📃 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.