Created by a team of Stanford University alumni, the desktop and mobile apps for The Pi Network allow users to mine PI cryptocurrency tokens while verifying transactions on a distributed ledger.
Pi nodes use an algorithm based on the Stellar Consensus Protocol, unlike nodes in networks like Bitcoin that use proof-of-work (PoW) protocols (SCP). Pi nodes of the distributed ledger verify transactions and agree on the order in which new transactions should be recorded.
Once connected to a user’s mobile phone number or Facebook account, the PI mining app acts as a cryptocurrency wallet. The Pi blockchain will allow external wallets to store PI currency and send transactions directly to the blockchain, just like existing open blockchains. But unlike other blockchains, its creators have not yet released the source code.

The PI mining app serves as a cryptocurrency wallet when linked to a user’s mobile phone number or Facebook profile. Like other open blockchains, the Pi blockchain will allow third-party wallets to store PI currency and send transactions directly to the blockchain. However, its developers have not yet made the source code available, unlike other blockchains.
Pi Day, March 14, 2019, marked the beginning of Phase 1 of the project, which featured branding based on the mathematical constant and a free PI mining app. As of June, the network had over 100,000 users actively using it. A year later, when Phase 2 was released, there were over 3.5 million users.
The app started airing ads in May 2020 to raise money for the project.
On March 15, 2022, Pi Network announced that its user base had more than doubled from 14 million in March 2021 to 33 million in March 2022.

As with other cryptocurrencies such as Bitcoin, the regular “logging” of PI serves to maintain its rarity. When halved, the amount of coins a miner receives for processing new transactions is “halved”. This usually occurs after a specific achievement.
When PI reached 100,000 users, the mining rate dropped from 1.6 to 0.8 per hour. After that it dropped once more to 0.4 and then when it reached 1 million users it dropped once more to 0.2 per hour. The network’s user base will start to drop to 1 billion people and will halve until it reaches nothing.
In November 2021, the development team started releasing software and product updates. These included the experimental Know Your Customer (KYC) app and Block Explorer.
The KYC app was pilot tested with community moderators before being made available “on a limited basis”. It aimed to improve the automation and usability of the machines, as well as start the Pioneers validation process. Pi Block Explorer was also introduced, allowing Pioneers to examine transaction specifics including sender, receiver and amount, as well as transaction history.
The developers were also able to create push notifications that notify Pioneers when they receive payments on the blockchain, thanks to an issue that prevented Android users from accessing their wallet passcode.

Read Also: Best Cryptocurrencies for September 2022

Prior to its formal launch, the Pi Network created a “closed mainnet” on December 28, 2021 to conduct further testing. A new mining mechanism was also implemented along with “infrastructure to provide Pioneers with a simulation of the upcoming mining pattern”.
The KYC app was first made available for testing to only a small number of thousands of pilot customers with a limit of 100 Pioneers per country or region.

This year on Pi Day (March 14, 2022), the development team unveiled two more improvements: the adoption of an expanded KYC solution and a new PI mining method that allows for more diversified mining rewards. These actions can increase value for advertisers.
The developers added that they will start rolling out KYC “on a large scale” for eligible consumers on March 16.
On May 19, Pi Network claimed to have engaged 35 million pioneers.
On August 23, 2022, Pi Network polled its Twitter followers. The results revealed that 61% of Pioneers (Pi network members) received a referral from a friend. Co-workers and family scored 17% and 4%, respectively. 18%, or 54,722 people, chose “Other”.