Pi Network(PI)

Overview

Pi Network is a social cryptocurrency and developer platform designed to let people take part in mining from their mobile phones. It emphasizes earning rewards through an app without specialized hardware, and aims for a widely distributed currency used for everyday goods and services rather than purely speculative trading. It was founded by Stanford PhDs Nicolas Kokkalis and Chengdiao Fan and is managed by Social Chain Inc.

The network runs on the Stellar Consensus Protocol and Federated Byzantine Agreement, in which nodes reach agreement by trusting selected groups of peers. Individual 'security circles', where members vouch for one another, combine into a global trust graph, and participants take on four roles: pioneers, contributors, ambassadors, and nodes. The ecosystem includes a native wallet, a dedicated browser, and a platform for decentralized applications, with the PI token used for peer-to-peer transfers and transaction fees.