By Marialenes Tsouvelkidis

The market is open today for the PI cryptocurrency, which marks a leap forward for the wider landscape of cryptocurrencies.

This step means that PI cryptocurrency is available for trading in any cryptocurrencies or trading platform, while transfers via external wallet is allowed, and it is possible to access it through decentralized applications (Dapps).

What is Pi Network?

The Pi Network was developed by a group of Stanford graduates and enables users to extract coins using a corresponding application for mobile phones, validating transactions in a distributed cathedral. Headed by the Greek graduate of Stanford and the University of Crete, Nikolas Kokkalis.

The aim of the creators of the Pi Network, was to make cryptocurrencies accessible to all through mobile devices. Thus, this digital currency network was created. PI allows users known as “pioneers”, to win pi coins using a mobile app. Since its launch on Pi Day (March 14, 2019), the network has garnered millions of users around the world today, exceeding 60 million.

Networks, such as Bitcoin, use Proof-of-Work (POW) protocols. Proof of Work (Pow) is a work proof mechanism developed to avoid duplicate spending on digital payment systems. Pow is a key part of the mining process, which includes the addition of new blockchain blockchain blocka and the creation of new cryptocurrency units.

On the contrary, the PI network uses an algorithm based on the Stellar Consensus Protocol (SCP). The Stellar Consensus Protocol (SCP) is a consensus algorithm used to validate transactions and reach an agreement on the state of its distributed cathedral. Unlike the traditional Proof-of-Work (POW), which requires computing power to solve mathematical problems, the SCP is based on a faster and more efficient process.

The main objective of the SCP is to reach consensus between participating nodes without the need for central authority or energy outputs for extraction, as in Bitcoin. The SCP utilizes the concept of trust through critical groups (quorum slices). Each node chooses nodes that it considers reliable (known as “trust hubs”), and transactions are accepted only if the nodes involved in the network agree on their validity.

Below the SCP, PI nodes form circles or security groups from Three to five trusted people known to each of the users of the network. Security cycles create a global network of trust that prevents fraudulent transactions, as transactions can only be validated in the communal cathedral only if the reliable nodes approve them.

Who is the Greek behind the pi cryptocurrency?

Nikolas Kokkalis is a Greek computer scientist and businessman, known as the founder and head of the Pi Network.

He was born on March 19, 1984 in Athens, Greece, and has an extensive academic course. He received a degree and a master’s degree in Computer Science from the University of Crete and then a PhD in Electronic Engineering from Stanford University. During his time in Stanford, he also completed a postdoctoral research program in computer science and a master’s degree in Scientific Studies.

In 2018, Dr. Kokkalis became a teacher in Stanford’s first lesson on decentralized applications, the CS359B, proving his commitment to promoting blockchain technology and decentralized systems.

Before the founding of the Pi Network, Dr. Kokkalis contributed to various projects and areas of research. It has developed an early framework for developing “smart contracts” into resistant distributed systems and created online social applications with over 20 million users. In addition, he published a number of research articles in valid journals.

His vision with the Pi Network is to combine distributed systems and human-accounting interaction to bring the cryptocurrency to everyday people. It aims to overcome the current restrictions of cryptocurrencies and is committed to bringing the power of blockchain to a wider audience.

Nikolas Kokkalis commented on the “opening” of the PI cryptocurrency on the market by posting on social media.

In detail his post:

“The transition to Open Network will allow external connectivity to Blockchain Mainnet, allowing PI to interconnect with other compatible networks and systems. This means that Pioneers will be able to participate in transactions beyond the PI ecosystem, extending the utility and range of PI“

What does it mean that the market for the PI cryptocurrency is opening?

With the transition from a closed network to an open, decentralized network, the Pi Network aims to make the digital currency accessible to billions of users while offering sustainable, energy efficient mining.

The open network boot is the turning point where the Pi Network moves from a closed ecosystem to a interoperable blockchain. Basic features include:

  • Transfers of external wallets: Pioneers will be able to move their PI coins to external wallets, allowing real transactions.
  • Availability for trading in any cryptocurrencies or trading platform: With external connectivity, PI coins may soon be imported into large stock markets such as OKX or Binance – potentially converting PI from a digital element maintained in a mobile application in a widely marketable encryption.
  • Decentralized applicationDapps: The open network will support a wider Dapps range, enhancing the utility of Pi Coin beyond simple transactions.

The Evolution of Pi Network: From Beta to Mainnet

Pi Network’s trip has been carefully divided into various phases:

  • Beta phase (2019): The project began as an experimental mobile application that focused on the creation of a community instead of facilitating real transactions.
  • Testnet phase (2020): Developers and first users have tested the stability and performance of the blockchain, laying the foundations for future scalability.
  • Closed network (2021-today): During this phase, PI currencies were confined to a controlled closed environment. This allowed the team to carry out critical verifications of KNOW YOUR CUSTOMER (KYC) and improve network technology without external pressure.
  • Open network (from 20 February 2025): The upcoming open network phase will remove the protection wall that currently restricts external connectivity. This transition is expected to unlock important functions, as mentioned above.