Updated: 17 january 2023
6 minutes

Have you ever heard of Pi Network? It’s a cryptocurrency that quickly established itself as one of the most disruptive projects in the ecosystem when it came onto the market. In the rest of this article, we’ll tell you everything you need to know about this token. A surprising project that has come a long way… Before being accused of scamming, notably because of an alleged pyramid scheme. In short, we invite you to discover this ecosystem in greater detail. This is the perfect opportunity to reinforce your knowledge, especially if you want to invest in cryptocurrencies, specifically on the Pi Network.

1Inch Network

  • Good quotes and low fees
  • Does not hold your cryptos
  • Use of limit orders on a DEX

What is the Pi Network platform?

what is pi network

The perfect platform for novice investors, Pi Network, aims to be accessible, although it does restrict investment to its own crypto namesake. Here’s a look back at the history of this platform and its ambitions. There are plenty of them for 2024 and beyond.

Background on crypto-currency

The crypto bubble burst but left a large number of people behind. Among them are generations attracted by the investment potential of this new technology but, at the same time, more comfortable with the cutting-edge techniques required to create or mine virtual currencies than some of you are used to.

pi network crypto

The Pi Network is a solution designed to widen the audience of the virtual currency world, enabling as many people as possible to take the plunge. The solution aims to innovate in the sector to get around the costs of mining, but above all, the technical difficulties of the latter action.

By creating an intuitive and oh-so-easy mining platform, every Pi Network user can now participate in the immense world of cryptocurrency – full of possibilities – and play a role in this currency and this network.

To date, according to figures provided by the company itself, it is estimated that there are over eight million frequent users of the Pi application.

History of the Pi Network

We have to go back to December 2018 to trace the creation of Pi Network and its original presence in the financial markets. Pi Network was founded by three alums of the prestigious Stanford University in the USA. Now, doctors, the partners are as follows:

  • Dr. Fan Chengdiao
  • Dr. Nicolas Kokkalis
  • Dr. Vincent McPhillip.

Although the latter has now apparently left the venture, these three partners had a simple goal in mind when they set up the company. They wanted to create a new cryptocurrency for ordinary people, those who didn’t need exceptional resources to enter the world of virtual money.

To achieve this, the use of a cell phone, rather than the high-powered computers required by other cryptos such as Bitcoin for mining, had to be a key argument. At that moment, the partners were launching a virtual currency, but more importantly, a platform to manage and mine it. We were then in March 2019 for the first experimental launch phase, followed by the second phase, at the dawn of 2024.

At present, therefore, the application is only in beta, but the company is already starting to acquire advertising markets and boasts millions of users, as announced earlier in this review.

Pi Network

  • Reputable mining platform
  • Enhanced privacy

The Pi Network ecosystem

Since Pi Network is not a platform like the others, its reach is less varied than some of its competitors. It has to be said that the reach is particularly atypical and almost a rarity in the business, with very few cryptocurrencies made unique on their creators’ platforms and, notably, such notable accessibility for mining and democratizing fund shares in the virtual currency world.

Nevertheless, Pi Network operates on a mandatory referral system for access to mining.

How does the Pi Network platform work?

Pi Network Mining

Consolidating the PI Network blockchain

For the time being, the platform and web application are not even involved in the purchase and resale of cryptos, even if only the PI will have to be in the future of this ecosystem. Since this is only the beta version, users are working and looking to earn money, mining Pi daily. Users must log in and start mining every day, which takes just one minute.

The abundance of people connected to the network means that mining can continue even if users switch off their phones after mining has begun.

Moreover, users seek to progressively validate the blockchain under a KYC procedure, thanks to almost constant daily mining. As you can see, this tedious work is time-consuming for the time being, and despite the sums promised to the network’s biggest members, this is only a Beta version for the time being. Remember that only PI currency is and should remain on the platform, even years from now.

Trading non-crypto assets

The assets on the Pi Network are, logically, only Pi (PI) cryptocurrencies. As explained throughout this review, this is the only asset present on the network and the only one available for mining. So, you need to go through this platform to mine PI quickly, but choose another if you want to trade other crypto assets.

Copytrading, too, is excluded from the platform, as it has chosen to focus solely on its ecosystem.

How do I trade crypto on Pi Network?

Trade on Pi Network

Before you take the plunge and try open mining from your cell phone, here’s a step-by-step guide to crypto trading on Pi Network. How do I open an account? Where is the application available? We’ve got all the answers, and you’ll see that with just a few minutes to spare and a sufficiently recent smartphone in your hands, you’ll be up and running.

Download the Pi Network application

pi network app

As you’ll have gathered by now, all the necessary actions will occur on the network app, where trading and mining occur. Logically, you’ll need to download the “Pi Network” app, which is available from the App Store for iOS phones and iPads or from the Google Play Store, so that Android users can take advantage of the app, which is also free.

