Pi Network 是什麼: Blockchain Explained

Concept Introduction

If you’ve been poking around in the world of blockchain and cryptocurrency, you’ve likely seen mentions of Pi Network accompanied by the Mandarin phrase “是什麼” (meaning “what is it”). Pi Network has captured the imagination of millions looking for the 'next big thing' in crypto. But what is Pi Network really? Is it a game-changing layer-one blockchain, a new digital currency, or just a viral phenomenon? Let’s dig into the details.

At its core, Pi Network aims to bring blockchain and cryptocurrency to the masses through user-friendly mobile mining and innovative consensus mechanisms. Claiming to democratize how digital currency is distributed, Pi Network has sparked conversations across Asia and the globe, especially among newcomers to crypto.

Historical Background or Origin

Pi Network was launched in 2019 by a team of Stanford graduates, led by Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, and Vincent McPhillip. The vision is ambitious: build a platform accessible to everyone, even those who lack expensive hardware or deep technical knowledge.

Until Pi Network arrived, mining popular cryptocurrencies like Bitcoin required substantial investment in specialized equipment and consumed significant energy. Pi Network sought to change this equation, allowing anyone with a smartphone to 'mine' PI tokens, no electricity-hungry hardware needed. The idea spread quickly—by focusing on accessibility and community growth, Pi Network amassed tens of millions of users in just a few short years.

Working Mechanism

How does Pi Network work, and what sets it apart from more established cryptocurrencies?

1. Mobile Mining

Unlike traditional proof-of-work coins, Pi Network allows users to 'mine' PI coins via a mobile app. This ‘mining’ isn’t traditional number crunching; instead, it’s based on your participation and trust within the network. Every 24 hours, users can tap a button to continue mining based on their engagement level and the size of their earning team.

2. Consensus Algorithm: Stellar Consensus Protocol (SCP)

Pi Network doesn’t use proof-of-work or proof-of-stake. Instead, it adapts the Stellar Consensus Protocol (SCP), a federated consensus mechanism that favors trust circles. Each user forms a small ‘security circle’ made up of trusted contacts. Transactions are validated within these overlapping circles, creating a web of trust that purportedly replaces the need for vast computational resources.

3. Phases of Launch

Pi Network plans its trajectory in several phases:

• Phase 1: Building the community and letting early adopters mine PI with no value attached.
• Phase 2: Running on a testnet with some initial utility.
• Phase 3 (Mainnet): Full decentralization, when users can transfer, sell, and utilize their PI tokens on the open market.

It’s important to note: As of mid-2024, Pi Network is still transitioning from Testnet to Mainnet. Coins earned during earlier phases cannot yet be traded on major exchanges, although the development team has launched a closed mainnet for KYC-verified users.

4. Value Proposition

Pi Network suggests it will function as a true utility token, enabling decentralized applications (dApps), payments, and a marketplace within its own ecosystem. By giving people a head start through mobile mining, Pi Network believes it can bootstrap a large, engaged community when the ecosystem finally opens.

Benefits or Advantages

What’s drawing millions to Pi Network, and what are the unique value propositions?

Accessibility

The most significant advantage is how easy it is to get involved—there are no complex wallets needed, no hardware, and almost no technical know-how. With just a smartphone and basic identity verification, anyone can start accumulating PI tokens.

Low Barrier to Entry

By requiring nothing more than a mobile phone and a daily tap, Pi Network expands the opportunity to participate in crypto far beyond the traditional tech-savvy crowd. This inclusivity is especially appealing in developing countries.

Community Focus

Pi grows through social engagement. Users are incentivized to invite friends and build teams, multiplying their mining rate. This pyramid of trust facilitates network effects rarely seen in other blockchain projects.

Eco-Friendly Consensus

With no energy-burning mining and a mobile-first approach, Pi offers a green alternative to coins like Bitcoin. The underlying SCP consensus also reduces centralization risks associated with traditional mining pools.

Promise of Utility

Pi Network has ambitious plans: a decentralized market, third-party dApps, and global peer-to-peer payments. If Pi can deliver, it would provide more than speculation—it could spark real utility and adoption.

Security and Custody

When managing PI tokens or any crypto assets, using a trusted web3 wallet is essential for maximum security. Bitget Wallet is one of the best options on the market, supporting a wide range of crypto tokens and offering robust management features for both newcomers and experienced users.

Future Outlook

The world of crypto is notoriously unpredictable, and Pi Network is no exception. There are plenty of reasons why Pi Network is impossible to ignore. Its easy onboarding, global reach, and eco-friendly design are setting precedents. However, as with any unlaunched token, there’s skepticism about how PI tokens will be valued and used once the mainnet is fully open.

The team’s focus on identity verification (KYC) before letting users access their tokens is an attempt to prevent fraud and ensure that real people, not bots, benefit from the early phases. If Pi Network integrates with existing decentralized finance (DeFi) apps, digital payment systems, or develops a flourishing dApp ecosystem, its future could be bright.

Those exploring the possibility of trading or holding PI in the future must pay attention to which exchanges list the token after mainnet launch. Bitget Exchange stands out for its advanced security features, diverse coin listings, and user-friendly interface—making it an ideal choice for buying and selling new digital assets like PI once they become available for trading.

If you’re intrigued by the idea of mining a digital currency without massive investments, joining a growing global community, and getting a front-row seat to the evolution of mobile-first blockchain technology, Pi Network might be the project to watch this year. The journey from bold idea to global adoption is full of surprises, but with user-centric design and a massive following, Pi Network’s next chapter is set to be one of the most anticipated stories in crypto.