Pi Network is a cryptocurrency project that lets people "mine" its coin, PI, from a phone app without special hardware. The app does not solve proof-of-work puzzles. Users confirm once a day that they are active, and they vouch for people they trust. The blockchain reaches agreement through a consensus model based on the Stellar Consensus Protocol. Pi Network launched on March 14, 2019 and opened its Mainnet to outside networks on February 20, 2025. As of October 25, 2026, PI trades at about $0.076, roughly 97% below its $2.99 all-time high (CoinGecko).
The latest: Protocol 28, an ecosystem summit and a stablecoin plan (October 2026)
- Protocol 28. Pi set October 13, 2026 as the deadline for Mainnet node operators to install the upgrade, and planned to activate it on October 16, 2026 (crypto.news). Pi says the release improves how delayed transaction data is handled and lets developers update groups of smart contracts together. Pi's node page says the "Pi Mainnet blockchain protocol is under upgrade" and that "every Mainnet node must upgrade to v28".
- First Ecosystem Summit. On October 15, 2026, Pi announced a three-day online summit for November 17–19, 2026. The full agenda has not been published yet. In the same post Pi claims "more than 60 million Engaged Pioneers", "over 300 Mainnet apps", "more than 420,000 Nodes" and "over 18.1 million fully KYC'd users". These are Pi's own figures. They do not show how many people actively use the apps or how much money moves through them.
- Stablecoins. On October 8, 2026, Pi said it will explore rewards programmes and wider utility with OUSD, a stablecoin from Open Standard. Pi describes OUSD as "governed collectively by a growing consortium of 200+ companies". Pi also wrote that "Pi should remain the primary crypto across the network's processes." It gave no launch date or reward amounts.
- Price. As of October 25, 2026, CoinGecko listed PI at $0.07577. That put its market cap at about $856 million, with a circulating supply of 11.293 billion and a total supply of 17.374 billion, against a 100 billion maximum. The all-time low is $0.07059, which crypto.news dates to July 2026.
How Pi Network works
Mining from a phone
New users install the Pi app, join with an existing member's invitation code, and tap once every 24 hours to start a mining session. No computing work is done on the phone. The reward depends on a few things:
- Base mining rate. Under the Mainnet whitepaper, the rate is recalculated on the first day of each month from a supply limit for that month. Yearly limits follow "a declining formula", so the same activity earns less PI over time.
- Referral team. An inviter and an invitee each get "a 25% boost to their respective individual Pioneer base mining rates, whenever both are mining concurrently."
- Security Circle. The reward grows with each valid trusted connection, up to five. A full circle has five valid connections.
- Lockups. Users can lock PI to mine at a higher rate. "Lockups cannot be reversed once confirmed."
To move mined PI to Mainnet and transfer it, users must pass identity verification (KYC).
The four roles
The whitepaper defines four roles, and one user can hold more than one:
| Role | What it does |
|---|---|
| Pioneer | Uses the app and confirms daily that they are not a robot |
| Contributor | Lists Pioneers they know and trust, which builds the trust graph |
| Ambassador | Invites new users |
| Node | Runs the Pi node software on a desktop or laptop and runs the consensus algorithm |
Consensus: Stellar Consensus Protocol
Pi's consensus builds on the Stellar Consensus Protocol (SCP), which is one form of Federated Byzantine Agreement (FBA). In FBA, each node chooses its own "quorum slices", meaning the sets of other nodes it trusts. There is no single quorum set by a central party. The Security Circles that users build are combined into a global trust graph, and the nodes use that graph. This avoids the energy cost of proof-of-work mining.
PI supply and who holds it
The whitepaper sets a maximum supply of 100 billion PI:
- 80% for the community (80 billion PI): 65 billion for past and future mining rewards, 10 billion for ecosystem building managed by the Pi Foundation, and 5 billion for liquidity pools.
- 20% for the Core Team (20 billion PI): this unlocks "at the same pace as the community progressively mines more and more Pi". For example, if 25% of the community allocation is in circulation, at most 25% of the team allocation can unlock.
