How to withdraw tokens from Pi Network in Russia: a step-by-step guide

What is Pi Network?

Pi Network is a blockchain platform that allows users to mine cryptocurrency through a mobile application without special equipment or technical knowledge. The project was developed by Stanford graduates in 2019 with the aim of making digital currency accessible to ordinary people.

Unlike bitcoin and other traditional cryptocurrencies that require energy-intensive operations and expensive equipment, Pi can be mined simply by opening a mobile app once a day and confirming your presence. This innovative approach makes Pi one of the most accessible cryptocurrencies for beginners.

The History of Pi Network

Pi Network was founded by two talented individuals: Chengdiao Fan and Nikolaos Kokkalis. They created the project with a clear vision of developing a digital currency that is easy to use and accessible to everyone, even those without technical knowledge of cryptocurrency.

Dr. Nikolaos Kokkalis holds a PhD in Electrical Engineering and specializes in distributed systems and human-computer interaction. Dr. Chengdiao Fan holds a PhD in Anthropological Sciences and applies their understanding of human behavior to create an inclusive ecosystem.

Both founders share a commitment to making blockchain technology accessible to the masses by creating a platform that allows people around the world to participate in cryptocurrency regardless of their technical expertise.

The connection between Pi and Pi Network

Pi Network is a shared ecosystem and cryptocurrency project focused on mobile devices, while the Pi coin is the native digital currency of this network. Pi Network provides the infrastructure, application, and community framework that allows users to mine and conduct transactions with Pi coins through their smartphones.

Unlike traditional cryptocurrencies, Pi Network allows ordinary users (called "Pioneers") to participate in mining through a simple mobile application, using Stellar Consensus Protocol (SCP) instead of energy-intensive methods.

Key Features of Pi Network

Pi Network stands out for its accessibility to everyday users due to the ability to mine directly from smartphones without specialized equipment. The ecosystem is structured around four key roles: Pioneers, Participants, Ambassadors, and Node Operators, each contributing to the functioning of the network. To ensure energy efficiency, Pi Network uses the Stellar Consensus Protocol, which significantly reduces energy consumption, improves scalability, and supports decentralization. A notable innovation is the system of verification circles, creating a social structure of reliability where users confirm the authenticity of other participants. An important advantage is the absence of financial barriers to entry, allowing anyone interested to start participating without monetary investment.

Advantages of Pi Network

Pi Network demonstrates a wide range of advantages, making cryptocurrency truly accessible. Its universal availability allows any smartphone owner to participate in mining regardless of technical knowledge or financial capabilities. Users are not required to invest in expensive mining equipment, which eliminates the traditional barrier to entry into the cryptocurrency space. The consensus algorithm used consumes minimal energy compared to traditional cryptocurrencies, making the process more environmentally sustainable. The project promotes financial inclusion by opening access to decentralized finance in regions with limited banking infrastructure. The intuitive interface of the app makes cryptocurrency accessible to novice users. The identity verification procedure (KYC) enhances security by preventing the creation of fake accounts. Additionally, the platform provides developers with the opportunity to create innovative decentralized applications on its infrastructure, expanding the ecosystem's potential.

How does Pi Network work?

Pi Network operates on the Stellar Consensus Protocol, creating a more accessible and environmentally friendly cryptocurrency. Users create "trust circles" by designating reliable contacts and forming an interconnected network of verified participants.

The mining process rewards different types of contributions: basic rewards for daily checks, additional amounts for expanding trust circles, and bonuses for launching full nodes.

Since December 2021, Pi has been operating on its mainnet, requiring users to complete KYC verification to transfer mined coins to the blockchain.

How does the Pi coin work?

Pi coin functions as the native cryptocurrency of the Pi Network ecosystem, earned through mobile mining activities. Users earn coins by completing daily check-ins, expanding trust circles, and contributing to the network's security.

These coins are designed to facilitate transactions between users and support the growing Pi Network ecosystem.