Hello pioneers! This article will discuss the mainnet transition roadmap based on the network's priorities, while clarifying the Pi tokenomics system and its supply mechanism.
Mainnet transition roadmap by priorities
When discussing the transition of Pi to the mainnet, the following facts should be considered:
1. The transition must include a network of tens of millions of users, based on complex mining data conducted over 6 years to ensure accuracy, security, and fairness for honest pioneers by excluding fraud. This is not just a simple airdrop to tens of thousands of wallets as seen in many other cryptocurrency projects.
2. More than 12 million people have already transitioned to the mainnet, which is a significant achievement in industry scalability, especially as identity verification (KYC) and transitions were developed internally and without any cash cost to users.
3. When the condition for transitioning to the 'open network' was set at reaching 10 million pioneers, it was a balance between the need to transition timely to the open network and ensuring the inclusion of millions of pioneers. It was anticipated that there would be those who would need to transition after the launch of the open network.
Here is the roadmap for the transition to the mainnet according to the network's priorities:
• Completing the initial transitions for pioneers in the queue:
Currently, the initial transitions for pioneers in the queue are being completed, including confirmed base mining rewards, security circle rewards, lockup rewards, application service usage rewards, and confirmed node rewards.
• Second transitions including referral rewards:
After completing the first transitions, focus will shift to the second transitions, which will also include mining rewards resulting from referrals, provided that referred members have passed KYC.
• Ongoing periodic transitions:
Finally, the Pi network will transition to a regular periodic transition pattern (monthly, quarterly, etc., as determined), which will include all rewards.
Note: The difference in the interface between 'transferable balance' and the actual transferred balance is intentional. The interface shows a simplified estimate to save time and resources, while the actual transferred balance to the wallet is calculated very accurately based on mining and reward data over the years, which may take a long time. Therefore, the transferable balance is a conservative estimate of the actual balance.
The initial transition that everyone actually received includes:
Confirmed base mining rewards, security circle rewards, lockup rewards, application usage rewards, and node rewards (for some). Only referral rewards have not yet been included.
Pi tokenomics and supply mechanism
In light of the transition discussion, it is important to remind pioneers and inform the public about the Pi tokenomics system and the mining mechanism, as outlined in the 2021 white paper.
Pi supply and distribution:
• Maximum supply: 100 billion Pi coins.
• The distribution is as follows:
• 65 billion (65%) for community mining rewards.
• 10 billion (10%) for the foundation reserve.
• 5 billion (5%) for liquidity.
• 20 billion (20%) for the core team.
All these allocations follow the pace of the transition mining rewards, to ensure that the ratios remain the same at any time.
The total effective supply is what has been actually issued up to this moment, and it can be calculated by dividing the transferred mining rewards by 65%, then the remaining allocations are determined based on the same ratios.
Although all coins were minted from the beginning, their distribution is done according to a tiered system that ensures neutrality and fairness, encouraging as many pioneers as possible to transition with their coins to the mainnet.
Pi mining mechanism
The mining mechanism is designed to achieve decentralization, increase utility, stability, and longevity, in addition to growth, inclusivity, and security.
• Rewards are distributed according to a specified exponential decay model in the white paper.
• Pioneers can increase their rewards by contributing to the network (such as security circles, using applications, running nodes, etc.).
• For each month, there is a maximum total of Pi that can be distributed, predetermined regardless of the number of participants.
• This limit is controlled via the 'base mining rate', and each type of reward is calculated as a multiple of this rate.
• Over time, the rate gradually decreases.
Summary
The network is committed to completing the mainnet transition for all genuine pioneers and verifiers as quickly as possible, while maintaining the accuracy, security, and integrity of the system.
The Pi economic system is designed to align with long-term growth based on genuine contributions from the community, ensuring fairness and sustainability of growth.
Read the white paper for more information.
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