious: delays in verification → delays in mapping → inability to claim airdrops on time.

Preparation checklist (step-by-step)

1. Start KYC immediately

• Open Pi app, go to “My Profile”
• Follow prompts to submit ID photos and a selfie
• Wait for automatic or manual review (usually 3-7 days)

2. Prepare your wallet

• If you have an Ethereum wallet (MetaMask, Trust Wallet, etc.), ensure you remember the private key/mnemonic
• You can also use the official Pi wallet (currently in testing)
• Make sure wallet info matches your verification email

3. Stay updated with official news

• Follow Pi Network official blog and social media
• Subscribe to email notifications to avoid missing key dates
• Do not trust unofficial channels promising “early airdrops”

Pi Network’s three-stage evolution roadmap

Stage 1: Mobile app sprouting period (Dec 2018 - Mar 2020)

• Dec 2018: First version released, “Pioneers” start mining via daily login
• Mar 14, 2019: White paper published, establishing principles of accessibility, decentralization, and ecological sustainability

Stage 2: Testnet verification period (Mar 2020 - Dec 2021)

• Mar 2020: Global node operators can participate in transaction validation
• Duration: 21 months of concentrated testing and optimization
• Outcome: Developers obtain node software and testing environment, laying foundation for a real decentralized mainnet

Stage 3: Mainnet deployment and opening (Dec 2021 - present and future)

• Sub-stage 1 (Dec 2021 - now): Closed mainnet operation, KYC ongoing
• Sub-stage 2 (expected end of 2024): Launch of open network, integration with exchanges and external systems

This over three-year pace, though slower than many crypto projects, provides the community ample time for reflection and preparation.

After mainnet launch: how Pi achieves circulation and monetization

When the open network officially goes live, Pi users have three trading paths:

Centralized exchanges (most convenient)

• How: Deposit Pi into exchange wallets, place sell orders
• Risks: Must comply with regulations, liquidity depends on trading volume
• Experience: Similar to trading BTC on Coinbase—convenient but with platform risk

Decentralized exchanges (most autonomous)

• How: Connect self-custody wallets (like MetaMask), trade via liquidity pools
• Advantages: No KYC, no freezing risk, full control over assets
• Risks: Need to understand wallet operations, smart contracts, slippage; not suitable for beginners
• Learning curve: Moderate, but barriers are decreasing

Peer-to-peer trading (most flexible but highest risk)

• How: Negotiate directly with others, transfer assets
• Use case: Transfers among friends and family, or seeking buyers willing to pay premiums
• Risks: Scams, non-delivery after payment, opaque pricing
• Advice: Only trust known parties, keep transaction amounts small

Special note

There are existing “Pi IOU” trading markets (often on small exchanges or OTC platforms). These claim to represent Pi rights before mainnet, but:

• Prices are driven solely by supply and demand, with no official Pi endorsement
• If mainnet Pi price drops significantly below IOU prices, you will incur losses
• Risks include liquidity issues and counterparty default

Recommendation: avoid participating in IOU trading before mainnet officially opens.

Hidden risks and challenges: must-read before investing

Delays in history

Pi has postponed mainnet multiple times—initially expected in 2021, then 2023, now “end of 2024.” Repeated delays test user patience but also reflect the team’s pursuit of stability.

Ultimate valuation uncertainty

As of November 2024, Pi has no official price. Neither the white paper nor the official website states a value. This means:

• The actual trading price after launch depends on market supply and demand
• Early miners’ virtual assets may face significant devaluation
• No one can accurately predict the first-day or first-week price

Security threats escalate

As user base grows, phishing attacks, fake apps, and fake websites targeting Pi users proliferate. Security tips:

• Download only from official app stores (“Pi Network,” publisher “Pi Community”)
• Official domains: pi-network.cn or minepi.com; others are counterfeits
• Never input seed phrases or private keys on third-party sites

Regulatory uncertainty

Different countries have vastly different attitudes toward crypto assets. If Pi wants to operate widely in certain regions, it may need licenses. This process is time-consuming and may impose operational restrictions.

Network readiness doubts

Although the white paper describes the technology beautifully, whether the actual open network can run stably for 45 million users remains unknown. Bugs in the closed network could amplify upon open deployment.

Latest Pi Network progress and the critical importance of KYC

Current snapshot

According to the latest Pi official blog update, the network is still in the closed phase—tests are ongoing. The precondition for open mainnet is reaching a certain KYC verification coverage.

Why is KYC so important?

KYC (Know Your Customer) is not only a regulatory requirement but also for:

• Asset legitimacy verification: Ensuring each Pi corresponds to a verified real identity
• Preventing Sybil attacks: Avoiding one person creating multiple fake accounts to mine repeatedly
• Precondition for exchange listing: Major exchanges require user identity data
• Airdrop distribution basis: Ensuring airdrops go only to real users

Implication of the November 30 deadline

• Users not verified by then will be phased into mainnet mapping
• Unverified Pi may be frozen or heavily discounted
• Marks Pi’s transition from “game” to “asset”

Pi Network FAQ quick reference

Q: Will there be another delay by the end of 2024?
A: No official promise, but historically “year-end” usually means some time in Q4; exact date may be later than expected. Focus on official announcements rather than guesses.

Q: Can I still earn Pi now?
A: Yes. Anyone not yet registered can download the app and start mining today. But note that mining rate decreases as total network users grow, so early joiners have an advantage.

Q: Is my Pi safe?
A: Currently, Pi is stored on app servers, not under your control. After mainnet, you can transfer to a self-custody wallet. Regularly change app passwords and enable two-factor authentication.

Q: How much will Pi be worth in the end?
A: Nobody knows. It could be from $0 to $1 or more. Depends on exchange liquidity, real-world use cases, user stickiness, regulatory environment, and more. Set realistic expectations.

Q: Is buying Pi IOU worth it now?
A: High risk. IOU holders may suffer significant losses after mainnet price is set. Unless you have a clear view of price trends, wait until mainnet opens and prices are transparent.

Q: What if I fail KYC?
A: According to official policy, unverified accounts will get a delay mechanism. But ultimately, they may face inability to participate in airdrops, Pi freezing, or conversion to low-value tokens. Rules will be clarified before deadline.

Summary: Be prepared for the uncertain future of Pi Network

Pi Network represents an interesting experiment—using social mechanisms and mobile-first design to reshape crypto participation. The scale of 45 million users proves the concept’s appeal.

But from concept to reality, from closed to open, from gaming token to tradable asset, every step is full of uncertainties. Pi’s true test is not the number of miners but whether:

• The mainnet can launch on schedule and run stably
• The open network’s Pi price can create real value
• The user base and ecosystem can self-improve in a transparent market

If you’re already mining:
✓ Complete KYC immediately, don’t wait until the last moment
✓ Remember your wallet info, prepare for mainnet tokens
✓ Follow official channels, beware of scams

If you’re still observing:
✓ Download the app and experience “zero-cost mining”
✓ Don’t expect overnight riches; treat it as a long-term asset experiment
✓ Understand the risks before participating, prepare for the worst

The story of Pi Network is still being written. The arrival of the open network will be the most critical turning point in this story.