Pi Network

  • Reputable mining platform
  • Enhanced privacy

Enter your data

Once you’ve opened the application, the next step is particularly straightforward. All you need to do is fill in your first and last name, e-mail address, and password, and you’ll be able to log in securely in the future.

We want to draw your attention to several rumors and leaks announcing that Pi Network is selling its users’ data. Nothing has been confirmed on this subject, but you should remain vigilant.

Check your account

There are two ways to validate your Pi Network account. You can do it from the phone number you use or directly from your Facebook account.

Access the network

As mentioned above, Pi Network has chosen a referral system to ensure the security of its mining platform. This is standard practice in crypto, but you must select your sponsor’s code carefully. You’ll join the sponsor’s network, but your future earnings will be linked to the sponsor’s activity. So make sure you select the right code.

Once you’ve done this, you’re ready to start mining.

What are the Pi Network fees?

Another major advantage over other cryptocurrency trading and mining platforms is that Pi Network doesn’t charge any fees at the start of the application. After that, fees are calculated upon resale but remain lower. As far as mining is concerned, this data offers a great advantage and proves the basic principle of the network, which aims to democratize actions around crypto, as mentioned.

How safe is this crypto? The actual Pi Network value

In its day-to-day, all-encompassing use, the Pi Network platform presents no flaws and is firmly in line with its objective of recommended accessibility and ergonomics. However, behind the scenes and from a security point of view, many people are concerned about exploiting user data.

If we stick to the basic principle of collaboratively building the Pi network, this aspect remains safe in its action. The question now is whether or not you want to risk revealing your personal data should rumors of data harvesting prove true.

Where to buy Pi?

The Pi is not traded on the market’s most prominent platforms, such as Binance or Coinbase. Instead, it can be bought against USDT on Huobi, Bitmart, SuperEx, and Biconomy Exchange. These are little-known and little-used platforms. In terms of volume, BitMart is the place to go if you want the most liquidity. Huobi comes second, with trading volumes ranging from $40 to $200,000.

Suspicions of Ponzi Schemes Surrounding the Pi Network

So, what is the Pi Network price prediction? The Pi Network project raises many questions. Recently, the Vietnamese authorities decided to open an investigation into the asset. This is due to an opaque affiliation system and a possible Ponzi scheme. Pi guarantees its users a very high return. However, this is only possible thanks to a multi-level sales system (MLM). It’s a pyramid scheme that’s not strictly legal and could lose everyone’s money. This is reflected in the Pi Network’s share price, which can’t remain stable on top of a bear market. After an ATH of almost USD$300, it is now trading at around USD$23-24.

Pi Network

  • Reputable mining platform
  • Enhanced privacy

Advantages and disadvantages of Pi Network

What we like

Pi Network democratizes mining and access to cryptocurrencies.

Fees are virtually non-existent.

The only cell phone mining application.

An environmentally-friendly project: PI is a low-energy crypto that doesn't require the purchase of expensive, polluting equipment.

What we don't like

Pi Network is accused of reselling its users' data. For the time being, nothing has been proven in this respect, but we must remain vigilant.

Only PI is available on this platform.

The young platform is still in the development phase.

This tends to prevent some specialists from trusting the platform.

The Vietnamese government has opened an investigation into Pi Network, accused of pyramid schemes.

Mainnet not yet launched.

Questions you may have about the Pi Network

How can I contact Pi Network?

For the moment, Pi Network’s customer service is not yet one of its strengths. Customer service can only be contacted by e-mail, directly from the website or app.

What makes Pi Network so special?

Currently, Pi Network remains the only crypto platform accessible from a cell phone for mining. This makes it possible to democratize this usually time-consuming and cumbersome action, which requires no special equipment or knowledge. Pi Network aims to attract and democratize the crypto world.

Does Pi Network have a Euro value?

For the time being, Pi Network is not connected to the crypto market, as the network is still in a form of development.

How can you really make a difference on the app?

To really take advantage of the app and mining, it’s almost essential to be consistent and log on to the app every day. It will take less than a minute to press the lightning button and start mining every day, at 24-hour intervals.

Are efforts rewarded?

Yes, you can start making money for two reasons. The network’s progress will be exponential thanks to blockchain, and the referral system will increase your earning potential and your hold on the network.

Is Pi Network reliable?

The Vietnamese authorities have opened an investigation into suspicions of a pyramid scheme, which could result in all investors losing money. For the moment, nothing has been confirmed or even denied.

About the author

Lucia Schettino

Word enthusiast, writer, and travel lover, Lucia has more than 8 years of experience in cryptocurrency writing in Italian, Spanish, English and Portuguese.