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Found 20 results

  1. PI - “People’s Initiative” Movement. Where the value and success depend solely on people's initiative to support the project. Pi is a “people’s initiative” working together to achieve a common goal. “People’s Initiative” is a socially-oriented cryptocurrency project that is meant to give billions of people across the world their fair share of the global economy. Pi is a People’s Initiative to bring hope and prosperity to everyday people. Pi is everyday people working together to bring Pi to success. “People’s Initiative with a common goal. We rise when we lift each other.
  2. Pi Network is now live and is on the enclosed network. At this point, it is allowed to do peer-to-peer and peer-to-app transfers within the enclosed network. We want to hear from the community, what would be the FAIR VALUE of Pi that is agreeable between business provider and buyer. Please vote for Fair Value that is a win-win for business providers and buyers. Kindly provide a brief explanation of your chosen value. We appreciate your honest and fair assessment. Thank you. pexels-mikhail-nilov-7989473.mp4
  3. We always ask opinion of Pioneers the value of Pi. It turns out that the majority of Pioneers believes that the value should be high, 100 to 1000USD. We cannot blame those Pioneers for believing so and we respect their opinion, as we really do not know what would really be its initial value. This time, we would like to ask those PIONEERS WHO INTENDS TO SET UP A BUSINESS AND ACCEPTS PI as a payment. What is the fair value of Pi in business standpoint and why? Kindly defend your answer. Thank you.
  4. Many things will roll out just relax. We shall do better
  5. Let's make it personal, what will you do or wish to do in this Enclosed Mainnet? Let's talk maybe you can find a mate.
  6. Ruang Diskusi Dan Edukasi Pioneer Indonesia
  7. I am new here. It's just musing that how can we determine a Pi coin price?
  8. If I sent you 1pi what goods/services would you buy? reply the things, products and services you want to buy.
  9. Hello fellow Pioneers! I just want to share with you my brief interview with Vince McPhillip, one of the founders of the Pi Network. At the time I was still trying to fully grasp the idea behind the Pi Network project. In the early days of the Pi Network, I had the rare chance to talk to Vince when I submitted my project proposal to start the Pi Social Project with the goal to advance the agenda of Pi Network. The Pi Social Project was aimed at bringing the Pi Network to the heart of every culture, globally – stemming from our belief that Pi Network is much more than just a currency. Because early on we saw the Pi Network as a vital tool in resetting the imbalance of the word’s current financial systems. Below is an excerpt of the abovementioned interview: [2:42 PM] Bonafide: Vince, tell me, what’s the idea behind Pi Network project? What is the motivation, driving force why the Core Team developed the Pi Network? Vince: (referred to https://thepolitic.org/vincent-mcphillip-yc-10-head-of-community-at-pi-network/) Bonafide: Vince follow-up question, why did the team use the Pi name and symbol? Vince: We thought it represented the values of the movement we wanted to create. Pi is infinite. A reflection of the deep potential each person brings to the network. Pi contains all numbers and permutations of numbers making it all inclusive. Reflecting the fact that Pi Network had a place for everyone. Pi is circular which reflects the way in which we come together to secure and build the network. It’s also a mathematical constant which reflects stability. Bonafide: Thanks, Vince. Vince: We are building more than a currency here. Bonafide: That’s what I want to know, the “more than,” because to me I thought this idea of Pi is to replace fiat; it’s ambitious but it’s doable. Vince: We will be sharing more of our vision and mission for Pi in the upcoming weeks. We also want the community’s input to gauge why YOU believe in Pi. # The Politic Yale’s Political Publication Since 1947 [2:42 PM] Profile of Vince McPhillip: Founder of Knomadland – Knomad was founded by Vince McPhillip in 2018 to help people (including himself!) find more flexible and meaningful work. A paper on “Expert Crowdsourcing” helped inspire Knomad’s first incarnation as a “flash consultancy,” pairing university students with cryptocurrency projects Co-founder and former CEO of Pi Network, with 23M+ members MBA from Stanford Graduate School of Business Non-profit/NGO Consultant at The Bridgespan Group with focus on education and scaling social ventures BA from Yale University in Political Science with additional study in Economics, and Sociology Expertise of Vince: How to build a multi-million person Digital Community The Power of Note-Taking in Notion and Roam Research Cryptocurrency and the Future of Money N.B. I hope you enjoyed the very brief interview with Vince. Now I will ask you the same question. Why do you believe in Pi? Please leave your answer/s in the comment section below. More power to Pi Network and the Core Team!
