The long awaiting Mainnet for Pi Network is here.
Before then, we are going to give little information about Pi Network, and Pi coin for those who are new to cryptocurrency world.
Incase you haven’t started mining, is not yet late, you can start now by using the referral code below:
I am sending you 1π! Pi is a new digital currency developed by Stanford PhDs, with over 25 million members worldwide. To claim your Pi, follow this link https://minepi.com/Omokoshaban and use my username (Omokoshaban) as your invitation code.
Just like Bitcoin that was launch in 2009, the only way to mine the first cryptocurrency, Bitcoin them and Even now, is with the aides of Computer connected to the internet.
Pi Network is a new cryptocurrency project Launch in 2018 by two Stanford graduate.
Pi Network is a phone base mining application that is available on Android and Iphone which is used to mine pi coin.
Pi Coin miners are referred to as pioneer.
Unlike Bitcoin that is difficult to mine, Pi Coin is easy to mine, what is required is your phone and few Data which you will use to open the app and click on mining, them you close the app and turn off your data till the next 24 hours.
Pi coin mining didn’t consume your data nor drain your battery.
The Coin is the first cryptocurrency to be mine with phones.
As we said earlier, on the 10th of December 2021, team behind the project release update on when Pi Coin will be migrated to Mainnet which will be available for trading.
According to the information release on the miners app, Mainnet will be released few weeks from now, but no specific dates.
That means before the end of this month Pi Coin will be ready for trading, exchange with fiat money.
Read the preparation details below.
Mainnet Preparation
To prepare the community for the Mainnet migration, we are releasing some mobile-app features related to Mainnet now, which gives time for the community to understand, ask questions and preselect settings before the Mainnet launch. One feature is displaying the breakdown of a Pioneer’s balance (e.g. balance mined by themselves), transferable balance to Mainnet and balance attributable to their team members. In addition, we’re also releasing another important feature that allows Pioneers to voluntarily lock up a portion of their transferable balances to mine at a higher rate later on. The lockup feature lets Pioneers preselect their voluntary lockup setting configurations that will apply to their Mainnet transfer after Mainnet launches and the Pioneer passes KYC.
To access these features, follow the directions below.
- From the Pi home screen, tap on the ≡ icon in the upper left corner to open up the Pi sidebar menu.
- Tap on “Mainnet.”
- Learn about the various balances shown on the screen.
- Tap on “Configure lockup rate” to preselect your setting.
From here, follow the in-app instructions.
How do lockups on Mainnet work?
At Mainnet, the lockup reward is meant to support a healthy and smooth ecosystem and incentivize long-term engagement with the network, while the network is bootstrapping the economy and creating demands. It is an important decentralized macroeconomic mechanism to moderate circulating supply in the market, especially in the early years of the open market when utilities are being created. One important goal of the Pi Network is to create a utility-based ecosystem of apps. Transactions for real goods and services in the ecosystem, rather than just speculative trading, are intended to determine the utility of Pi. As we launch the Enclosed Network phase of the Mainnet, which will be introduced soon, one of the main areas of focus will be to support and grow the Pi app developer community and nurture more Pi apps to grow. In the meantime, Pioneers can choose to lock up their Pi to help create a stable market environment for the ecosystem to mature and for more Pi apps to emerge and provide compelling use cases for spending Pi – to ultimately create organic demands through utilities.
The lockup feature will be active when we launch the early version of the Mainnet later this month, but you can take time to learn about and even preselect lockup configurations now before you are KYC’ed or ready to migrate to the Mainnet. You can decide to change your lockup configuration anytime you want as an overall account-wide setting in the Pi app.
As you and your earning team/security circle pass KYC and new mining occurs, more of your Mobile Balance will become transferable. At each transfer to Mainnet, these preselected settings of lockup duration and percentage will automatically apply to the amount of balance transferred, resulting in two types of balances on the Mainnet: lockup balance and free balance, both of which will be recorded on the Mainnet blockchain and reside in the Pioneer’s non-custodial Pi wallet. Lockups cannot be reversed once confirmed and must remain locked up for the entirety of the chosen duration due to the nature of blockchain.
As the lockup amount is accounted for by the percentage of your transferred balance, you will have to lock up the same percentage of the new transferred balance to maintain the same lockup mining boost. This is done easily by keeping your lockup configuration setting consistent for every recurring transfer to Mainnet. On the other hand, if you lock up a lower percentage of Pi in your later transfers as your initial Mainnet transfer, your lockup mining boost will decrease proportionally. If you make any changes to your account-wide lockup setting, the change will take effect on the next transfer of your balance to the Mainnet.
Please refer to the lockup feature interface in the app for a more detailed explanation on how the lockup works and is calculated. When we launch the early version of the Mainnet later this month, we will also release updated sections of the whitepaper. There, you will be able to see the precise and complete Mainnet formulae and mechanisms.
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