The 10 billion ecosystem share already funds spending. On May 14, 2025, the Pi Foundation announced Pi Network Ventures, a $100 million fund in PI and US dollars drawn from that allocation (Cointelegraph).
The main supply question is the gap between about 11.3 billion PI circulating and the 100 billion maximum. As more PI is mined, unlocked and migrated, circulating supply grows. Price depends on whether demand grows as fast.
Can you move your mined Pi yet?
Answer three questions about your Pi balance to see what the article says about whether you can transfer it off the app.
Have you passed Pi's identity verification (KYC)?
- Yes → next question
- No → Not yet: KYC comes first
Have you migrated your mined balance to Mainnet?
- Yes → next question
- No → Not yet: migrate to Mainnet
Is the PI you want to move under a lockup?
- Yes, it is locked → Not until the lockup ends
- No, it is not locked → Transferable on Mainnet
Mined PI can only be moved to Mainnet and transferred after you pass identity verification. KYC means giving identity documents to the project.
Passing KYC is not enough on its own. Your balance has to be migrated to Mainnet before it can be transferred.
PI under a lockup cannot be moved until the lockup ends, and lockups cannot be reversed once confirmed.
Since the Open Network launch on February 20, 2025, Mainnet PI can move off the Pi blockchain. The price changes constantly, so check a live source before any transfer.
This follows only the transfer steps the article describes: it does not check your account, your KYC status or lockup end date, and it says nothing about whether to sell or what PI is worth.
Timeline
| Date | Milestone |
|---|---|
| December 2018 | App listed on app stores as an alpha prototype |
| March 14, 2019 | Original whitepaper published; official launch |
| March 14, 2020 | Testnet phase begins |
| December 28, 2021 | Enclosed Mainnet launched: KYC'd users migrate, external connectivity blocked by a firewall |
| February 20, 2025 | Open Network: Pi said the Mainnet firewall "has been removed" |
| February 2025 | All-time high of $2.99 |
| May 14, 2025 | Pi Network Ventures, $100 million, announced |
| July 2026 | All-time low of about $0.0706 |
| October 2026 | Protocol 28 upgrade, Summit announced for November 17–19, OUSD plan |
Who runs Pi Network
Pi's team page names two founders. Nicolas Kokkalis is Head of Technology. He has a Stanford PhD and taught Stanford's decentralized applications course, CS359B, in 2018. Chengdiao Fan is Head of Product and holds "a Stanford PhD in Anthropological Sciences". These credentials come from Pi's own page. Stanford does not endorse the project.
Is Pi Network legitimate? The open questions
Pi has named founders, a working Mainnet and a token that trades openly. Joining costs nothing. Several concerns remain:
- Referral-driven growth. Invitations raise mining rates, so the model rewards recruitment. That is why it is often compared to multi-level marketing.
- Concentrated control. The project itself runs the Core Team allocation, the Foundation's 10 billion and the protocol upgrades. Pi's node page publishes no count of the nodes that take part in consensus.
- The EU white paper is not an approval. Several outlets reported in January 2026 that a Pi white paper entry appears in ESMA's interim MiCA register. ESMA states that white papers in its register "have not been reviewed or approved by any competent authority." So the entry does not mean PI is "MiCA-approved".
- Utility is unproven. Pi claims over 300 Mainnet apps but publishes no usage or payment-volume data.
- Data you hand over. Mining is free. KYC still means giving identity documents to the project.
Frequently asked questions
Is Pi Network free?
Yes. The app and mining cost nothing. What you give up is a few seconds a day and the personal data required for KYC.
How much is PI worth?
About $0.076 on October 25, 2026, with a market cap near $856 million (CoinGecko). The price changes constantly, so check a live source.
Can I transfer or sell mined Pi?
Only after you pass KYC and migrate your balance to Mainnet. Since the Open Network launch on February 20, 2025, PI can move off the Pi blockchain, and centralised exchanges list it. PI under a lockup cannot be moved until the lockup ends.
How is Pi different from Bitcoin?
Bitcoin secures its chain with proof-of-work mining, which needs specialised hardware and a lot of electricity. Pi uses an SCP-based consensus among nodes that rely on a trust graph. Its "mining" on a phone is a way to distribute coins, not to secure the network.
