What is Pi Coin and the Pi Network? Pi Coin is the native cryptocurrency of the Pi Network, a blockchain project launched in 2019 by Stanford PhDs Nicolas Kokkalis and Chengdiao Fan. It utilizes a unique mining model that allows users to earn cryptocurrency directly from their mobile phones without significant hardware investment. The app quickly gained traction with over 40 million users by 2025, driven by the promise of free token rewards through daily login streaks and referrals. This strategy mirrored viral growth loops used by social apps. However, Pi Network’s success was fueled not only by its innovative mining model but also by a potent psychological tactic: FOMO-driven marketing, emphasizing scarcity to motivate users to join early and risk missing out on potential gains. 2023 saw the implementation of KYC (Know Your Customer) requirements for accessing mined tokens, requiring users to submit government-issued IDs and facial recognition data. This step raised concerns about data security and potential misuse, as the project lacked transparency in its blockchain technology and smart contract development. While exchanges list Pi Coin with real-time prices and volume, these listings are considered