Overview Of The Pi Network Project

All informations and images gotten from the pi official app!!!Source

What is Pi Network?

According to "Nicole Willing" Pi network is a digital currency project that aims to keep cryptocurrency mining accessible as the centralisation of first generation currencies like bitcoin has put them beyond the reach of everyday users.Source

So basically pi is just like every other coin out there but it as not been lunched yet and it's allow you be a holder just by mining with your mobile phones...

Now that we know what pi is, let's see what they have for the public especially for people mining their coin.

According to the pi network developers, they have huge plans for their yet to be lunched minable coin"pi"
Let's take a look at few of what they say about the project on the pi app and all further plans down below.

Mainnet Launch:

Pi Mainnet is now live, initiating the Enclosed Network period of Mainnet phase where the Mainnet blockchain is firewalled to prohibit external connectivity but allows peer-to-peer and peer-to-app transfers within the enclosed network. Mainnet can be viewed in the Pi Blockexplorer. Pi wallet can now show both Testnet and Mainnet balances, although everyone’s balance on Mainnet is 0 right now. As more Pioneers pass KYC, they will be able to transfer their balance to the Mainnet. The KYC solution is coming soon to start verifying Pioneers’ identity and onboarding identity validators.

Token Model and Mining:

A well thought-out, sound token design is critical to the success of a cryptocurrency network. It has the potential to create incentives to bootstrap network formation and growth, build a utilities-driven ecosystem, and thereby support the cryptocurrency underpinning such a system.

What a network incentivizes says a lot about what a network needs—for example, network growth or fundamentals-driven utility creation, a mere store of value or a medium of exchange for the cryptonative ecosystem. This chapter covers the supply of Pi and how Pioneers can mine Pi in different phases of the network, and the underlying design rationale for different mining mechanisms including to build and grow the network and to incentivize utilities and demand.

Note that Pi is a layer one cryptocurrency running on its own blockchain, which “token” here refers to.

Pi Supply:
Pi Network’s vision is to build the world’s most inclusive peer-to-peer economy and online experience, fueled by Pi, the world’s most widely used cryptocurrency. To deliver on this vision, it is important to grow the network and make Pi widely accessible while maintaining the security of the blockchain and the scarcity of Pi. While these goals have always guided the token supply model and mining design, the key distinction is: the pre-Mainnet phases focused on driving network growth and widely distributing Pi and the Mainnet phase will focus on rewarding more diverse forms of Pioneer contributions while cementing the supply of Pi.

Pre-Mainnet Supply
In the early stages, the focus of Pi Network was on growing and securing the network. Bootstrapping to build a critical mass of participants is paramount to any network and ecosystem. Driven by the vision to make Pi the world’s most widely used cryptocurrency, distributing Pi and making it accessible globally further added to the focus on growth. Pi’s consensus algorithm relies on a global trust graph, which is aggregated from the Security Circles of individual Pioneers. It was, therefore, critical to incentivize Pioneers to form individual Security Circles. This meant a supply of tokens available as mining rewards that was not explicitly capped before Mainnet.

At the same time, maintaining a certain scarcity of Pi was important. As explained under the Mining section, the network adopted a mining mechanism where the network mining rate halves every time the network size increases by 10 times, resulting in a series of halving events when it reaches various milestones of engaged Pioneers. The next halving event based on this model would be when the network reaches 100 million engaged Pioneers. Currently, we are over 30 million engaged Pioneers. The network also retained an option to stop all mining altogether in the event that the network reached a certain size, which was, however, yet to be determined. The option to cap the supply of Pi was not exercised before Mainnet, therefore leaving the total supply undefined.

The pre-Mainnet supply:
model with a mining mechanism tailored to accessibility, growth and security has bootstrapped a community of over 30 million engaged Pioneers with millions of intertwined Security Circles. A simple, accessible means to mine Pi on a mobile phone helped distribute the tokens widely throughout the world, including among populations that have been left out of the crypto revolution because of a lack of capital, knowledge or technology. In doing so, the network avoided the extreme wealth concentration evident in Bitcoin and other cryptocurrencies, preparing itself to become a true peer-to-peer decentralized ecosystem with a large enough volume of participants and transactions for utility creation.

