So, what is Pi? A question many ask when browsing the web. Personally, I’ve been following this story for a while, and I have to say that Pi Network is one of those projects that really divides public opinion.

The project was launched in 2019 by a group of Stanford graduates with an interesting idea: making cryptocurrency accessible to everyone. No powerful computers, no crazy energy consumption. Just an app on your phone and one tap a day. Sounds good on paper, right?

What is Pi in technical terms? It’s a native currency of a blockchain that you can mine literally from your smartphone. Every 24 hours, you tap a button and receive Pi vouchers. It’s not traditional mining like Bitcoin, which involves real computational work. Here, it’s more of a reward for participating in the network and building the so-called Security Circle.

But here’s the point that piques my curiosity: to get started, you need an invitation code. The more people you invite, the more you earn. This referral system has always been one of those details that makes many people skeptical. It’s not exactly a pyramid scheme in the classic sense, but the incentive to invite others is still the main driving force.

There are four different roles you can assume. Pioneer if you do the minimum, Collaborator if you do more sessions, Ambassador if you invite people, Node if you run software on your computer. The more roles you accumulate, the higher your mining potential. Makes sense.

What is Pi from a technical perspective? It uses the Stellar Consensus Protocol, so it’s energy-efficient. But here’s the crux: as of September 2024, no one could transfer, sell, or exchange Pi. The currency isn’t listed on any major exchange. So, essentially? It’s a currency you accumulate in an app but can’t do anything with.

The criticisms are serious. There’s no detailed white paper, no transparency on how funds are managed, no external security audits. Many fear that when trading features finally launch, the project will already be abandoned or the value will have collapsed. It’s the classic pump-and-dump suspicion.

On the other hand, Pi has millions of users, and the founders continue to promise progress. The roadmap talks about an open mainnet and practical applications, but specific dates never arrive.

What is Pi to me? Honestly, an interesting but risky experiment. It’s not officially a scam, but the fact that after years it’s still in beta and you can’t do anything with the currency is concerning. If you decide to participate, do so knowing that the future value is completely uncertain and you might have invested time for nothing. The app’s security seems okay; it doesn’t ask for sensitive documents, but the lack of independent audits remains a problem. In short, stay cautious and don’t expect miracles.