When will the Pi Network enter mainnet? - Entered on Dec 29, 2021

Let's celebrate! On Dec 28, 2021, the Pi Network finally entered the mainnet for the first time.

 

As explained in the previous posts, the mainnet of the Pi Network is divided into two phases: a “enclosed network” and an “open network”, and now the first step of the enclosed network has begun.

 

This method is unique to the Pi Network, and the open network stage expressed by the core team in the future is the beginning of the first complete version of the mainnet. Therefore, since this is a mainnet running under the firewall control of the core team, it is not yet a complete mainnet, and the pie is still in the token stage. However, it is of great significance that Pi Network's own network has been built and operated for the first time.

 

In addition, since there is a key basis for the value of 1 pie to rise significantly in the future, it is highly likely that the market consensus will be reflected in detail during 2022.

 

Therefore, if you have not yet joined the Pi Network, we recommend that you join as soon as possible and start mining. This is because a new mining efficiency formula will be applied in the near future, and the efficiency will drop sharply compared to the current mining speed.

 

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[ 1. A brief summary of the mainnet white paper draft ]

As with the last time, this time's announcement is quite long, so I'm not going to include the original text, but only the core content. This notice from the core team is not actually a notice, but rather a "draft" of the new mainnet whitepaper. If the white papers in the past were for testnets, now the mainnet whitepapers have been published separately. The core team stated that the official mainnet white paper, not a draft, will be released when the Pi Network enters the open network in the future. If you are curious about the original text, please read it by clicking the "read more" button on the main screen of the app.

 

From now on, I will try to summarize the parts of the new white paper that I consider to be the core to make it easier to read. The content from now on contains a lot of very important content.

 

[ Basics ]

■ The Pi Network is still a “token” for the duration of the closed network.

( Originally, the virtual currency in the mainnet stage had to be a "coin", so this is still a pity. )

 

■ The core team has not yet implemented a full mining shutdown. However, the mining efficiency per hour varies depending on variables such as lockup.

( The clear time to stop mining the Pi Network is when the number of users exceeds 1 billion. However, after entering the mainnet, the term “TBD” is specified, which can determine the early termination of mining according to the remaining amount of the total mining amount designed by the core team. Therefore, in the original state, it would be okay if mining was stopped now, but the core team continues to allow mobile phone mining as it is now until the remaining amount is exhausted. The exact time when all mining will be halted is unpredictable as the rate of residual depletion is variable. )

 

■ The KYC verification process is maintained for 6 months from the date of execution, and any pies of accounts that do not pass verification within the period cannot be transferred to the mainnet. And from now on, KYC verification of newly created accounts by joining the Pi network can start at least 30 days after registration.

( At the time of writing this post, KYC hasn't started yet, but it will soon. )

 

[ About the supply of the total quantity of Pi ]

■ The core team designs the total supply of Pi to be 100 billion.

 

■ Of the 100 billion pi designed, 20% of the rights are exercised as a stake in the core team.

( In other words, 20 billion pi will be owned by the core team, and the total amount excluding it will be 80 billion. )

 

■ The Core Team “expresses” the total mining volume from launch to just before this mainnet at about 30 billion Pi.

( It is not clearly stated in the white paper whether the figure of 30 billion pie was announced as an exact result, or whether even the core team estimated it as an approximation. But at least it seems certain that the amount released so far is close to 30 billion. )

 

■ The Core Team “predicts” that of the 30 billion pi mined so far, about 10 billion pi will be burned.

( Reasons for incineration may include rejection of KYC certification or voluntary abandonment, or detection of fraudulent acts due to fake accounts. Since it is only possible to predict how much will be incinerated, the core team would have had no choice but to announce an estimate for this part. In this case, the net mining amount so far can be expected to be about 20 billion. )

 

■ The Core Team will provide 15 billion pi out of the total supply in a way other than mobile phone mining.

( This amount will be paid in the form of various prizes, rewards, and salaries that may exist in the future, such as compensation for the operation of "nodes" that can be run on the current PC, and various competitions and events such as hackathons. )

 

■ [Very Important] - In the mainnet stage, the core team estimates the total amount that can be mined by mobile phone at about 45 billion pi as it is now, and mining is allowed until this amount is exhausted.

( Of course, if 1 billion active users are reached before this amount is exhausted, all mining will be stopped immediately and definitively, but that is unlikely. Therefore, in fact, from now on entering the mainnet, we can all see that the competition of “how much of the remaining 45 billion Pi can I acquire in the future” has begun. )

 

■ [Important] - When a new mining efficiency formula is implemented in the future, the basic mining speed per hour acts as a variable value rather than a fixed value. Factors influencing the fluctuation are the “remaining 45 billion pi” and “total number of active miners (currently actually mining users)” just described.

 

 

[ About the Mining Formula on Mainnet ]

■ How to check the simulation

Click the "≡ (More)" icon in the upper left corner of the Pi Network app main screen, and then click the "mainnet" menu to see a screen like the image above. If you refer to the image on the screen and press the mining simulation button, you can see "Estimated mining efficiency assuming that the basic mining speed is 0.0254 pi per hour on the mainnet". Although the white paper discloses the exact calculation formula, the formula is quite complex for the general public to understand, so you can get a sense of it by simply checking the speed at the top of this screen.

 

• Caution 1

As I explained a moment ago, the simulation assumes that the standard of pure basic mining efficiency is 0.0254 per hour excluding all bonuses such as earnings team and security circle. The reason this value cannot be precisely defined is that the basic mining efficiency rate fluctuates irregularly depending on the user's mining participation.

• Caution 2

The implementation date of the application of the simulation formula has not been precisely announced by the core team, but it is likely to be implemented according to the day when KYC authentication starts or the actual application date of the lock-up formula.

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[ 2. personal opinion ]

Now, based on this notice and white paper, I will explain with a little more personal opinion.

 

■ I think node uptime rewards will exist.

According to each of the total mining efficiency formulas described in the draft of this mainnet white paper, an element called “node compensation” is included. Personally, I think this means that we will pay a certain amount of compensation to users who currently run Pi network nodes on their PCs.

 

■ I think there is a loophole in the KYC verification process schedule.

For example, "What about new users who signed up at a branch with less than 30 days left before the expiration of KYC verification?" you can ask the question. As explained in the introduction, new users who sign up from now on will not be able to do KYC for 30 days from the date of registration, so if they fall under this case, the contradiction arises that KYC verification is impossible. I think maybe the core team is preparing for this case. But they don't exactly explain this separately.

 

Also, it is not clear whether KYC will be completely terminated after six months, or if there are plans to do it again in separate rounds after that. Since you didn't say that you would split the rounds, I think it's right to judge that there are basically no additional opportunities. However, I expect that the correct answer will probably come from the announcements that follow in the future.

 

■ The importance of recruiting an earning team has grown.

To summarize for those who do not understand the mining efficiency formula, "The result of mining speed for all users will be significantly lower than before, and recruiting an earnings team is the best way to overcome this.". Since the bonus effect received from their own earning team is effective even after the mainnet, users who have already had many members of the earning team are more advantageous.

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Mainnet entry is the best news of all the Pi Network news so far. Let's all celebrate today! And if new users are reading this post, they can be quite busy after signing up. This is because there are quite a few things to take care of, so please refer to the past posts on this space and take special care to avoid problems with your own pie ownership in the future.

 

Also, I post all English posts about the Pi Network on a site called Quora. Since only a few posts are included in this blog, if you want to read all the posts, please access the link below.

Pi network station