Honestly abeg? When I first hear about Pi Network – say you fit mine cryptocurrency with your phone without battery to zero – I just laugh. “Another jaga jaga scam,” I think. But years later, seeing this project gather over 60 million “Pioneers” and finally launch Open Mainnet for 2025, I realise Pi deserve better pass snobbish attitude – na real deep scrutiny we need. This one fit be genius way to make crypto for everybody or big-big illusion. Make we break am down together, no sugar-coating, no excess bad eye.
Key Takeaways (Gist Before Story):
- No be scam, but… Pi Network no be like “send 1 BTC, get 2 back” scam. Na complex project with big plans, but plenty questions about decentralisation and real value.
- Phone Matter – Sweet & Bitter: Easy to start (just tap button!) attract millions, especially for areas like Naija where crypto hard to enter. But this simplicity make many no understand blockchain (digital ledger wey no dey change) basics.
- Centralised Control: The main wahala. Reports (including Premium Times, January 2025) show all main validator nodes dey controlled by Pi Core Team. This no match decentralised blockchain principle at all.
- Pi Coin: Money Wey No Get Market? Despite Open Mainnet, PI still no dey for major exchanges (Binance, Coinbase, Kraken etc.). Money no dey flow; real value na mystery.
- KYC – Price to Enter: To access your “mined” coins for Mainnet, you must do identity verification (KYC). Your passport data dey for central servers – risk no be small.
- Community: Engine & Weak Point: 60M+ users na wa o! But growth by referral (invite friends, earn more coins) dey remind people of MLM (multi-level marketing) for Lagos.
Wetin be Pi Network & Pi Coin? Explain as I Dey Chat With My Padi
Imagine: 2019. Crypto mean either complex mining with expensive machines (noise, heat, NEPA bill go finish you) or exchanges for tech gurus. Three Stanford grads (Nicolas Kokkalis, Chengdiao Fan, Vincent McPhillip) ask: “Wetin if we make crypto open to anybody with smartphone?” So Pi Network born.
Pi Coin (PI) na the native “blood” of this system – token wey suppose become money inside new decentralised economy for your phone.
How Pi ‘Mining’ Different from Bitcoin? Completely! Forget GPUs and ASICs. Here na simple (for surface):
- Download official Pi app (only from minepi.com or app stores! Avoid fake ones!).
- Register. Important: You need invitation code from existing user. Na their growth secret.
- “Mine” – tap button once every 24 hours. Seriously. This confirm say you be real user, no be bot.
- Build your “Security Circle.” Add 3-5 real people wey you trust from your invite tree. This one suppose make network strong with social consensus.
- Invite others (Referral Team). The more your team dey active, the more free PI you go collect.
Their Philosophy: Make inclusive, “human” crypto ecosystem where value come from participation (using apps, growing community), no be only from speculators. Sweet talk? Yes. But devil dey for details.
Pi Journey: From Promises to Open Mainnet (Timeline for Events)
| Year | Event | Wetin Mean for Users |
|---|---|---|
| March 2019 | Testnet & Mobile App Launch | “Button mining” start. Invite-only access. |
| 2020 | “Security Circles” Introduced | Users must add trusted contacts to “make network strong.” Social matter increase. |
| 2021 | Pi Browser Launch | Hub for simple DApps (decentralised apps – apps wey no get central control) inside Pi ecosystem. |
| Late 2021 | “Enclosed” Mainnet Launch | Internal Pi wallet transfers start, but outside access blocked. Mandatory KYC begin. |
| 2022-2024 | Mass KYC, Infrastructure Testing | Millions verify. “Mined” PI move from Testnet to Mainnet wallets. |
| February 2025 | Open Mainnet Launch | Technically open to outside world. BUT: Full exchange trading & easy PI withdrawal to other networks/exchanges still dey restricted by Pi Core Team. |
| May 2025 | Chainlink Integration | Important move! Make Pi DApps fit access correct external data (prices, events) for smart contracts. |
My 2025 View: Open Mainnet na milestone, but no be finish line. Na new start with plenty questions. Where money dey flow? Where popular DApps dey? Where real decentralisation dey? Community dey wait answers.
Pi Security: Strong Lock… But Who Hold Key?
This na the most controversial part. Pi use modified Stellar Consensus Protocol (SCP). For theory – e fast and no waste light. Instead of miners, nodes (computers wey support network) agree through “Security Circles,” make global “web of trust.
Sound new? Yes. But reality hard:
- Centralised Nodes: Premium Times reports (Jan 2025) and network analysis show all Mainnet validator nodes dey managed by Pi Core Team. This one opposite of decentralisation. Network control dey one hand.
