Web3Writers

#Web3Writers Introduction to Blockchain and Cryptocurrencies

Blockchain is the technology behind cryptocurrencies like Bitcoin and Ethereum. It is a distributed and decentralized ledger that records all financial transactions in a secure and transparent manner. Blockchain is considered the cornerstone of cryptocurrency technology, providing transparency and security without the need for a central third party like banks.

Pi Network has been a conundrum to the crypto world, with views oscillating between wonder and skepticism. Recently, Pi Network has published a new report on its Mainnet migration roadmap along with a clearer view of tokenomics and supply strategies. This was done with an Aspirant community numbering no less than tens of millions. 

In summary, the whole industry and the Pioneer community have a few pointers to take away from this particular communication.

Mainnet Migration: Not Just a Token Movement

Notably, during the pandemic, while other projects preferred simple drops over a few thousand wallets or so, this project decided to migrate millions of users based on a six-year mining activity. The goal was to achieve credibility, integrity, and fairness, pointers to any serious block protocol.

So far, there are over 12 million users who have successfully been migrated. This feat alone proves the scalability of infrastructure because the migration runs on native KYC and fiat-free onboarding.

Migration of at least 10 million Pioneers was a prior condition for launching the Open Network. The network remains committed to migrating the rest of the users, even after Open Network activation. 

Migration Roadmap Priorities

1. First, Complete the Initial Migrations:
The first phase is concentrating on verified users in the migration queue. Their migrated balances are composed of

- Base mining rewards

- Security Circle rewards

- Lockup bonuses

- Application usage bonuses

- Node operator rewards

2. Second Migrations (Bonus Referral):
Once the initial batch is closed, the referral bonus for successfully KYC'd teams will be eligible for migration. 

3. Periodic Migrating Operations:
Eventually, Pi will put in place periodic migrations every other month or quarterly until all eligible rewards enter users' Mainnet wallets. 

 Important Note: Do take note that the "Transferable Balance" on the app UI is an estimate. The actual amount that is being migrated is derived from a detailed record of each mining session and is most often higher. 

Tokenomics: Aligned for Fairness and Growth

The total supply of the network may never exceed 100 billion tokens, distributed as follows:

65%- Community mining rewards

10% - Foundation reserve

5% - Liquidity provisioning

20% - Core Team

What is unique to the present arrangement: All allocations grow in the speed of migrated mining rewards. This ensures:

Not one iota of undue advantage to the Core Team or Foundation;

Growth of supply tied one-for-one with real activity from users

Effective Total Supply

Effective Total Supply is calculated by the network at any one time as:

Migrated Mining Rewards ÷ 65%

From this number, we can derive larger shareholder buckets- Fundraising, Core Team, etc.

On-chain transparency and economic integrity will be ensured.

The Mining Mechanism: Modeled for Decentralization

As elaborated in the 2021 Whitepaper, the mining system of the Pi currency is based on a decaying issuance mechanism.

Each month, a capped amount is allocated through the Base Mining Rate (BMR) for issuance; rewards are subsequently multiplied by a scaling function.

#WriteToEarn #Web3Writers #CreatorEconomy #TokenizedContent #decentralization

$ETH