We're going to talk about Pi-network. So a little bit about pi-network work it claims to be the first cryptocurrency project will allow users to mind using their smartphone. Their aims are to create a secure immutable non-counterfeit ball source of digital money. Now, they're going to do this by using distributed Ledger technology and making use of the Stellar consensus protocol and other claim that they hold is that mining cryptocurrency. crying City on your mobile phone will not affect your battery life. The project was founded by three individual to of which hold phds from Stanford
who if you are familiar with the social media profiles, you will recognize as he seems to be the face of the project. Now what I do find a little bit concerning is the Fact that you only really do see a picture of Vinson and videos Vinson on the social media channels. Whereas the rest of the team seemed to be taken a back seat and don't really seem to be in the public eye very often. I would like to see more of them interacting with the community on various different media Channels with the social media channels being mentioned. You can find pi-network on Instagram Facebook and Twitter.
You will not find them on telegram Discord or Bitcoin talk. They do have a relic. However, there doesn't seem to be anyone from the team on this very Channel. Another thing. I want to point out is the lack of tweets on the pine networks Twitter profile. I'm really going to focus on the mining and how on this sort of work. the money for pi-network is done on a four tier basis the first of which which is a Pioneer this is somebody who uses mobile app to interact with the network on a daily basis. They do this by signing into the mobile app to verify their identity and to request transactions so that can be send or receive pi over the pi-network the second of which is a contributor. This is somebody who adds other people to their Network within pi and this
information goes together to create the shared trust graph that we will discuss very briefly later wrap the third of which is in Ambassador. This is somebody who recruit other individuals to come over and join my network whether they are pioneers contributors or ambassador's themselves and Ambassador and a referral we will receive a 25% referral bonus for signing up to the network. The fourth is a A node, this is somebody who is physically running a node on the desktop or laptop and will maintain the distributed Ledger. It is possible to be all four of these tears of Mining and receive contributions based on all four of some of the key differences between pi-network and other blockchain projects is the fact that rewards are paid out daily. They are not paid out per block. They are also spread across the entire networks and as long as
You interact with the network in some shape or form you will receive a payout at the end of the day it also in the white paper discusses the availability of free transactions depending on network congestion. So once the network becomes heavily congested, then miners will be able to sort through transactions based on a fee system with the higher fees being dealt with first and everybody else having to wait. based on the amount of fees. They want to pay these mining Fields will be sent to we separate wallet, which will then be distributed with the rest of the mining more rewards at the end of the day. So now we can talk about the economics behind the token and the economic model of the project. The first thing to point out is that at present there is no fixed Supply and the total supplies on know this is because the total Supply will be work.
Wow, won't the project officially launches because at present the mobile app and the tokens that people are learning is actually acting as a force it and it's just a visual representation of the tokens. That will be created in the Genesis block when the main that launches. So here we have the total Supply equals M. Plus r plus 3 m being the mining rewards are being the referral rewards and the D being the developer rewards. So the first thing to discuss our the mining rewards and it basically works out to the fact that there is a fixed supply for each individual user of the network that will be created up to the first 100 million Network users are or the referral Supply is 50 % which is created at the same time as the I didn't do what which will then be broken down to 25% for the referrer and then refer ring. These will be distributed at the same time as the remaining rewards at the end of each Network day the or the developer rewards works out to be 25 percent of both the mining rewards and the referral rewards combined in the white paper. It does describe F, which was used in the equation as a declining function this from what I understand of reading the white paper is considered to be a decline in function due to the fact that the supply will be cut to the first 100 million users. We also have the pie stack and these are potential use cases for the pi-network. The first one is the distributed Ledger and the s*** trust graph. This is a map of nodes and contributors and Pioneers across the network being rated on their contribution to the network, which is the amount of people they were crew and also the behavior of the nodes this year trust graph will be used to connect users to the nearest. Well, behave node on the network if they send and receive any pie. The second is the attention Marketplace. This is being sold as a scarce social media and the example they use is an Instagram type former where users can post out to the entire route. He of the pie Network and only one post will go out at a time and you can buy this post by staking or spending your pie in return to the attention of the pi-network. There is also the advertising Market Place. This is where you can opt in to selling your attention to advertisers in return for some part. There's also the button Network. This is where users and individuals can sell services. products we are skipping the shared data and connections because there's no explanation in the white paper as to what that is or what it consists of that skipping that we will then jump to decentralized App Store. This is going to be an art store similar to Google where developers can sell their decentralized apps without having to bootstrap to the network because all of this will be put in place by the pan Network which Seems like something that the majority of smart contract platform and projects that enable decentralized apps are already having placed. Okay, so let's discuss the governance of by Network so under 5 million users they intend to have a similar off chain kind of governance to that over etherium and Bitcoin the main difference being that pi-network is going to be a closed source project. So whereas with Bitcoin and the Muse's can actually add or put forward code and improvements to the network for people to agree on this is not going to be the case for pilot work. The developers will be asking for Community input but they will not be able to implement any kind of change to the code in the same way as users can for Bitcoin and theorem for example after five million users a committee will be created based. based on users contributions to the network. This will be obviously users running a known and the ranked highly on the shed trust graph, which we know is constituted on behavior of nodes, but also on recruitment of other users the committee will be trusted with the control of the network decided you're on where the network goes and how the network will be run. But also
They will allow users to have at least some say on the direction of the network via using the mobile app. And now we have the roadmap. Well the road map consists of absolutely no dates. It's just a generalized description of what the team wants do at some point in the future. We're currently sitting in phase one which is the design development and the trust graph bootstrap. but this is where the network is trying to recruit users and increase mobile app downloads and build a foundation for the network when the mainland was launched. We do have the test nut, which is actually running alongside the phase one so anybody running a node at president would actually be running a note on the test net and helping towards the test Nets success the main that will be launched when the community decide.The project is ready. So we have no day of potential release just when it's decided on by the community that it's time for the project a large. So with pi-network there are a few things that we need to remember and at least think about first of which is the total Supply which we don't know what that's going to be. Secondly we have the social media channels theand the team's public relations now we do. Ooh see a lot of things and he he he is creating content every now and then discussing the pi-network, but it seems to be very very brief. Not a lot of description about the progress of the network and we're not seeing any of the other two team members, so I would really like to see Nicholas or Chen Dio in front of the camera that does know exactly how they're progressing with the network and how things are going behind the scenes. We have Twitter one of the channels that pi-network has connected itself to but they've yet to release a tweet, which I think is just really odd. Why create social media profile unless you intend to use it. I'd also have liked to have seen a telegram Channel Discord a Bitcoin talk forum and an official pi-network Reddit Channel now the big selling point for this is the fact that they are enable users to mindfulness a mobile phone, but this is actually false advertising then there is no mining going on a****. You are interacting with the network. Yes, and you are being rewarded for that, but you're not creating any tokens. All the tokens are going to be created in the Genesis block. Another thing in regards to the team is her social media presence is and in existence now on the website she discusses her PhD and the fact that she's had published papers. Well, I did a search of her name and the fact that she comes from Stanford and I couldn't find any published papers by anybody of that name at all. Now if you search Nicholas, for example, you will find papers with his title on that. He and other authors have put forward. I am a little bit concerned that Chen Isn't who she says she is now obviously all of this information that I've put forward to you guys is my own research. I do try my very best to be unbiased and gives you just that but if you disagree that is obviously your opinion I expect everybody watching this if you are going to invest in pi-network to go out there and do your own research. I have included my references in the description below.
least starting point and by actively encourage you to go out and do your own research.
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