It is a mobile mining project established by three PhDs from Stanford University in the United States. Pi Network launched its beta version on March 14, 2019 and is a new cryptocurrency and peer-to-peer network operating in over 150 countries and 40 languages.
Pi Network is a cryptocurrency that uses proof-of-work without the need to consume large amounts of electricity. It is environmentally friendly with decentralized mobile-based mining that allows you to mine from your phone without using battery power.
Pi Network aims to create a cryptocurrency and smart contract platform operated and secured by ordinary people. Pi Network’s vision is to create the world’s best peer-to-peer marketplace through PI and make PiCoin the most used coin in the world.
Pi’s consensus algorithm is built on top of the Stellar Consensus Protocol (SCP). The SCP has been officially proven [Mazieres 2015] and is being implemented within the Stellar Network. Unlike most companies and institutions (e.g. IBM), which consist of nodes, Pi allows individual devices to contribute to the protocol level and receive rewards, including mobile phones, laptops and computers.
Official site: https://minepi.com