Pi Network FAQs

Pi Network is an online blockchain ecosystem that is open to everyone worldwide. It uses “Pi,” a new cryptocurrency created for and by regular people. You can easily and for free “mine Pi” on your phone. A new kind of digital money called cryptocurrencies is controlled and safeguarded by a community rather than by banks or governments. You may now mine Pi in many ways like:

• by participating in the Pi app ecosystem,
• operating a Node,
• expanding Pi’s trusted network,
• and safeguarding the blockchain, among other varied ecosystem tasks.

With Pi, you can access and use the power of cryptocurrencies right from your fingertips. Previously, most cryptocurrencies, such as Bitcoin, have been extremely difficult for regular people to use.

From the team’s official Pi Network account, they have simply outlined 2024 as the year for the mainnet launch. 10 million Pioneers migrating to beta mainnet.

The Pi Network app is real and safe to use. Pi Network aims to create a decentralized cryptocurrency network that is accessible to everyone. Pi is a genuine effort by a team of Stanford graduates to give everyday people greater access to cryptocurrency. It was founded by a team of Stanford graduates and has gained significant attention due to its unique approach to cryptocurrency mining, which is done through a mobile app that doesn’t require intensive computational power like traditional cryptocurrencies such as Bitcoin.

Pi Network’s mining mechanism is simple and meritocratic: The more you contribute to the network in diverse ways, the higher your mining rate is. In addition to mining everyday, you can boost your individual mining rate by doing one or more of the activities below. 

1. Completing your Security Circle to maximize Security Circle rewards. Each Security Circle member who remains active adds a boost of 20% of the base rate (up to a maximum of 100%). 
2. Inviting your friends to mine Pi to increase Referral Team rewards by sending them your invitation code (your Pi username) and mining concurrently as they mine increases your mining rate rewards. Each member who is concurrently active adds a bonus of 25% of the base rate to your hourly mining rewards. There is no limit to the number of members you can add to your Referral Team.
3. Reminding your existing Referral Team to mine, so that you can maximize the concurrency of your mining together that boosts your mining rate.  
4. Setting and committing to a lockup configuration or increasing your current lockup commitment. This helps stabilize the Pi ecosystem with long term engagement.
5. Using apps on the Pi Browser directory to increase App Usage rewards. This helps the network create utilities and build the ecosystem. 
6. Running a Node to increase Node Rewards. The Node Bonus rewards are open to any Pioneer with a computer connected to the internet, and are computed based on the reliability and accessibility of the Node you are running. Node rewards also apply to running nodes on the Testnet. Community nodes can run on the Mainnet during the Open Mainnet period (more information on the whitepaper draft linked above).

The average price of converting 1 Pi Network (PI) to USD is $39.33 in April 2024 on most of the platforms.

Yes and No.
Yes because in many countries people have started using Pi coins directly at merchants who accept them for various products/services, like gaming items or even larger purchases.
No because the Pi Network coin is not yet listed on any major cryptocurrency exchanges. This means that users cannot actually sell or trade their Pi coins on big cryptocurrency exchanges like Binance. However, these cryptocurrency exchanges show an actual price value or an IOU value for the Pi Coin. That could mean they are planning to trade Pi coins on their platform in the future.

The Pi token is not listed on YET Binance for trade or service. Further Pi price and purchase information can be found in the How to Buy Pi Network DeFi (PI NETWORK DEFI) Guide.

You can sell your Pi coins to potential customers both online and offline. Notably, the P2P strategy is the most traditional way to trade cryptocurrencies.

Pi nodes organize security groups consisting of three to five individuals. These security circles create an international web of trust that thwarts fraudulent transactions. Only once all trusted Pi nodes have approved a transaction can it be verified on the Pi network’s shared ledger.

Pi Network can create an environment that is secure and reliable for its users by recognizing and authenticating their identities. After completing the KYC procedure, members can access extra benefits within the Pi Network ecosystem.

Now, you cannot directly withdraw from Pi network since it is still in its development phase. After mainnet launch, you would be able to with, not before.

