📃 White Paper - GPT Summarization 📃
For new Pioneers that haven't read the WP and for those lazy to read it I got GPT to make a short version of it, so ppl get a clearer picture of the project. This is just the "main" chapters. If you want to read the whole thing go to the official website. 🤘🏼👊🏼
1. Token Model and Mining
- Purpose: A well-designed token model is crucial for incentivizing network growth, utility creation, and ecosystem development.
- Pi Network Vision: To create the world’s most inclusive peer-to-peer economy powered by Pi, the most widely used cryptocurrency.
- Mining Continuation: Mining will continue in the Mainnet phase, but the mining rate will be dynamically adjusted within a limited supply to ensure scarcity and sustainability.
2. Pi Supply
- Pre-Mainnet Supply:
- Focused on network growth and distribution.
- Mining rewards were uncapped, with the mining rate halving every time the network grew 10x in size.
- Over 30 million Pioneers joined, creating a decentralized ecosystem with widespread token distribution.
- Mainnet Supply:
- A maximum supply of 100 billion Pi is introduced to address unpredictability and ensure scarcity.
- Supply Distribution:
- 80% to the Community: 65% for mining rewards (past and future), 10% for ecosystem development (managed by a future Pi Foundation), and 5% for liquidity pools.
- 20% to the Core Team: Unlocked proportionally as the community mines Pi.
3. Mining Mechanism
- Pre-Mainnet Mining:
- Pioneers mined Pi based on contributions to network growth and security.
- Rewards included base mining, Security Circle rewards, and Referral Team bonuses.
- Mainnet Mining:
- New rewards are introduced to incentivize diverse contributions:
- Lockup Rewards: For locking up Pi to support ecosystem stability.
- Node Rewards: For running nodes to decentralize the network.
- App Usage Rewards: For using Pi apps to drive utility creation.
- Future Rewards (X): For additional contributions to the ecosystem.
- The mining rate is dynamically adjusted based on a yearly supply cap to ensure fairness and sustainability.
4. Lockup Rewards
- Pioneers can lock up their Pi to earn higher mining rewards.
- Lockup duration and percentage determine the reward multiplier.
- This mechanism encourages long-term engagement and helps stabilize the Pi economy.
5. App Usage Rewards
- Pioneers are rewarded for using Pi apps, which helps bootstrap the ecosystem by driving demand and utility for Pi.
- Rewards are based on time spent using apps, with diminishing returns to prevent exploitation.
6. Node Rewards
- Nodes are critical for decentralization and network security.
- Rewards are based on node uptime, open ports, and CPU contribution, with higher rewards for consistent and reliable operation.
7. KYC and Mainnet Balance Transfer
- KYC Requirement: Pioneers must complete KYC to transfer their Pi balances to the Mainnet.
- Rolling Grace Period: Unverified Pi mined beyond a 6-month window will be forfeited and reallocated for mining by verified Pioneers.
- This ensures the network remains human-centric and compliant with regulations.
8. Roadmap
- Beta Phase (2018-2020): Focused on network growth and community building.
- Testnet Phase (2020-2021): Enabled decentralized nodes and app development.
- Mainnet Phase (Starting December 2021):
- Enclosed Network: Initial Mainnet launch with restricted external connectivity to allow time for KYC, app deployment, and ecosystem growth.
- Open Network: Full Mainnet launch with external connectivity, expected by March 14, 2022 (Pi Day) or later.
9. Key Goals
- Decentralization: Through node operation and community governance.
- Utility Creation: By incentivizing app usage and ecosystem development.
- Sustainability: Through a capped supply and dynamic mining adjustments.
This update reflects Pi Network’s commitment to building a decentralized, utility-driven ecosystem while ensuring fair distribution and long-term viability.