  10. As the Main Net is few days away, can we have a discussion on what would be the initial value of Pi?
  11. Below is the new draft of the Roadmap chapter of our whitepaper. It reviews the first two phases of the network (Beta and Testnet), and introduces the Mainnet phase in more detail. Your feedback is welcome before we update the official whitepaper on our website when Open Network begins. Keep in mind that we are also working on new drafts of other whitepaper chapters and will release them soon, which will potentially further clarify questions you may have now. Roadmap Pi Network is unique in our technological and ecosystem design as well as the significance of our community input in development. This uniqueness is best served by a thoughtful and iterative approach that allows for community feedback, testing of products, features, and user experience, and phases defined by milestones. There are three main phases to our development: (1) Beta, (2) Testnet, and (3) Mainnet. Phase 1: Beta In December 2018, we publicly launched our mobile app on the iOS App store as an alpha prototype that onboarded the initial Pioneers. On Pi Day, March 14, 2019, the original Pi whitepaper was published, marking the official launch of the Pi Network. At this stage, our app allowed Pioneers to mine Pi by contributing to the growth and security of the future Pi blockchain. As the eventual goal was to launch the Mainnet and build an ecosystem around the Pi platform, the Pi app running on the centralized Pi server enabled mobile phone users (Pioneers) to contribute their security circles that, in aggregate, built the trust graph required by the consensus algorithm of the Pi Blockchain, and in return, the Pioneers received mining rewards. Furthermore, the centralized phase allowed the network to grow, the community to form, and the Pi token to be accessible and widely distributed. This phase also allowed for the iteration of many technical features and Pioneer experience by leveraging community input throughout the development process. The following major accomplishments were made during the Beta phase: The Pi Network mobile app was listed and accessible through the iOS App Store and Google Playstore. Pi Network grew from 0 to over 3.5 million engaged Pioneers. The Pi Network community actively engaged with the project through the app home screen interactions and chat app. Pi Network reached 233 countries and regions around the world. Phase 2: Testnet This phase started on March 14, 2020, marking another critical preparation to the transition to a decentralized blockchain—a live Testnet with distributed Nodes from all over the world. Pi Network’s Node software enabled individual computers to support running the Pi Testnet using Test-Pi coin. Test-Pi was available only for the purpose of testing and has no relation to Pioneers’ account balances on the Pi app. The Pi Testnet has reached over 10,000 fully functional community Nodes and over 100,000 daily active Nodes on the waiting list, and as explained in a later section, will continue to exist for testing purposes in the Mainnet phase. Pi Testnet allows for the testing of connectivity, performance, security, and scalability of the blockchain, and allows Pi apps developers to develop the Pi apps before they can deploy their app on the Mainnet. During the Testnet phase, 3 major strategies were adopted: (1) decentralization through Testnet Nodes, (2) growth through the main Pi app for mobile mining, and (3) utility creation through the Pi apps platform on the Pi Browser. The Testnet ran in parallel with the Pi mobile mining app from Phase 1 and enabled decentralized community Nodes to get online and ready for the Mainnet. Specifically, the Testnet Nodes helped with the assessment of the blockchain’s performance, security, and scalability. It also helped Pi App developers test their apps against the Pi Blockchain. At the same time, the Pi mobile mining app continued to onboard millions of Pioneers, building the community and contributing to the security of the blockchain. The Pi Browser, along with the Pi SDK, enabled the community to create utilities and develop the Pi ecosystem. The following major accomplishments were made during the Testnet phase: Many versions of the Node software were released. The Pi Platform was released along with key ingredients of our ecosystem infrastructure: Wallet, Browser, Brainstorm and developer tools. Pilot version of the KYC app was introduced on the Pi Browser. The project ran its first ever worldwide online Hackathon with thousands of participants from within the Pioneer Community. Pi Network grew to over 30 million engaged Pioneers, and from 0 to over 10,000 fully functional community Nodes and over 100,000 daily active Nodes on the waiting list. Pi Network reached almost all countries and regions in the world. Phase 3: Mainnet In December 2021, the Mainnet of the Pi blockchain will go live. The migration of Pioneer balances from their phone account to the Mainnet starts during this period. KYC authentication of a Pioneer precedes their balance migration to the