- KYC – Necessary Evil? To access your PI for Mainnet wallet, you must pass KYC. Your passport data, selfie dey store… where? For Pi servers. Centrally. Risk for leak? Abuse? Wahala dey. For 2021, data transmission issues happen without encryption. Them say e don fix. Trust still low.
- Pi Wallet: Local + Cloud? Wallet store private keys for your device (in Secure Enclave for modern phones). Good. Backup (seed phrase) dey encrypted. BUT: Your account, balance, transaction history sync with Pi centralised servers (report say for AWS). Your activity dey open to system.
How to Protect Yourself for Pi (My Advice):
- KYC – Only Use Official App! No third-party “KYC fast-fast” services – 100% scam like Lagos “419”.
- Seed Phrase – Write For Paper! No cloud, no screenshots. Old-school paper for safe place na best.
- Turn On MFA (2FA) Everywhere: For Pi app, your email. Biometrics (fingerprint/face) + PIN – must use.
- Update App Sharp Sharp: Security patches important like locking Abuja house gate.
- Avoid “Shady” DApps: Pi Browser get experimental apps. No connect wallet to untrusted DApps. Phishing dey here too.
- Follow Official Channels: @PiCoreTeam on X (Twitter), official website, Pi News for app. Ignore rumours for Nairaland crypto threads.
Security Verdict: Technically, Pi cryptography strong (encryption, signatures). But structure – trust for system = trust for Pi Core Team. Them hold all the ropes. This resemble GTBank app with blockchain dressing pass real decentralised network like Bitcoin.
Pi Community: Giant Army of Believers… or Bubble Wey Fit Burst?
60+ million “registered” users. Number wey shock. Active users (per Bitget, May 2025) less – ~35 million. Gist for Reddit say few get over 1000 PI. Where all these people dey?
- Global Reach: Pi strong point na enter areas where crypto hard to start: Southeast Asia, Africa (like Lagos, Abuja), Latin America. For many Naija people, na their first crypto experience. So excitement dey.
- Die-Hard Fans: “E easy! Free coins! Future dey bright!” – typical comments for Pi WhatsApp groups. People value say e easy and believe PI price go rise.
- Harsh Criticism (Others + Crypto OGs):
- “Na MLM/Pyramid Scheme!”: Critics main talk. Referral rewards, focus on “invite more” – classic signs. PI value dey only on new users faith.
- “Where the Use? Where Exchanges?”: Most common question. Open Mainnet launch, but to sell PI legally and easy still near impossible. Real shops wey accept PI (no be just talk) scarce like honest politician.
- “KYC Wahala!”: Complaints of long queues (peak 2023-2024), unclear rejections, privacy fear.
- “Too Many Ads for App!”: Why ads full “decentralised” project? Who dey collect the money? Transparency no dey.
Where People Dey Talk:
- r/PiNetwork (Reddit): Often positive echo chamber. News, help.
- r/CryptoCurrency (Reddit): Highly suspect. Plenty call Pi scam or bubble.
- Trustpilot, Sitejabber: Mixed reviews.
- X (Twitter): Active fights between believers (#PiNetwork, #PiCoin) and doubters.
My View: Pi community na social engineering wonder. E genuinely big and active. But power dey on faith say PI go get value, wey no show as of June 2025. Risk of mass disappointment if PI no “blow” na atomic bomb. Referral model create built-in tension.
Pi Future: Light for End of Tunnel or Oncoming Danfo Bus?
February 2025 – Open Mainnet. May 2025 – Chainlink integration. Team announce Pi Network Ventures – $100M fund (part PI, part USD) to invest for real businesses wey use Pi. Claim of 125,000+ “merchants” for Pi Commerce. Sound sweet? Yes.
But make we check reality for June 2025:
- Ecosystem – Key to Everything: Without popular, useful DApps for Pi Browser, without real shops like Jumia where PI fit buy anything wey worth, the token remain digital paper. Chainlink na DApp tool, no be solution. We need DApps themselves! Where dem dey?
- Governance Decentralisation: Community tools promise (PiNet, Developer Portal). Pi Foundation plan. But all major decisions still dey with Core Team. When and how power go shift? Promises dey vague like Lagos weather forecast.
- Liquidity – Big Barrier: Until PI dey for Tier-1 exchanges (Binance, Coinbase etc.), to talk market value or free economy na story for the gods. This na main roadblock to respect. Team talk say “ecosystem need mature” before listing. Community dey grumble.
- Roadmap V2? Original Roadmap V1 deliver late. Roadmap V2, promise late 2023, still no show (June 2025). Lack of transparency dey reduce trust.
My Prediction (as person wey dey watch since 2020): Pi Network stand for crossroads.
