Pi Network Set to Migrate to Mainnet

Pi is a new digital currency being developed by a group of Stanford PhDs. For a limited time, you can join the beta to earn Pi and help grow the network.

It aims to keep cryptocurrency mining accessible as the centralisation of first generation currencies like bitcoin has put them beyond the reach of everyday users. The Pi Network, developed by a team of Stanford graduates, enables users to mine coins using its mobile phone app, validating transactions on a distributed record.

Unlike nodes on networks such as Bitcoin that use proof-of-work (PoW) protocols, Pi nodes use an algorithm based on the Stellar Consensus Protocol (SCP). Pi Nodes validate transactions on a distributed ledger and reach a consensus on the order of new transactions that the ledger records.

Under SCP, PI nodes form security circles, or groups, of three to five trusted people known to each of the networks’ users. Security circles build a global trust network that prevents fraudulent transactions, as transactions can only be validated on the shared ledger if the trusted nodes approve them.

With branding based on the number π, Phase 1 of the project launched in 2019 on Pi Day, 14 March, with a free Pi mining app. By June 2019, the network had more than 100,000 active users. A year later, when Phase 2 launched, there were more than 3.5 million users.

Pi nnetwork recently crossed 30 million users and announced it imminent migration to Mainnet.

[Register on the Pi network using this link and use “OsamG” as your referral code]

Read tthe statement from the Pi network team below:

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 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, 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.