Pi network

Pi Network (PI) is a cryptocurrency and developer platform centered on a smartphone app. The project aims to place a digital currency in the hands of many ordinary people and to see it used for everyday payments instead of speculation. Its mining process is meant to run on a phone without special equipment.

The network combines the Stellar Consensus Protocol with Federated Byzantine Agreement, so nodes settle on a shared state by trusting chosen groups of peers. Its security draws on a worldwide web of trust built from small user groups called security circles, in which participants back one another. It has four participant roles: pioneer, contributor, ambassador and node.

Nicolas Kokkalis and Chengdiao Fan founded Pi Network, and both hold doctorates from Stanford University. Social Chain Inc. oversees the project. The ecosystem offers its own wallet, a browser built for the project, and a platform where decentralized applications can run. The PI token is used for exchanges between users and for fees on transactions.