Pi Network has the users to help shape the future of DeFi and that’s usually the hardest part!
The power of the Pi network
This will likely be the first of several open dialogues of my thoughts on the Pi Network, and as my understanding evolves, the possible will move with it. So to continue, let’s start from the beginning.
It’s just a dumb phone app.
Nothing has happened for two years.
You can’t even convert it to dollars.
It’s been a while since I’ve been inspired to write about why I find a particular blockchain interesting, or rather exciting. When BNB Chain launched as Binance Smart Chain, I stood in line at the door ready to farm for lower fees, believing that greater accessibility would lead to scalability. This bet paid off as the first-mover advantage of today’s BNB chain as an alternative to Ethereum saw it outperform the group of low-fee, high-volume chains.
But now something is bubbling to the surface that gives me the same excitement of something original, although at this point all I can do is press “mine” and wait. I’m not too early this time, but it feels like it.
It’s just a dumb phone app
For whatever reason, an easily accessible application is silly. For now, we’ll ignore the tens of millions of downloads of the Pi Network app to give this idea some breathing room. I’m really curious as to what kind of application could be more accessible to the world population than something that can be downloaded and easily navigated.
Is this mining? liquidity reduction? Fair launch mining? We Decentralized Finance (DeFi) enthusiasts have never questioned the concept of fair liquidity extraction…or better yet, staking to earn a token that requires escape velocity or it will surely fall into the gravity of a failed Ponzi scheme.
It’s not silly, it’s accessible.
But I hear you, nothing has happened for two years.
I think this claim is wrong by definition, but I see it often. The blockchain itself is operational, with multiple live applications and around two million verified wallet addresses. This puts unique wallet addresses on par with Arbitrum and Optimism, and just a little behind Avalanche. Beyond this point, millions of users are eagerly awaiting KYC onboarding. I happen to be one of them. When the KYC backlog is complete, Pi Network will have one of the largest user bases in the industry.
What has been happening for years is the slow development of a highly accessible blockchain with absurd user acquisition that will be fully compatible with a user base of verified people. It’s a mouthful, but it’s important.
This feat has not actually been achieved on any other blockchain, and I would argue that it is impossible at this point. Much of the crypto community may be anti-KYC, which I understand, but the power of a fully compliant network is fascinating.
You can’t even sell (Pi)
You can’t even sell it. At this point I have two competing hypotheses. On the one hand, if you give people something for free, will they unload it at the first opportunity? Will the pressure to sell Pi be so great that users will quickly exit their positions and be happy to take any profit made? I don’t really think so (although I do keep that possibility on the table).
Alternatively, what happens when the network opens up and millions of users are available for new entrants to trade with? Developers don’t need to create a user base because the user base is there. Who is sitting at the negotiating table is different here. Here it is interesting.
There are no VCs dumping tokens to recoup their early investment. No users rushing in to chase a token as the price soars, only to see it crash and burn. Instead, developers have to compete for the attention of the early pioneers. The value proposition really seems to have been reversed.
Which DeFi protocol will be the bank of Pi? 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 over the coming months and years and will, for lack of a better word, be intriguing.
I’m not sure what’s going to happen, but I think one thing is for sure: it’s been built, and they’re coming.
What is Pi Network:
Pi Network is a mobile blockchain mining project with a mission to bring everyone access to the cryptocurrency revolution. The project was led by a team from Stanford University Ph.D. Candidates who have developed a mobile-friendly blockchain mining algorithm.
The Pi Network has evolved over the years, hosting a hackathon, developing a few working Pi blockchain apps, and is now in the final stages of transitioning to the public mainnet.
Where to find the Pi Network:
Website | Twitter | LinkedIn | Facebook | Instagram
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