Mainnet. In order to allow for sufficient time for millions of Pioneers to successfully complete their KYC verification, create utilities in the Pi ecosystem, and continue to iterate on our technology and ecosystem design, the Mainnet will have two periods: at first, firewalled Mainnet (i.e., the Enclosed Network), and then, open Mainnet (i.e., the Open Network). The Enclosed Network Period This period will begin in December 2021. The Enclosed Network period means that the Mainnet is live but with a firewall that prevents any unwanted external connectivity. Pioneers will be able to take time to KYC and migrate their Pi to the live Mainnet blockchain. Any balance migrated to the Mainnet can be used, by the choice of the Pioneer, to purchase goods and services in Pi apps, transfer to other Pioneers, or get locked up for a duration of time for a higher mining rate. KYC’ed Pioneers will be able to use their Pi on the Mainnet freely in an enclosed environment within Pi Network. However, this period will not allow connectivity between the Pi blockchain and other blockchains. Advantages of the Two-Period Approach to Mainnet There are multiple advantages to having an intermediate enclosed period to ramp up to the fully open Mainnet. This approach allows time for: millions of Pioneers worldwide to pass KYC, building and deploying more Pi Apps and allowing more utilities to be created and used, transitioning Pi Apps deployed on the Testnet to the Mainnet, and iterating on any modifications and adjustments to the Mainnet and the ecosystem before the Open Network. The Enclosed Network period allows time for millions of Pioneers to KYC and migrate their Pi to the Mainnet. Only a small fraction of Pioneers have been able to complete their KYC around the launch of the Mainnet. Over the coming months, we will continue to roll out the KYC solution to more Pioneers and help them complete their KYC. If we moved directly from Testnet to Open Network, this would mean that the Pioneers who were able to KYC before others would have Pi available for use outside of the Pi platform while the Pioneers still waiting to complete their KYC would not yet have this privilege. The speed at which Pioneers all over the world are able to complete their KYC will depend on the speed at which each local community provides the KYC validator crowd work force as well as the speed at which individual Pioneers participate in the KYC. Having the Enclosed Network period gives time for millions of Pioneers to complete their KYC and transfer their Pi to the Mainnet. This way, all the Pioneers who are willing and able to complete their KYC in a reasonable period of time get to use their Pi outside of the Pi platform at once. Given that external connectivity between the Pi Blockchain and other blockchains or systems is not allowed during the Enclosed Network period, this further helps Pioneers focus on transitioning into Mainnet without any influences external to the Pi Blockchain. This period will also help the community focus on creating utilities and bootstrapping the ecosystem without any external distractions. Consistent with the vision of the Pi network to enable a utility-based ecosystem, this allows apps to deploy on Mainnet and create utilities for Pioneers. Pi apps will be able to switch from Testnet to Mainnet—to production mode for real Pi transactions. At this time, KYC’ed Pioneers will be able to spend their Pi on Pi apps, boosting utilities creation and bootstrapping the Pi ecosystem before the Open Network. This gradual and deliberate ramp to Open Network will help the apps, as well as the Pi Network, to uncover and resolve any glitches in the market and the technology. Thus, the Enclosed Network period is in line with Pi’s vision of a utility-based ecosystem and its iterative philosophy. Moreover, the Enclosed Network will allow the Mainnet to run with production data and real Pi, which differs from Testnet. Data gathered during the Enclosed Network will help calibrate and tweak any configurations and formulae, if necessary, to ensure a stable and successful Open Network. KYC Verification and Mainnet Balance Transfer “Know Your Customer/Client” (KYC) is a process that verifies identification to distinguish genuine accounts from fake ones. The vision of Pi Network is to build an inclusive and the most widely distributed token and ecosystem for all Pioneers. The mining mechanism of Pi Network is social network-based, and the mining rate has halved 5 times so far as the social network size grew to over 1K, 10K, 100K, 1M, and 10M engaged members. Therefore, Pi has a strict policy of one account per person. This requires a high degree of accuracy to establish that members in the network are genuine human beings, preventing individuals from being able to unfairly hoard Pi by creating fake accounts. Pioneers’ KYC results will depend on not only identity verification, but also their name matching with the Pi account and screening against government sanction list. KYC, thus, helps ensure the true humanness of the network and compliance with the Anti-Money Laundering (AML) and anti-terrorism regulations. As communicated at the founding of the network, to ensure true humanness, fake Pi accounts and scripted mining are strictly prohibited. These accounts will be disabled, and will not be able to migrate to Mainnet. Over the past three years, multiple technical mechanisms have been implemented to identify bots and fake accounts. For the accounts identified as highly likely to be fake by Pi’s algorithm, the weight is on these accounts to prove otherwise. These identified fake accounts will either be disabled or go through a much more rigorous review and appeal process. The allocation of KYC slots will be prioritized for accounts with a high likelihood of being true human holders. Only the accounts with verified identities will be allowed to transition to Mainnet, and only the Pi balances attributable to identity-verified accounts will be allowed to transfer to the Mainnet balance. When a Pioneer and their referral team and security circle members pass the KYC determines if and when, and to what extent, a Pioneer can transfer their balances. Below is a hypothetical example to illustrate how the KYC verification of Pioneers affects their balances in migration to the Mainnet. For simplicity, we define different concepts of Pi balances as follows: Mobile Balance: The Pi balance currently shown in a Pioneer’s account in the Pi mobile app Transferable Balance: The balance that has been allowed to be transferred to the Mainnet because the Pioneer and their specific associated individuals in the referral teams and security circles have passed KYC Mainnet balance: The balance that has been migrated and transferred by the Pioneer to the Mainnet Suppose individual A is the owner of a Pi account who wants to transfer their Mobile Balance. Pioneer A will only be allowed to transfer any of the Mobile Balance to the Mainnet when their identity is verified, i.e., when they pass the KYC. Let’s say this individual has Individuals B, C, D, and E on their referral team and Individuals D, E, F, and G in their security circle. So far, only individuals A, B, D, and F have completed their KYC verification. In this example setup: A is a mining Pioneer who has passed KYC. B, C, D, E are in the Referral Team of A. D, E, F, G are in the Security Circle of A. A, B, D, and F have passed KYC. Here, A’s Transferable Balance is the sum of the following three components: Pioneer Rewards: Pi mined based on A’s Pioneer status across all mining sessions Contributor Rewards: D and F’s contribution to A's mining rate as Contributors in all mining sessions Ambassador Rewards: Mining bonuses from all mining sessions when B and D as referral team members mined during the same session as A mined As more of Pioneer A’s referral team and security circle members (i.e., C, E, and G) pass KYC, more portions of A’s Mobile Balance will become Transferable Balance—ready for A to migrate to the Mainnet, and ultimately become A’s Mainnet Balance. During the Enclosed Mainnet period, any Mobile Balance that has not become Transferable Balance will remain in the Mobile mining app until the associated Pioneers in the referral team and security circles pass KYC and the corresponding amount becomes transferable to Mainnet. In the case of the above example of Pioneer A, the balance contribution by C, E, and G will remain as Mobile Balance for A in the mining app waiting for them to pass KYC in order for such balance to become transferable. If such associated accounts never pass KYC, the balance attributed to these non-KYC’ed accounts will expire at a certain date which will have allowed enough time for the whole network to KYC. The unclaimed balances due to lack of KYC will be discarded by not being transferred to the Mainnet at all. Restrictions in the Enclosed Network While transactions between Pi apps and Pioneers and Pioneer-to-Pioneer transactions are allowed within Pi Network, the Enclosed Network will have in place the restrictions as listed below. These restrictions at this stage help enforce the enclosed nature of the network: There will be no connectivity between Pi and other blockchains or crypto exchanges. Mainnet can only be accessed through the Pi Wallet and Pi apps on the Pi Browser. The Mainnet blockchain will be accessible to any computer on the internet but only through a firewall to enforce the above rules. There will only be Core Team Nodes on the Mainnet to ensure that the firewall is in place at all times. The Enclosed Network will support the economic activities and growth of the Pi ecosystem. Thus, Pioneer-to-Pioneer transactions are possible through the Pi Wallet as KYC’ed Pioneers will be able to use the Pi Wallet to transact in Pi. Pioneers can also spend Pi in Pi apps on the Pi Browser, which can access the Mainnet through the Pi Apps SDK and the Pi Blockchain API. During the Enclosed Network period, an app on the Pi Browser can only use the Pi blockchain APIs whitelisted by the firewall to interact with the Mainnet. The following uses of Pioneer-to-Pioneer, Pioneer-to-App, and App-to-Pioneer transactions will be allowed: Exchange