Pi Network blockchain ecosystem has a lot of similarities with others in the cryptocurrency space. However, it can be said that there is something that is in Pi that actually differentiates it from the others.
As a cryptocurrency that can be earned or generated through mining in a mobile phone using the Pi app, it makes easy for any person to be on-board and acquainted in this new financial technology. In the process, they acquire this virtual asset for free, without draining cash directly from their pocket.
Like a number of cryptocurrencies that can be earned through mobile apps, Pi also has registration, account verification and KYC – Know Your Customer – personal identity verification requirements. The possible difference is more on the KYC requirement where the Pi Core Team (PCT) seek the assistance of the Pi chat room moderators to recommend different government issued ID documents for the Pioneers to submit in their respective countries. This offers a wider range of choices and options as to what valid ID that a user should have to be used in the KYC process.
Moreover, Pi Network offers opportunity to KYC’d Pioneers to become human validators in the KYC process. Thereby giving them active role in the KYC verifications of other pioneers while strictly observing data privacy regulatory policies. A role that in some ways make them feel they really are participant in Pi Network’s community building process. So far, I have not heard any other similar projects doing this yet.
Although there are problems and hitches along the way, PCT are working to resolve these, and hopefully will address some in the coming days.
Thus, giving greater chance for more Pioneers to pass personal identity verification, before their transferrable Pi coin can be moved to their respective wallet. This is done as Pi Network desires to be compliant with various regulatory mechanisms on financial transactions, as well ensure that account holders are really human beings, not bots.
Slow But Hopefully Sure
The way I see it, what really sets apart Pi from other cryptocurrencies out there is the fact that despite with its over thirty five (35) million users now widely distributed in 233 countries throughout the world, it did not rush its mainnet launching. Thereby for quite some time prolonging the waiting time of Pioneers to get hold of their earned Pi cryptocurrency. Until now, some millions of Pioneers are still waiting for their Pi tokens to be migrated in their mainnet connected wallet. Although there are over a million who have their mined Pi transferred to their mainnet wallet already.
Unfortunately, quite a number of Pi users is not happy about the slow progress of Pi. Instituting so many requisites, before the transfer of their mined Pi to their wallet. A total of seven (7) steps in the mainnet checklist.
The in-house KYC has been on-going for months now. But everyday thousands of Pioneers are being validated. The process really could be slow, but let us us be assured that as promised by the Pi Core Team, no real person Pi user of good standing will be left behind. Of course except those who are found violating the Terms of Service of Pi Network.
Along the negative issues, there are people saying that Pi Network is a scam. That the millions of users were just being used as captive audience of their ads, maybe not knowing that they can turn it off if they don’t want to view it. That it can not really deliver what it promised. A fully functional and usable cryptocurrency that can be used to buy goods, and/or be converted into fiat money and traded in exchanges, soon enough as they want it.
One thing unique about Pi Network is that, it did not make cryptocurrency exchange listing as a priority. While some new cryptocurrency projects are rushing in for their exchange listings even with only very few users, Pi with multiple million users, is not yet listed to any crypto exchanges. Not only because this is not possible yet for now in the enclosed mainnet period, it is also due to the that fact they leave it to the exchanges’ desire to have Pi in their platforms.
While this is being viewed as negative by others, I look at it to be a plus factor for Pi. It allows enough time to work on the needed improvements and iterations for it to be fully operational and seamlessly functional. Ensuring it’s blockchain ecosystem to be safe, stable and secure.
This strategy will facilitate the goal for Pi to be inclusive, making it accessible to so many ‘ordinary man-on-the-street’ throughout the world to acquire this digital asset for free. Imagine if Pi Network undertakes an initial coin offering (ICO), or a presale to attract crypto whales and institutional investors buy millions of Pi on their custody and controlling interest. Then manipulating the price of Pi in the open market later. And in certain degree, depriving thousands to have ample volume of this digital currency.
If we carefully look at it, all the mechanisms instituted by the PCT goes along and are consistent to the primary goal to make Pi as a medium of exchange, used by the mainstream society. Practically a digital money that will be used in peer-to-peer marketplaces and ecommerce platforms in a global scale.
