Pi Network has users to help shape the future of DeFi, and usually the hardest!
The Power of the Pi Network
This will be the first of several open minded dialogues I have had on the Pi Network, and as my understanding develops, what I can do will come. So to continue, let’s start from the beginning.
It’s just a stupid phone app.
Nothing has happened in two years.
You can’t even convert it to dollars.
It’s been a while since I’ve been inspired to write a chapter why I find certain blockchains interesting, or better yet, exciting. when BNB chain opened as Binance Smart Chain, I was in line at the door, ready to produce a farm for lower fees with the belief that greater accessibility will lead to scalability. The bet paid off, as BNB Chain’s first mover advantage as an alternative to Ethereum led it to beat low- and high-transaction volume chain packs.
But now we have something bubbling up to the surface that brings me that excitement was something genuine, even though all I can do at this time is push “mine” and wait. I’m not early this time, but it sure feels like it.
It’s Just A Stupid Phone App
For whatever reason, easy access apps are stupid. For now, we’ll ignore the tens of millions of Pi Network app downloads to give this idea a breather. I’m really curious about what mode of application the global population can access instead of just downloadable and easy to navigate.
Is this mine? Liquidity mining? Fair mining? We Decentralized Finance (DeFi) fans never question the concept of fair launch liquidity mining…or, better yet, staking to earn tokens that need escape velocity or will inevitably fall under the gravity of a failed ponzi scheme.
It’s not stupid, it’s accessible.
But I hear you, Nothing happened in two years.
I think this statement by definition, is not true, but I see it often. The blockchain itself is already active, with several live applications and approximately two million verified wallet addresses. That puts the unique wallet address on par with Arbitrum and Optimisme, and just a bit behind Avalanche. Beyond that point, tens of millions of users await KYC onboarding. I was one of them. When the KYC backlog is completed, Pi Network will have one of the largest user bases in the sector.
what already has been happening for several years now is the development of a blockchain that is accessible quickly with the acquisition of absurd users that will comply with a verified individual user base. It’s a mouthful, but it’s important.
That feat has actually not been done on any other blockchain, and I’d argue it’s impossible at this point. A large part of the crypto community may be anti-KYC, which I understand, but the power of a compliant network is very exciting.
You Can’t Sell (Pi)
You can’t even sell it yet. This is the point where I have two competing hypotheses. On the one hand, if you give them something for free, will they unload at the first opportunity? Will the pressure to sell the Pi be so great that users quickly exit their positions, happy to take whatever advantage they have achieved? I don’t think so (although I keep this possibility on the table).
Or, what happens when the network is open and tens of millions of users are available to newcomers who want to barter with them? Developers don’t need to bootstrap the user base, because the user base is there. What is different here is who controls the negotiating table. This is where it gets interesting.
There is no VC to spend tokens to get initial investment. No user rushes to chase tokens as their value flies high only to see them crash and burn. However, developers have to fight the attention of early pioneers. The value proposition really seems to have been flipped.
Which DeFi protocol will the Pi bank? Or better yet, which DeFi protocol will the pioneers choose? Where will they buy NFTs? Real world items? These are the blockchain experiments that will unfold in the coming months and years and will be, for lack of a better word, fascinating.
I’m not sure what will happen, but I think one thing is certain: It has been built, and it will come.
What is a Pi Network:
Pi Network is a mobile blockchain mining project with a mission to give everyone access to the cryptocurrency revolution. This project was established by a team from Stanford University Ph.D. candidates designing mobile-friendly blockchain mining algorithms.
Pi Network has evolved over the years and has been organized a hackathonbuilt a couple of Pi blockchain apps that work, and are currently in the final stages of transitioning to the public mainnet.
Where to find Pi Network: