What is a Pi network?
Despite years of delays, muddy operations and universal skepticism, PI Network still has almost iconic fans.
Critics, however, called the project “Ministry“Referring to your rely on advertising in the application, height directed and centralized tokens control. Some even say that his customer requirements (KYC) can allow the user’s data to be monetized.
The question is basic: how is the allegedly extracted mobile cryptocurrency, criticized by the bottlenecks and narrow utility, keeps millions of people faithfully knocking the button every day?
PI Network, launched in 2019 by the founders with the education of Stanford, decided to imagine the extraction of cryptocurrencies again. Instead of energy -saving equipment, users “extracted” PI (PI) via the smartphone application.
The project is based on the Star Consensus (SCP) and social “security circles” instead of proof of work (Jed), promising a wider incorporation of abbreviations in racing.
In February 2025 PI opened The long -awaited mainnet for external trade and tokens transfers, many years after the original promise.
But the implementation hesitated. Migration delays, kyc arrears and uneven access left many frustrated. Despite this, the hype was powerful: the brief rally exceeded the price of PI to $ 3, and then dropped to around 0.34 USD until September 2025.
Until now, Pi Network still maintains extraordinary enthusiasm, while facing operational and structural concerns.
Do you know? The first mobile “mining” madness was not Pi. IN 2017The project called Electroneum promised to extract smartphones, but faded after the exchange lost interest.
Criticism and red flags
While PI Network still attracts a enormous number of everyday users, critics say that its base is full of unresolved defects.
Centralization and control of the basic team
Although Pi is wearing a “open network”, the control is still concentrated in the hands of its main team. All Walidator nodes remain served by the project developers, NO by independent community members. This undermines the decentralization on which most cryptocurrencies are built.
Muddy tokenomics and distribution
Pi sets the maximum supply of 100 billion tokens, division Between four buckets: 65% in the case of community mining awards, 20% for the basic team, 10% for fundamental reserves and 5% for liquidity. On paper, it looks basic, but real numbers in circulation depend on the number of migrated to Mainnet. Each category is unlocked only for verified migrated mining awards (MMR).
Awards based on referral with MLM parallels
It depends on the PI mining tightly In relation to the instructions and “security circles”. Critics to argue The fact that this layered recruitment system reflects multi -level marketing programs, raising the questions of sustainable development now when the fresh user’s growth has slowed down.
Confined lists and liquidity problems
Even after launching Dennet, February 2025, PI commercial places remain narrow to exchanges at medium levels, such as OKX, Gate.io, Bitget and MEXC. The main platforms, such as Binance and Coinbase, stop in a letter, citing unsolved fears about tokenomics and centralization.
Variation and suspicious token activity
PI market results were impoverished: from the early 2025 maxima, nearly 3 USD to around 0.34–, 35 USD as of September 3, 2025 (90% of the failure). Meanwhile, the cryptographic portfolio marked as “Gas … Zwmie” quietly accumulated 331 million PI coins, additionally fueling suspicions of activity directed by confidentiality.
Risk of privacy from centralized kyc
To transfer the extracted Pi to the denog, users must first convey the know your client (kyc). This means sending an identity evidence issued by the government and the end of the “Live Selfie” face. Reports indicate that these data is stored on centralized servers, and not in user -controlled systems, which drew criticism in the field of privacy and security threats.
The fears are not fresh: earlier allegations of problems with external KYC suppliers have fueled current questions about how PI supports confidential information about users and whether there is enough security.
Do you know? Latest network analytics Show the best guests of minepi.com according to the country: Vietnam (10.2%), South Korea (8.2%), India (6.66%), United States (6.6%) and Ethiopia (5.2%).
Why hype persists
Free mining, social reinforcement and constant ecosystem signals are combined to invest millions of emotional (even when critics focus on liquidity gaps, narrow offers and centralization).
Low entry barrier, minimal financial risk
Mining Pi costs attention instead of capital. Users simply open the application once per session to confirm activity (without GPU, without electricity bills).
This study reduces the risk and makes the network available to each with a smartphone. Layered incentives, such as reinforcements of commands (25% to an vigorous invitation) and security circles (up to 100% bonus), gabifying impressions, changing the free operate of progress.
Availability and mobile project
PI sells as “Crypto for the smartphone era”. Instead of portfolios and mining platforms, participation is reduced to the routine of one adhesive. Analysts emphasize this as a real innovation Pi: it transforms non -technical, elevated or crypt users into participants through a lightweight, energy -saving system (SCP instead of them).
The identity of the community as a rush
Labels matter. PI users call themselves “pioneers”, and rituals such as daily taps, commands and team building create social glue.
Camps such as Pifest and “Map of Pi” strengthen their activity, giving participants a sense of belonging. Even if the figure of “60 million users” PI was debated, the activity around 12 million The accounts are still huge according to cryptocurrency standards.
Experiment and hope for direct utility
The project narrative is intentionally long -term: first build a user chart and then expanding usability. This sequencing allows you to reformulate failures such as migration delays or lean offers as short-lived obstacles. For believers, vision is more critical than the present.
Signals of ongoing evolution
Momentum is also alive by ecosystem tips: hackatons, developer grants and buildings. These are not end products, but they give milestones to track and talk, helping to maintain the involvement between market swings.
Do you know? Above 6.9 billion Smartphones are used worldwide in 2025, which means that experiments with mobile cryptocurrencies, such as PI potentially, have a larger address market than Bitcoin wallets, which have about 460 million.
What to see the next one
The Pi stay never concerned a brief -term price. The real test is whether it can transform mass curiosity into an open network tool.
For observers, signs for watching are clear:
- Decentralization in practice: Proof that “open network” means more than a password. The key are independent Walidators and real integrations (not only messages in the application).
- Offers and liquidity: As long as there is a enormous exchange, such as Binance, discovering prices and users’ trust will remain narrow.
- Ecosystem delivery: Finaned hackatons, live applications and vigorous operate have much more than blog updates.
- Kyc and progress of migration: The limpid, growing number of Onchain users will form the basis of any functional economy.
If these milestones go ahead, the Pi sound may begin to move into the tested utility. If they stop, faith (not fundamentality) remains the main product of the project.