of Pi for goods and services through Pi Apps Transfer of Pi between Pioneers for goods and services The following uses will be prohibited: Exchange of Pi for fiat currency Exchange of Pi for other cryptocurrencies Transfer for Pi for a future promise of fiat or other cryptocurrencies We will enforce the above restrictions by adding a firewall to the Mainnet and by exclusively running the Mainnet Nodes for this interim period. Community Nodes will continue to run on the Testnet in the Enclosed Network period. We will continue to implement interface and other changes to the Nodes in preparation for the Open Network period where the Community Nodes will be able to run on the Mainnet. The restrictions of the Network to keep it enclosed will be relaxed as it reaches the next period—Open Network. The Open Network Period Depending on the maturity of the Enclosed Network economy and the progress of the KYC, this period may begin on Pi Day (March 14, 2022), Pi2 Day (June 28, 2022), or later. The Open Network period means that the firewall in the Enclosed Network period will be removed, allowing any external connectivity, e.g., to other networks, wallets, and anyone who wants to connect to Pi Mainnet. API calls will not be firewalled, and Pioneers will be able to run their own Pi Nodes and API services. Pioneers will have connectivity with other blockchains. Community Nodes can also run the Mainnet.
  12. Now that the main net is here. Are you comfortable locking up your Pi? Please vote fellow Pioneers
  13. Just a little bit of #pitalk To all Pioneers. Can you live without Pi? Or Pi is something that will become part of our daily lives that you couldn’t live without? Let me know your thoughts.
  14. Given the size and growth of the Pi community, as well as the community's urgent need for proper orientation and continuous awareness of education, information, and current issues, it is necessary to build and grow a credible media outlet as well as a stable and vibrant (permanent and responsive, unlike Pi background announcements) The name of this proposal fully describes the text, and it is an audio program under Pi, which in the first place seeks public awareness, and in the second place seeks to orient and pursue the main goals of the Pi network project. But in reality, any participant in this program can have their own radio station, with various listeners and topics (A program that is similar to Clubhouse yet differs significantly). Advantages : Until now, no cryptocurrency had a reliable radio or news agency, and people had to rely on a variety of sources, some of which were inaccurate, to keep up with the latest news and information. However, experience has shown that if you provide training and information from a reliable source, audio will be more welcomed and fruitful. Proper and effective training and orientation can drive people's Pi to marketplace Pi radio now does the same thing at Clubhouse, and we look forward to continuing to do so under a app in Pi Utilities and to host the Pi Convention in the future. https://www.clubhouse.com/club/pi-radio www.pi-radio.org (Only purchased) After the proposal is approved, a detailed justification plan will be provided. Interested developers are invited to cooperate
  15. Building the Pi Network Value: Pi Network is known to be the cryptocurrency for everyday people. Marketed through a free distribution through mobile mining. After more than 2 years of development, launching in the Main Network is coming within a few weeks or days from now. Many Pioneers are hopeful that the value of Pi will be high. Some Pioneers even created a consensus value of 100 USD, 300 USD and so on. The truth is, the value of Pi is difficult to predict. It could start at low and will get high or might start high and may get even higher, what would be the number? We really don’t know. Here comes the marketplace, where the birthing place of Pi Network takes place. We go back to Pi consensus value, they say, 100 USD should be the standard. The question is, are the vendors willing to accept 100 USD for 1 Pi? There would be some that might accept, some may not. What would sustain the value if for instance 100 USD is equivalent to 1 Pi? Products? Consensus? Exchange? Utilities. While some are fixated on the consensus value of Pi, there are a handful of individuals that are aware of smart contract capability of Pi Network. Pi Network launched the hackathon last August, the intent is to build projects on top of Pi Network. Projects vary in intent, there are e-commerce, games, travel related and more categories. These projects will build the ecosystem for Pi Network, it will not be just an e-commerce but a lot of categories to choose from as long as they accept the Pi as a medium of exchange. All of those projects can be built on Pi Network. Trinity Project Group is one of the companies that supports Pi Network Ecosystem. Through its projects like PiTalk, PiOrg and ExpressPi. These projects are utilizing the Pi Network thus adding value to Pi. Value of Pi must be backed by strong utility to sustain its value. Not consensus.
