If you build it, they will come (to the Pi network) | Daily News Byte

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 develops, what seems possible will move with it. So to get on with it, let’s start from the beginning.

It’s just a stupid phone app.

Nothing 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 it why I find the particular blockchain interesting, or rather exciting. When the BNB chain launched as the Binance Smart Chain, I was in line at the door, ready to give up the farm for lower fees with the belief that greater availability would lead to scalability. That bet paid off, as now the BNB chain’s first advantage as an alternative to Ethereum has seen it beat the pack of low-fee, high-transaction chains.

But now we have something surfacing that brings me the same thrill of something original, even though all I can do at this point is press “mine” and wait. I’m not early this time, but it seems that way.

It’s just a stupid phone app

For whatever reason, the readily available app is stupid. For now, we’ll ignore the tens of millions of downloads of the Pi Network app to give this idea room to breathe. I’m genuinely curious about how an app could be more accessible to the global population than something downloadable and easy to navigate.

Is this mining? Mining liquidity? A fair mining launch? We decentralized finance (DeFi) enthusiasts have never questioned the concept of an honest launch of liquidity mining… or, better yet, a stake to earn a token that requires escape velocity or will surely fall under the weight of a failed ponzi scheme.

It’s not stupid, it’s affordable.

But I hear you, nothing happened for two years.

I think this statement is false by definition, but I see it often. The blockchain itself is up and running, with several live applications and approximately two million verified wallet addresses. That puts unique wallet addresses on par with Arbitrum and Optimism, and just a little behind Avalanche. Beyond that point, tens of millions of users are eagerly awaiting the inclusion of KIC. I am one of them. Once KIC’s backlog is complete, Pi Network will have one of the largest user bases in the sector.

What has that has been happening for years is the slow development of a highly accessible blockchain with absurd user acquisition that will be fully aligned with a user base of verified individuals. It’s a mouthful, but it’s important.

That feat hasn’t actually been accomplished on any other blockchain, and I’d argue it’s impossible at this point. Much of the crypto community may be anti-KIC, which I understand, but the power of a fully compliant network is intriguing.

You can’t even sell (Pi)

You can’t even sell it yet. This is where 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 quickly exit their positions, happy to take whatever gains they made? I don’t really think so (although I’m keeping this possibility on the table).

Alternatively, what happens when the network opens up and tens of millions of users become available to new entrants who want to trade with them? Developers won’t need to run a user base, since the user base is already there. What is different here is who controls the negotiating table. It’s interesting here.

There are no VCs to release tokens to recoup their early investments. There are no users rushing to chase a token as the price skyrockets only to see it crash and burn. Instead, developers will have to fight for the attention of early pioneers. The value proposition really seems to be reversed.

Which DeFi protocol will become Pi’s bank? Or better yet, which DeFi protocol will the pioneers choose? Where will they buy NFT? Actual items? This is a blockchain experiment that will unfold over the coming months and years and it will be, for lack of a better word, fascinating.

I’m not sure what will happen, but I think one thing is certain: it’s built and they 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. The project was founded by a team of PhDs from Stanford University. candidates who designed a mobile-friendly blockchain mining algorithm.

The Pi Network has evolved over the years and has hosted a hackathon, built several working Pi blockchain applications, and is now in the final stages of transitioning to the public network.

Where to find the Pi network:

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