The Pi Network has users helping shape the future of DeFi, and that’s usually the hardest part!
The power of the Pi network
This will probably be the first of several open conversations about my thoughts on the Pi Network. As my understanding progresses, what seems possible will move with it.
It’s just a dumb phone app.
For two years nothing happened.
It cannot be converted to dollars.
It’s been a long time since I felt like writing why I am interested in a specific blockchain. I was in line at the door when the BNB chain launched as the Binance Smart Chain. We were ready to offer the farm at low rates, believing that accessibility would lead to scalability. That bet paid off as the first mover advantage of the current BNB chain as an alternative to Ethereum allowed it to beat out a pack of chains with low fees and high transaction volumes.
But now all I can do is press “mine” and wait, but it brings me the same excitement as something original. Not early this time, but it certainly feels that way.
it’s just a dumb phone app
Whatever the reason, easily accessible applications are ridiculous. Ignore the tens of millions of downloads of the Pi Network app for now to give this idea some room to breathe. I’m really interested in which mode of application is more accessible to people in the world than what is downloadable and easy to operate.
Is this mining? Liquidity mining? Fair Launch Mining? We decentralized finance (DeFi) enthusiasts have never questioned the concept of fair launch liquidity mining. Better yet, stake to earn tokens that require escape speed or surely fall under the gravity of a failed Ponzi scheme.
It’s not ridiculous, it’s accessible.
But I hear you, nothing happened for two years.
I think this claim is wrong by definition, but I see it often. The blockchain itself is live, with several live applications and about 2 million verified wallet addresses. This puts unique wallet addresses on par with Arbitrum and Optimism, and slightly behind Avalanche. Beyond that point, tens of millions of users look forward to his KYC onboarding. I happen to be one of them. Once the KYC backlog is complete, Pi Network will have one of the largest user bases in this space he.
what have What has been happening for years is the slow development of highly accessible blockchains with ridiculous user acquisition that are fully compliant with authenticated individual user bases. It’s a bite, but it’s important.
This feat has not really been achieved on any other blockchain and I would argue that it is not possible at this time. The power of networks is an interesting thing.
Not sellable (Pi)
you can’t sell it yet. At this point, I have two competing hypotheses for her. On the one hand, if you give people something for free, will they take it down at the first chance? The selling pressure on the Pi is so great that users quickly sell their positions and are willing to accept the profits they make. I don’t think so (although I put this possibility on the table).
Or what if the network opened up and made tens of millions of users available to newcomers who wanted to barter with them? there is no. The difference here is who controls the negotiating table. Here’s where it gets interesting.
No VC will dump their tokens to recoup their initial investment. There is no user trying to chase the token as the price will skyrocket and you will just see the token crash and burn. Instead, developers will have to fight for the attention of early pioneers. The value proposition really seems to have been reversed.
Which DeFi protocol will be the Pi bank? Or, even better, which DeFi protocol will the pioneers choose? Where will they buy NFTs? Real world items? This is a blockchain experiment that will unfold in the coming months and years and I don’t have a better word for it, but it’s fascinating.
We don’t know what will happen, but one thing is certain.
What is a pi network:
Pi Network is a mobile blockchain mining project with a mission to make the cryptocurrency revolution accessible to everyone. The project was founded by a team of PhDs from Stanford University. A candidate who designed a mobile-friendly blockchain mining algorithm.
The Pi Network has evolved over the years, organizing hackathons, building several working Pi blockchain apps, and is now in the final stages of transitioning to the public mainnet.
Pi network location:
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