  16. Bonafide

    Lockups help

    How Lockups work After you pass identity verification (KYC), you can voluntarily lock up a portion of your Transferable Balance to earn a right to mine at a higher rate. The mining boost is calculated based on the amount of locked up π and lockup duration. For details, read the economic model section below. If you have verified your identity (KYC), the first Mainnet transfer will occur upon Mainnet launch. Thereafter, transfers will occur periodically. Any updates made to your lockup configuration will take effect in your next Mainnet balance transfer. You can decide to change your lockup configuration anytime you want as an overall account-wide setting in the Pi app. You can even preselect these settings before you are KYC'ed or ready to migrate to the Mainnet. As you and your referral team/security circle pass KYC and new mining occurs, more of your Mobile Balance will become transferable. At each transfer to Mainnet, these preselected settings of lockup duration and percentage will automatically apply to the amount of balance transferred, resulting in two types of balances on the Mainnet: lockup balance and free balance, both of which will be recorded on the Mainnet blockchain and reside in your non-custodial Pi wallet. Lockups cannot be reversed once confirmed and must remain locked up for the entirety of the chosen duration due to the nature of blockchain. As the lockup amount is accounted for by the percentage of your transferred balance, you will have to lock up the same percentage of the new transferred balance to maintain the same lockup mining boost. This is done easily by keeping your lockup configuration setting consistent for every recurring transfer to Mainnet. On the other hand, if you do not lock up the same percentage of π in your later transfers as your initial Mainnet transfer, your lockup mining boost will decrease. If you make any changes to your account-wide lockup setting, the change will take effect on the next transfer of your balance to the Mainnet. This account-wide lockup setting allows you to lock up a maximum of 100% of your transferable balance. After Mainnet launches and you can transfer your balances, you can also lock up more Pi directly on the Mainnet through a slightly different lockup interface later on. At that time, you can lock up as much as 200% of your already-transferred Mainnet balance acquired from your previous mining. Lockup Economic Model At Mainnet, the lockup reward is meant to support a healthy and smooth ecosystem and incentivize long-term engagement with the network, while the network is bootstrapping the economy and creating demands. It is an important decentralized macroeconomic mechanism to moderate circulating supply in the market, especially in the early years of the open market when utilities are being created. One important goal of the Pi Network is to create a utility-based ecosystem of apps. Transactions for real goods and services in the ecosystem, rather than just speculative trading, are intended to determine the utility of Pi. As we launch the Enclosed Network phase of the Mainnet, one of the main areas of focus will be to support and grow the Pi app developer community and nurture more Pi apps to grow. In the meantime, Pioneers can choose to lock up their Pi to help create a stable market environment for the ecosystem to mature and for more Pi apps to emerge and provide compelling use cases for spending Pi – to ultimately create organic demands through utilities. The lockup reward formula is reprinted here: L(B) = Lt • Lp • log(N) • B, where: Lt is the Lockup Time period multiplier of B. 0 → Lt = 0 2 weeks → Lt = 0.1 6 months → Lt = 0.5 1 year → Lt = 1 3 years → Lt = 2 Lp is the Lockup Percentage multiplier of B, where the Lockup Percentage is the lockup amount over the Mainnet Balance transferred from one's previous mining rewards (Lb), and the Lockup Percentage multiplier is as follows. 0% → Lp = 0 25% → Lp = 0.25 50% → Lp = 0.5 90% → Lp = 0.9 100% → Lp = 1.0 150% → Lp = 1.5 200% → Lp = 2 log(N) is the logarithmic value of the total number of previous mining sessions (N). B is the base mining rate which is adjusted based on the available pool of π to distribute Pioneers will have the opportunity to voluntarily lock up their Pi to earn the right to mine at a higher rate. First of all, the prerequisite of the lockup reward is that the Pioneer must be actively mining. Without mining in the first place, there will be no lockup rewards for any inactive mining sessions, even if Pi is locked up. As expressed in the formula above, all that the lockup does is to provide multipliers to B, so there will be no lockup rewards if B is 0 (which means the Pioneers is not mining). Secondly, the lockup reward is positively associated with the contribution to the lockup, i.e. the duration of the lockup time period (Lt) and the amount