Pi Network (Pi Coin): A Detailed Analysis and Shariah Review What is Pi Coin? Pi Coin is a new cryptocurrency launched in 2019 by a group of Stanford University experts. Its primary goal is to make crypto mining accessible to the general public, as traditional cryptocurrencies like Bitcoin require expensive hardware and high electricity consumption for mining. Pi Network has a unique feature that allows mining through a mobile phone without any special hardware. How Pi Network Works Pi Network mining is done through a mobile app, where users need to press a button daily to continue the mining process. It uses the "Stellar Consensus Protocol," which differentiates it from traditional Proof of Work (PoW) mining. Pi Coin's Price and Supply The current IOU contract for Pi Coin is running at around $65, with a reported supply of 68 million, making its market cap approximately $4.5 billion. However, the exact supply remains unclear, with estimates ranging from 1 billion to 100 billion. If its supply reaches 10 billion, its price could drop below half a dollar, whereas a supply of 1 billion could push the price to around $4.5. Additionally, if its supply enters the market all at once, it may create a demand shock, negatively affecting the price. The Reality of Pi Coin Pi Coin is not yet listed on major crypto exchanges like Binance or Coinbase, and its real value will be determined by market trading, which is currently limited. Its claim of "cloud mining" differs from traditional mining and is based on a social network referral system. Shariah Review of Pi Coin Several concerns arise regarding the Shariah compliance of Pi Network: Transparency and Ownership: The Shariah status of any cryptocurrency depends on its ownership structure and transparency. IOUs and Testnet Tokens: Buying Pi Network's IOU tokens is not permissible, and the status of its testnet tokens remains questionable.