- Good Side: Team focus on real use. 2-3 “killer” DApps enter mainstream for Pi. Successful Pi Commerce cases show for Lagos markets. Major exchange (Bybit?) finally list PI, make money flow. Slow handover of node control to community. Pi become functional mobile-first project.
- Bad Side: Money no flow. Useful DApps no show. Community tire of waiting, activity drop. Project dey for “perpetual beta,” where PI na just app numbers with no value. Trust vanish. Project fade or become like Opay points.
Truth? I no go predict. Pi ambition big, challenges plenty. Team show strength reach Open Mainnet. But now dem need concrete results, no be grammar and user numbers.
Conclusion: Pi Worth Your Time? My Final Talk
Pi Network no be cheap scam. Na complex social-tech experiment with massive users. But as of June 2025, e still far from real decentralised blockchain with valuable token.
My Advice:
- No Invest Money (Yet!): No fit buy PI with naira for app. To buy PI P2P or through Mushin backstreet exchanges get big scam/account ban risk. Only invest your time!
- “Mine” (Tap Button) – If You Get Free Time: Take 10 seconds daily. See am like free lotto ticket with unclear chance. No plan your life on am.
- Use Your Head: No believe every hype for social media. Study official sources, but check facts: Where money dey flow? The DApps? The decentralisation?
- Protect Your Data: KYC serious. Do am with sense, only through official channels. Guard your account (MFA, strong password, seed phrase for paper!).
- Watch Important Signs: Follow milestones: listing for big exchange, popular DApp with real users, community control over nodes. These go mean say time don reach to check again.
Final Word: Pi Network interesting but risky. E show say millions fit enter crypto through simplicity and social thing. But this crowd go become real economy with value? As of June 2025, answer no dey. Enter with open eyes, zero money expectation, and sharp mind. Pi future depend on team shifting from gathering crowd to building real open ecosystem. Time go tell. I dey watch like many for Naija.
Frequently Asked Questions (FAQ) – Updated 26 June 2025
- How Pi ‘mining’ for phone different from traditional Bitcoin mining?
- Bitcoin: Need powerful, expensive machine (ASIC), chop crazy electricity, solve hard maths (Proof-of-Work).
- Pi: Tap button for app once daily. No need phone power. Base on prove say you active and build “Social Trust Graph” (Security Circles & referrals). No be real mining, na token sharing and network growth method.
- How safe Pi Network compare to Ethereum or Solana?
- Technical Security (Crypto): Similar level (encryption, digital signatures).
- Structure Security (Decentralisation): Main difference! Ethereum & Solana get thousands of independent global validators. Premium Times data (2025) show Pi Mainnet nodes dey controlled by developers. This na central point of failure/control. Risk higher.
- User Security: Pi Wallet keep keys for device (good) but require KYC (data for Pi servers – privacy risk). For Ethereum/Solana, you fully control wallet without KYC for basic use.
- How I fit safely keep Pi Coin?
- Official Pi Wallet: Use am. Must turn on MFA (2FA) & biometrics.
- Seed Phrase (24 words): Write ONLY for paper! No digital copies (pictures, phone notes, cloud)! Guard am well. Na only recovery if you lose phone.
- Avoid Bad DApps: No grant wallet access to fishy apps for Pi Browser.
- Update App: Install updates sharp sharp.
- Wetin legal risk Pi Network dey face?
- KYC/AML: Mandatory KYC make project visible to CBN and EFCC. Risk of tough rules or fines if dem no comply.
- Token Status: If SEC classify PI as security (no be utility token) for US or EU, heavy restrictions on listings/use go follow.
- Referral Model: Make regulators dey suspect say e resemble pyramid/illegal MLM for some countries.
- How community dey influence Pi Network development?
- Growth: Driven by invitations (referrals). Community na user base engine.
- Testing: Users test Pi Browser apps, give feedback.
- Voice (Still Weak): Proposal/voting tools dey for app, but final decisions still dey with Core Team.
- Trust: Community excitement dey hold project. If pipo tire and PI no get value, e fit die.
- PR & Pressure: Active community promote Pi, pressure exchanges for listings, recruit Pi Commerce merchants for Yaba Market.
Naija Crypto Resources Wey Go Help You
- Nairametrics Blockchain News – Latest crypto gist for Naija
- TechCabal Blockchain – Tech and crypto updates
- Binance Nigeria – How to buy Bitcoin with Opay & Bank Transfer
- Flutterwave – Payment gateway for crypto businesses
- Paga – Mobile money and crypto payments
- Airtel Nigeria Data Bundles – Cheap data for crypto apps
- MTN Nigeria Data Plans – Affordable data for mining Pi