This indicates that the Pi Core Team consistently has no intention to have the Pi coin be available in exchanges soon. Making few Pioneers lose interest, as they can not trade their Pi, convert it to cash or any cryptocurrency, and get hold of the obvious financial gains they are longing to enjoy.
No, the PCT seems not inclined to do that. Nor did they make any public announcements regarding pre-sale, crowd funding and initial coin offering (ICO) events for them to get hold of cash. Much ahead of the rest of Pioneers in the Pi Network community. They are more focused on building the Pi Network ecosystem, intrinsically driving organic growth from within its community.
For those Pioneers who are crypto trading buffs, may I ask this – Do we think that crypto exchanges will just ignore Pi with a mass-base of millions of users on-board? I think the answer is very obvious.
The enclosed and open network phased transition of the mainnet is another thing that differentiates Pi blockchain from the rest in the cryptoverse, as I know so far. Which unfortunately, is also being considered by some as one factor that further delay the momentum of the project.
This is what Dr. Nicolas Kokkalis have said on the slow, dragging process, “We are not trying to build a quick pump and dump cryptocurrency here. That would be easier but we are not interested in that.” With this and other related statements, we have to be assured that the goals Pi Network have set to achieve based on its white paper will come to reality. As to when this will happen, this needs extra patience for us to wait.
Although we, ordinary Pioneers do not always know what is in the mind of the founders and the PCT, before they disclose and announce something, we can be assured that what they intend to always do are those things that can ensure the security, stability and integrity of the Pi ecosystem for it to have a sustainable growth. This is my comforting thoughts amidst the issues hurled against Pi Network.
With this, what they did is to drum up the development of the Pi ecosystem much ahead of the “open mainnet” by encouraging development of relevant apps to boost utility of Pi within its ecosystem. Such that when the time comes, Pi will be used in a number of apps and platforms – peer-to-peer marketplaces, ecommerce sites, gaming, and hopefully in some crypto exchanges later.
Some project teams and developers are very busy, readying their apps and platforms for the open mainnet. To create more numerous utilities that can increase more demand for Pi coin, that can lead to possible substantial increase of its value.
Among these initiatives is the Trinity Project Group (TPG) with its ecommerce, a gig economy, business directory and health services platforms to mention a few. It’s ecommerce entity – epimall.io – is now under development to have Pi coin be integrated in its payment system.
Another leading and dominant player in Pi ecosystem is Pichainmall (pichainmall.com), an online commercial trading platform based in China. Among others, WorkforcePool (workforcepool.com) and PitoGo are other utility platforms on freelance marketplace and travel service respectively.
Pi Network development may really be slow, but I am hopeful they can deliver what it promised. Or all the efforts of the Core Team, and the whole Pi community will go for nothing.
Lock Up – An Opportunity to Save and Increase Mining Rate
The opportunity given to Pioneers to lock up their Pi holdings is one that has manifold ramifications. Although locking it will prevent us to immediately utilize certain amount of our Pi for designated period, the mechanism also offers benefits to Pioneers. One of these is it serves as a sort of savings of certain amount of Pi tokens for a pre-determined duration.
Although it appears that the lock-up is somehow mandatory in as much as Pi token can not be moved to the Pioneer’s wallet until lock-up preference is set, choices in terms of percentage and duration can be adjusted. The bigger percentage of Pi, and the longer the lock-up period, the higher will be the boost in the mining rate of the user.
So that new and younger users who want to earn and accumulate more Pi, having longer timelines, and are willing to wait before they can make use of their token, can set their lock-up so that they get the maximum possible mining boost. While those having accumulated more and want their Pi to be used immediately whatever they desire, can just lock-up few portion of their holdings, under the lowest period allowed.
The ingenuity of the lock-up mechanism basically helps the Pioneers to have an opportunity to earn a little more, while also addressing at the same time the price and supply stability concerns of Pi. In a way, preventing the possible dumping of Pi in the open market, if ever it will be listed in cryptocurrency exchanges eventually.
I am sure there’s still could be more features that makes Pi stand out. Especially that for this promising cryptocurrency, like other blockchain ecosystem, everything is work in progress.
But for now being a Pi_natic, I firmly believe that for whatever it’s value in the future, Pi is really worth waiting.
For the mean time, let’s just continue mining Pi while we still can.