Yes, You can mine Pi on PC by setting up a Pi Node. The Pi node help to increase your mining bonus. Node can be only installed on PC, not on mobile phones. If you want to have the Android mobile phone app on your Pc, then it will require some extra works. You would need an Android emulator installed in your Pc such as NoxPlayer, BlueStacks or MEmu. Besides that, you must know that Pi Network is built as a cryptocurrency for mining on mobile phones.

Pi coin is not actually traded on any major platforms because the mainnet is not launched yet on April 2024. With all of its shocking popularity, you’d think that the coin would be listed on all the top-rated exchanges on the market. It is just shown on these platforms for information purposes and not for trading yet.

No, you can’t send Pi without KYC. In fact, all the Pi coins you earned after mining will be transferred to your wallet only after the KYC process is completed.

Yes, Pi Network may skyrocket in the upcoming months. As one of the fastest growing crypto projects, Pi Network is working on many initiatives. With new listings on popular crypto exchanges and community investors pumping, the future of Pi Network is hopeful.

If the network grew to a certain size — probably 100 billion Pi — it maintained the ability to cease all mining entirely. The entire amount of Pi remains unknown because the option to cap the supply was not used prior to Mainnet.

It is a deliberate network decision to enable Pioneers to mine Pi coin for free in order to guarantee that cryptocurrency is accessible to everyone, regardless of financial situation. In fact, Pioneers will be able to mine for free 65% of the total Pi supply, which is a sizable portion for the blockchain community.

Pi Network does not utilize any of the hardware, network, or other resources on your phone. Just like any other regular program, the Pi Browser and main Pi app consume the same amount of phone battery.

Pi’s consensus algorithm is adapted from the Stellar Consensus Protocol (SCP) and an algorithm called Federated Byzantine Agreement (FBA), which do not require energy consumption to reach consensus in order to secure a ledger. This type of consensus algorithm requires the nodes to form quorums and exchange messages with each other based on a trust graph composed of individual quorum slices to come to a “consensus” on what the next block should be.

Pi Network has a native noncustodial Pi Wallet app on the Pi Browser. Create your Wallet by downloading the Pi Browser app from the Google Play Store or iOS App Store and logging into your account on the Browser through your Pi mining app.

The Pi app allows you to mine Pi cryptocurrency by making diverse contributions to the network. The more you contribute, the more Pi you mine. The app is also the home for your Pi account, where you can stay tuned on the network updates and interact with fellow members of the Pi community. 

You do not need to leave the app open to mine. Once you hit the lightning button that initiates a new mining session and confirms your security circle, you can even close the app, and you will continue to mine Pi. However, making diverse contributions to the network, such as using Pi apps, running computer nodes or inviting friends, will boost your mining rate. Pi does not affect your phone’s performance, drain your battery, nor use your network data any more than other regular apps.

It is not exploitative of the newer members being referred because the Referral Team mining bonus is an equal split between referrer and referee, i.e. both of them mine the same 25% bonus when both are concurrently mining.

There is no fiat money involved in the referral program. New members do not have to pay the referrer any money or pay the project any money to join. Pi is free to be mined by anyone. 

The referral bonus only applies to 1 level of referral relationship. This means that the referral-grandchild’s behavior doesn’t affect at all the mining of referral-grandparents.

No, you cannot mine from more than one device. Pioneers are only allowed one Pi account per person.

Pi uses a multi-pronged strategy to safeguard against fake accounts and bots.

• First, the network uses a combination of third party checks (e.g., recaptcha) and natively developed machine learning algorithms to identify bots. Such checks are usually invisible to most Pioneers.

• Second, Security Circles, which are integral to the functioning of Pi’s consensus algorithm, also make it easy to detect fake accounts. Fake accounts will not have enough real people pointing at them via Security Circles. At best, fake accounts would be pointing at each other with very few incoming pointers from the rest of the network. This anomaly is easy to detect with computer algorithms.

• Third, Pi’s native, decentralized KYC solution helps validate the identity of Pioneers before they are eligible to migrate their mined mobile Pi balance onto the Mainnet blockchain. In other words, only accounts validated as belonging to distinct real individuals will be honored on the Mainnet blockchain. KYC also acts as a final system check against bots and fake accounts. That is, even if all other methods missed out on some “bot” accounts, this Pioneer validation process will further eliminate them because bot owners will not be able to prove bots to be real people with real names and government-issued identity cards.