Forward of the Pi Community mainnet launch which passed off on Feb. 20, crypto.information had the chance to conduct a Q&A with Pi Community’s co-founders, Dr Nicolas Kokkalis, who’s head of know-how and Chengdiao Fan who’s head of product.
Pi Community now has 100 apps prepared for mainnet. What’s the technique to make sure mass adoption of those apps?
The Pi (PI) ecosystem, at the moment with over 100 Mainnet or Mainnet-ready apps, is absolutely useful and designed to be accessible and provide a seamless consumer expertise via the Pi Browser, the interface to the ecosystem, and its utilities.
The Pi Browser permits for simple navigation, facilitating a single sign-in for Pioneers that works throughout all built-in Pi Apps. It additionally allows intuitive and safe in-app funds via the official Pi Pockets app, which is immediately built-in into the consumer expertise.
Furthermore, PiNet permits for Web3 Pi apps to be seen and shareable through Web2 browsers, making a type of “loop” the place Pi’s thousands and thousands of customers can share apps and assist the community’s utility on the similar time.
General, these options make it as simple as potential for builders to construct, and customers to make use of and interact with the ecosystem, which thus promotes builders to additional construct and enhance Pi apps.
Whereas developer instruments are important, the final word mass adoption of those apps depends on builders and companies persevering with to determine actual utilities, and offering real use instances to the Pioneer neighborhood.
With thousands and thousands of Pi tokens, how do you propose to forestall hyperinflation and create a long-term mannequin?
Pi Community (PI) is designed with a fastidiously structured tokenomics mannequin that seeks to steadiness accessibility, provide, and long-term utility. Our aim is to make sure that Pi stays secure by having a good and extensive distribution of tokens, and facilitating real-world use instances of Pi. Right here’s how this was achieved:
Pi promotes development and accessibility whereas addressing potential stability issues by having a declining token issuance mannequin and implementing id verification as a requirement to acquire Pi.
Alongside tokenomics is Pi’s mining mechanism, which balances the community’s want for development, accessibility, longevity, and provide whereas right-sizing customers’ rewards for contributions (together with actions like safety circles, utilizing utility-based Pi apps, working Nodes, and many others.) to the community.
The mannequin does this partly utilizing a systemwide base mining fee that’s (1) multiplied into every particular person’s total mining fee calculation and (2) adjusted dynamically primarily based on a month-to-month provide restrict (which is calculated primarily based on the remaining whole provide).
The general mining fee potential for every consumer could due to this fact enhance or lower month-to-month primarily based on such provide and different components—declining exponentially as Pi will get nearer to provide limits moderately than permitting limitless, inflationary development. Learn the Mainnet Whitepaper chapters for detailed data on how the system precisely works.
Moreover, Pi Community as a complete is constructed round growing and offering long-term utility and use instances for its thousands and thousands of customers. By specializing in apps that resolve actual wants, service provider adoption in native commerce, and accessibility, Pi continues to perform as an intrinsically motivated mission with actual utility backing its token.
You’ve got claimed that you simply count on Pi to be broadly adopted by retailers. How will you guarantee this occurs on a worldwide scale?
Pi Community has enabled international service provider adoption by offering an entire ecosystem expertise on Pi via apps and utilities within the Pi Browser, an lively consumer base, and total accessibility.
For instance, PiFest 2024, a one-week occasion, facilitated the transaction of Pi for items and companies between Pi retailers and Pioneer buyers on an area stage, attracting over 27,000 lively sellers and 28,000 take a look at retailers throughout 160 nations, and participation of over 950,000 Pioneers inside only a few days.
PiFest showcased Pi’s full ecosystem for native commerce integration, connecting retailer discovery via Map of Pi, funds through Pi Pockets, transactions on the Pi Mainnet blockchain, and social sharing on Hearth Discussion board—all seamlessly working throughout totally different current Pi purposes
Pi’s strong infrastructure, international consumer base, and real-world utility make it a scalable resolution for retailers. With adoption already in place, Pi is positioned to turn out to be a broadly accepted international token for native and on-line commerce.
Why has it taken so lengthy to launch the Open Community?
The distinctive and revolutionary design of Pi’s Enclosed Community interval was a strategic selection designed to construct a community of true substance and utilities with one of the best curiosity of the community, the neighborhood and particular person Pioneers in thoughts.
Traditionally, any significant creation on this planet takes time, be it a scientific discovery, a technological innovation, or an impactful firm. Whereas folks can fixate on quick, optimistic timeframes of crypto initiatives, such a time-frame is definitely not the norm for true utility creation.
Development to such a big social community itself takes time, however it is a essential atmosphere and situation that can provide rise to real-world utilities extra targeted on fixing human wants in on a regular basis life.
The present Mainnet Section 3 started in December 2021 with the launch of the Enclosed Community interval, which meant Mainnet was stay however with a firewall that prevented any exterior connectivity. This era set the stage for Open Community, permitting time for:
- Pioneers to finish KYC;
- Builders to construct actual apps and utilities for the Pi ecosystem; and
- Retailers to combine. For instance, the achievement of the native commerce integration with Pi talked about earlier than was made potential throughout this Enclosed Community.
Now, because of the arduous work and dedication from the whole Pi neighborhood over the past six years, Pi Community is taking the large subsequent step in attaining the imaginative and prescient to construct the world’s most inclusive peer-to-peer ecosystem and on-line expertise, fueled by Pi, which the Pi neighborhood hopes would be the world’s most generally used cryptocurrency.
Pi is able to open our flourishing utilities-driven ecosystem the place our now over 19 million identity-verified Pioneers can use Pi—a cryptocurrency with real-world capabilities and purposes backing it.
What are the advantages of Pi to retailers vs different tokens, particularly stablecoins?
Along with what’s shared underneath Query 3, the main target of the mission has been to emphasise the size of Pi’s distribution world wide: over 60 million Engaged Pioneers and 10 million Mainnet-migrated Pioneers, the accessibility that allowed for such development, and the design of the Pi ecosystem that enables for a seamless, partaking consumer expertise.
