Pi Network Update #PI

> Roadmap of Mainnet Migration Priorities and Explanation of Wallet-Based Token Economics and Supply
Hello, hello everyone! This blog will outline the roadmap for the mainnet transition based on priorities, and explain how the currency works and its supplies.
Mainnet migration roadmap by priority
When discussing the transition of the main Pi network, keep the following facts in mind. It is necessary to ensure the accuracy, security, and integrity of the honorable pioneers by eliminating fraud, based on the complex mining data from the past six years, and transitioning to tens of millions of networks. It is not just a simple airdrop of tens of thousands of wallets, with little other data to consider, just like many other crypto projects. The network has already onboarded over 12 million people, which in itself is an achievement for scalability in the industry, especially considering the migration of KYC processes and local building, without any fiat costs for users. When the migration requirements are set for the transition to the open network with 10 million - balancing the network's need to transition to the open network in a timely manner, while onboarding millions of pioneers onto the mainnet - it is understandable and expected that someone would need to migrate after the launch of the open network.
Below is a roadmap for migrating the mainnet according to network priorities.
The network is currently completing the initial transfer operations for the leading queue, including approved basic miner rewards, approved security circle rewards, locked rewards, rewards generated from the use of auxiliary applications, and approved contract rewards.
After completing the first migration operation on the current waiting list, the second migration operation will become the focus. The second migration operation will also include mining rewards for the recommended team members who have passed the "Know Your Customer" process.
Finally, the Pi network will transition to a regular periodic migration, such as monthly or quarterly migration, which will be determined (, and will include all rewards and bonuses.
It is worth noting that the difference between the transferable balance and the actual deposit balance in the user interface is intentional, as the interface uses simplified accounts to save time and resources. The balance that is actually deposited in the user's mainnet wallet relies on accurate and intensive calculations, which may require each user to spend more time due to the necessity of reviewing all mining sessions over the past years and the associated rewards. Therefore, the transferable balance displayed in the user interface is a pessimistic estimate of the actual number of Pi included in the initial deposit process.
The first actual migration definitely includes verified basic mining rewards, security circle rewards, closure rewards, utility application usage rewards, as well as confirmation contract rewards for certain individuals ), excluding the mining rewards specified by recommendation (.
Please Kenmikos and supplies
In discussions about immigration, it is important to remind pioneers and educate the public about the Pi token and its mining mechanism, which is defined in more detail in the 2021 white paper.
About payment supplies and their distribution
The maximum supply of the currency is 100 billion tokens. This supply consists of the following components: 65 billion tokens ) or 65% ( allocated for all community mining rewards. ) allocation of 10 billion (10% for institutional reserves; 5 billion )5% ( allocated for liquidity purposes; and an allocation of 20 billion )20% ( for the core team. Each of the above allocations tracks the rate at which community mining rewards are issued, so the share of each distribution from the total supply remains constant at all times.
The total effective width of the Pi symbol is ) - the total current width of the Pi token - configurations are distributed in an equal proportion according to the maximum widths. Since each configuration tracks community mining rewards, the actual total can be calculated by dividing the current free mining rewards of the Pi token by the main blockchain by 65%. Other configurations can then be calculated in the total effective offer based on the same maximum percentage, for example, a maximum of 10% of the total effective supply is allocated to the core reserve, 5% to liquidity needs, and 20% to the core staff. Although all tokens were minted when created in accordance with the requirements of the blockchain technological protocol, this point is still true.
The distribution structure itself ensures neutrality for any process that affects transfer speed, as all other distribution buckets follow the steps of mining transfer rewards. This structure is carefully designed to coordinate the interests of the various parties in the network, aiming to attract as many pioneers and as many Pai as possible to join the main network.
Therefore, the network is dedicating its efforts to transferring the pioneers and their Pi devices as soon as possible.
Mining mechanism
The Pi mining mechanism aims to expand decentralization, infrastructure, stability, longevity, as well as growth, inclusivity, and security.
The mining rewards of Pi are distributed according to a release formula that follows a specific decreasing pattern outlined in the Pi white paper. Pioneers can increase the amount of mining rewards they receive based on their personal contributions to the network, such as security circles, using utility-based Pi applications, contractual operations, and more. Each month, the allocated amount of Pi is determined as mobile balances by the model, regardless of the number of people present that month or the number of types of mining rewards. The maximum value is achieved by designing a system-level base mining rate, and each individual's mining reward is simply a multiple of this base mining rate. Since the monthly supply continually decreases, the base mining rate typically declines over time.
The conclusion
The network aims to complete the mainnet transition as quickly as possible, allowing all genuine, reliable, and honest pioneers to participate, while ensuring the network's accuracy, security, and integrity. The economics of Pay tokens aim to align the long-term growth of the network with the actual contributions of the community, ensuring fairness in the issuance model, progressive direction, and connection to actual participation.
Read the Pi whitepaper to learn more.