Pi Network is a cryptocurrency that can be mined using a smartphone instead of computationally costly Proof of Work (PoW) algorithms used by other cryptocurrencies like Bitcoin. It was founded by Stanford University academics Nicolas Kokkalis and Chengdiao Fan in 2018, and the Pi Network app was released on March 14, 2019. Pi Network employs a proprietary mechanism known as the Stellar Consensus Protocol (SCP), which enables users to receive benefits for their participation in the network. Unlike other cryptocurrencies, Pi Network uses a lightweight and energy-efficient consensus technique known as “Proof of Stake” (PoS) . Users can mine Pi coins by pushing a button once every 24 hours to demonstrate their participation in the network. The greater the number of users mining Pi, the faster the mining rate will increase. There are four types of users on the Pi Network: Pioneer, Contributor, Ambassador, and Node. Pi Network is still in progress, and its success largely depends on its ability to move from a test network to a fully functional blockchain. As of April 2023, there are still no coins officially being traded, and the network’s mainnet has not been launched.