locked up. However the lockup amount is accounted for by the percentage of a Pioneer's total Pi mined (Lp). The maximum Pi that a Pioneer can lock up is twice as much as their Mainnet Balance that got transferred from their prior mining in the mobile app (Lb), i.e. 200% Lb. The reasons for having a 2X maximum lockup amount of one's transferred Mainnet Balance (Lb) are to 1) prevent exploitation of the lockup reward and 2) encourage other contributions to the Pi ecosystem, such as further boosting their mining, running nodes and using apps. This, in a sense, favors Pioneers who mine and make other types of contributions to the network. Thirdly, Log(N) offers a higher lockup incentive to Pioneers who have a long mining history and presumably a large transferable balance to lock up. While the lockup reward formula generally favors equality by accounting for not the absolute amount but the percentage of their transferred balance (Lp) — which allows smaller accounts with a short mining history to lock up small amounts and yet receive the same lockup reward multiplier as big accounts — we need to add a Log(N) factor that accounts for miners with a long mining history, to counterbalance the bias in favor of Pioneers with small balances and provide enough incentive for long-history Pioneers with bigger balances. However, the effect of mining history on lockup rewards also needs to be capped. Thus, the formula applies a logarithm to the number of previous mining sessions N. For example, if a Pioneer mined almost everyday for the last 3 years, their total previous mining sessions (N) will be about 1,000. In this scenario, Log(1,000) equals 3, adding another multiplier to B in their lockup rewards. Keep in mind that to achieve meaningful lockup rewards for long-mining-history Pioneers, the amount of Pi you have to lock up is much more than smaller accounts. Fourthly, one Pioneer can voluntarily have multiple lockups at different times with different amounts and durations. The calculation of the total lockup rewards for this Pioneer with i number of different lockups is to find the total lockcup reward multiplier of B, as expressed in the formula below. The formula below is the equivalent to the lockup reward formula above, with the only difference being that it accounts for multiple lockups of the same Pioneer to calculate their total lockup rewards, e.g. different durations (Lti) and different amounts (Lci) of each lockup at different time: Lockup combination formula: L(B) = SUM(Lt x Lc x log(N) / Lb) x B The purpose of this formula is to calculate the total lockup rewards based proportionally on each lockup's amount (Lc) over the total Mainnet Balance from previous mining (Lb) as a weight, multiplied by their respective lockup time period (Lt) and Log(n). So that, even though there are multiple lockups of the same Pioneer, more lockups with different settings will proportionally add to their total lockup rewards. The values of Lt, Lc, and log(N) are calculated and multiplied for each lockup i and then summed across various i's, which is then divided by the value of Lb at a given mining session, to arrive at the value of L(B) for that mining session. This formula ensures that regardless of the Lb, as long as the Pioneer maintains the same percentage of their lockup amount over their Lb, the total lockup rewards multiplier will remain the same. Lastly, when can a Pioneer lock up Pi? Pioneers can decide their lockup duration and lockup percentage of their transferable balance anytime they want as an overall account setting in the Pi app. You can even preselect these settings before you're KYC'ed or ready to migrate to the Mainnet. As you and your earning team/security circle pass KYC, more of their Mobile Balance will become transferable. At the moment of the migration of their Transferable Balance to Mainnet, their preselected setting of lockup duration and percentage will automatically apply to the amount of balance transferred, resulting in two types of balances on the Mainnet: lockup balance and free balance, both of which will be recorded on the Mainnet blockchain and reside in the Pioneer's non-custodial Pi wallet. Thus, lockups cannot be reversed once confirmed and must remain locked up for the entirety of the chosen duration due to the nature of blockchain. Any changes to this Pioneer's lockup setting will take effect in their next balance transfer to the Mainnet. This account-wide lockup setting allows Pioneers to lock up a maximum of 100% of their transferable balance. After Mainnet launches and Pioneers transfer their balances, Pioneers can also lock up more Pi directly on the Mainnet through a slightly different lockup interface later on. At that time, Pioneers can lock up as much as 200% of their already-transferred Mainnet balance acquired from their previous mining. Disclaimer: This is for educational and archive only.
