Pi Network co-founder Nicolas Kokkalis talks trust, global ecosystem at Coindesk Consensus 2025

Speaking on May 16 at the Coindesk Consensus 2025 event in Toronto, Canada, he said: "I am not here to talk about technology today; I am here to talk about trust."

Co-founder of Pi Network Nicolas Kokkalis spoke briefly at the Coindesk Consensus 2025 event in Toronto, Canada on May 16.

His presence was highly anticipated by the Pi community, but many users expressed disappointment, saying he did not address the token’s value or offer concrete updates on expanding the ecosystem.

“I am not here to talk about technology today; I am here to talk about trust,” said Kokkalis, who joined a panel on “AI+Blockchain Infra to Unleash Mainstream Adoption.”

“Together, we are building not just a cryptocurrency, but a global ecosystem.”

He added that know your customer identity verification is essential for the success of blockchain projects.

“We have not yet become an open network. The focus is not simply on going open but on doing so correctly, with identity safeguards and fraud prevention systems and creating a platform where Pi can be truly usable.”

Earlier this year, Pi Network announced that it had entered the open network phase, enabling users to withdraw their tokens to personal wallets and exchange them. The project also launched a venture fund and foundation to support the development of the Pi ecosystem.

The project, which began in 2019, is co-founded by Kokkalis, Chengdiao Fan and Vincent McPhillip.

While often described as having a Stanford Ph.D., Kokkalis remains largely out of the public eye. His X account contains only four posts, two from 2013 and two from 2021.

Aside from a brief appearance in a Pi Network app video in June 2022, he had not appeared publicly until the recent event.

Like Kokkalis, co-founder Fan also keeps a low profile. Her X account, linked on Pi Network’s website, shows no activity. The project's official X account however posts two to three times a week.

Pi was marketed as a platform allowing users to earn free cryptocurrency by tapping a lightning icon on its mobile app daily.

Vietnam is among the platform’s most active markets. The project has been controversial, taking nearly six years to launch its mainnet before finally allowing users to transfer Pi to exchanges for trading on Feb. 20 this year.

Despite claiming to have entered the open network phase, Pi is still considered incomplete by industry observers due to the lack of smart contract support and open-source code. Recent updates have included domain name auctions, the PiFest shopping feature and a few minor applications.