  17. Mainnet Preparation To prepare the community for the Mainnet migration, we are releasing some mobile-app features related to Mainnet now, which gives time for the community to understand, ask questions and preselect settings before the Mainnet launch. One feature is displaying the breakdown of a Pioneer’s balance (e.g. balance mined by themselves), transferable balance to Mainnet and balance attributable to their team members. In addition, we’re also releasing another important feature that allows Pioneers to voluntarily lock up a portion of their transferable balances to mine at a higher rate later on. The lockup feature lets Pioneers preselect their voluntary lockup setting configurations that will apply to their Mainnet transfer after Mainnet launches and the Pioneer passes KYC. To access these features, follow the directions below. From the Pi home screen, tap on the ≡ icon in the upper left corner to open up the Pi sidebar menu. Tap on “Mainnet.” Learn about the various balances shown on the screen. Tap on “Configure lockup rate” to preselect your setting. From here, follow the in-app instructions. How do lockups on Mainnet work? At Mainnet, the lockup reward is meant to support a healthy and smooth ecosystem and incentivize long-term engagementwith the network, while the network is bootstrapping the economy and creating demands. It is an important decentralized macroeconomic mechanism to moderate circulating supply in the market, especially in the early years of the open market when utilities are being created. One important goal of the Pi Network is to create a utility-based ecosystem of apps. Transactions for real goods and services in the ecosystem, rather than just speculative trading, are intended to determine the utility of Pi. As we launch the Enclosed Network phase of the Mainnet, which will be introduced soon, one of the main areas of focus will be to support and grow the Pi app developer community and nurture more Pi apps to grow. In the meantime, Pioneers can choose to lock up their Pi to help create a stable market environment for the ecosystem to mature and for more Pi apps to emerge and provide compelling use cases for spending Pi – to ultimately create organic demands through utilities. The lockup feature will be active when we launch the early version of the Mainnet later this month, but you can take time to learn about and even preselect lockup configurations now before you are KYC’ed or ready to migrate to the Mainnet. You can decide to change your lockup configuration anytime you want as an overall account-wide setting in the Pi app. As you and your earning team/security circle pass KYC and new mining occurs, more of your Mobile Balance will become transferable. At each transfer to Mainnet, these preselected settings of lockup duration and percentage will automatically apply to the amount of balance transferred, resulting in two types of balances on the Mainnet: lockup balance and free balance, both of which will be recorded on the Mainnet blockchain and reside in the Pioneer’s non-custodial Pi wallet. Lockups cannot be reversed once confirmed and must remain locked up for the entirety of the chosen duration due to the nature of blockchain. As the lockup amount is accounted for by the percentage of your transferred balance, you will have to lock up the same percentage of the new transferred balance to maintain the same lockup mining boost. This is done easily by keeping your lockup configuration setting consistent for every recurring transfer to Mainnet. On the other hand, if you lock up a lower percentage of Pi in your later transfers as your initial Mainnet transfer, your lockup mining boost will decrease proportionally. If you make any changes to your account-wide lockup setting, the change will take effect on the next transfer of your balance to the Mainnet. Please refer to the lockup feature interface in the app for a more detailed explanation on how the lockup works and is calculated. When we launch the early version of the Mainnet later this month, we will also release updated sections of the whitepaper. There, you will be able to see the precise and complete Mainnet formulae and mechanisms. Disclaimer: This is for educational and archive only.
  18. Are you ready to leave the fiat behind? The Pi Network main net is almost here, are you excited? What is the level of your excitement? Let us know. #PiTalk #PiNetwork #Blockchain #Cryptocurrency #Decentralization
  19. We will be discussing one of TPG subsidiaries - PiOrg and its partner Pi Manila Marketplace. Our featured guests Mr Mike Sta Ana - TPG CEO Mr Bernardo Andico and co. - Pi Manila Marketplace
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