Mainnet Supply:
Supply fuels growth and incentivizes necessary contributions to the network to achieve an organically viable ecosystem. To that end, mining rewards will continue after Mainnet but will take diverse forms to incentivize different types of contributions, which will be explained in the Mining section below. In regard to supply, the undetermined supply due to the pre-Mainnet mining mechanism that optimizes for accessibility and growth of the network presents a few problems for the Mainnet phase, including unpredictability in planning, over-rewarding and under-rewarding different types of necessary contributions in the new phase, and challenges to scarcity. To address these issues, the network will shift from its pre-Mainnet supply model that is completely dependent on network behavior to the Mainnet supply model where there is a clear maximum supply.

Referral Team Reward:
Pioneers can also invite others to join Pi Network and form their Referral Team. The inviter and invitee share an equal split of the Referral Team bonus rewards, that is a 25% boost to their respective individual Pioneer base mining rates, whenever both are mining concurrently. Pioneers mined more Pi per hour with each concurrently mining Referral Team member. This Referral Team reward recognized the Pioneers’ contribution to the growth of the network and the distribution of the Pi token.

Lockup Reward:
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, 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.

Roadmap
Pi Network is unique in our technological and ecosystem design as well as the significance of our community input in development. This uniqueness is best served by a thoughtful and iterative approach that allows for community feedback, testing of products, features, and user experience, and phases defined by milestones. There are three main phases to our development: (1) Beta, (2) Testnet, and (3) Mainnet.

Phase 1: Beta:
In December 2018, we publicly launched our mobile app on the iOS App store as an alpha prototype that onboarded the initial Pioneers. On Pi Day, March 14, 2019, the original Pi whitepaper was published, marking the official launch of the Pi Network. At this stage, our app allowed Pioneers to mine Pi by contributing to the growth and security of the future Pi blockchain. As the eventual goal was to launch the Mainnet and build an ecosystem around the Pi platform, the Pi app running on the centralized Pi server enabled mobile phone users (Pioneers) to contribute their security circles that, in aggregate, built the trust graph required by the consensus algorithm of the Pi Blockchain, and in return, the Pioneers received mining rewards. Furthermore, the centralized phase allowed the network to grow, the community to form, and the Pi token to be accessible and widely distributed. This phase also allowed for the iteration of many technical features and Pioneer experience by leveraging community input throughout the development process.

Phase 2: Testnet:
This phase started on March 14, 2020, marking another critical preparation to the transition to a decentralized blockchain—a live Testnet with distributed Nodes from all over the world. Pi Network’s Node software enabled individual computers to support running the Pi Testnet using Test-Pi coin. Test-Pi was available only for the purpose of testing and has no relation to Pioneers’ account balances on the Pi app. The Pi Testnet has reached over 10,000 fully functional community Nodes and over 100,000 daily active Nodes on the waiting list, and as explained in a later section, will continue to exist for testing purposes in the Mainnet phase.

Phase 3: Mainnet:
In December 2021, the Mainnet of the Pi blockchain will go live. The migration of Pioneer balances from their phone account to the Mainnet starts during this period. KYC authentication of a Pioneer precedes their balance migration to the Mainnet. In order to allow for sufficient time for millions of Pioneers to successfully complete their KYC verification, create utilities in the Pi ecosystem, and continue to iterate on our technology and ecosystem design, the Mainnet will have two periods:

at first, firewalled Mainnet (i.e., the Enclosed Network),
and then, open Mainnet (i.e., the Open Network).

The Open Network Period:
Depending on the maturity of the Enclosed Network economy and the progress of the KYC, this period may begin on Pi Day (March 14, 2022), Pi2 Day (June 28, 2022), or later. The Open Network period means that the firewall in the Enclosed Network period will be removed, allowing any external connectivity, e.g., to other networks, wallets, and anyone who wants to connect to Pi Mainnet. API calls will not be firewalled, and Pioneers will be able to run their own Pi Nodes and API services. Pioneers will have connectivity with other blockchains. Community Nodes can also run the Mainnet.

You an get more informations about pi network on their official website or by getting started with the pi network minig app

For now,pi is worth nothing but the project is really promising.

Please always make your own research before investing your time to any project.

I hope this gives you a better view of what pi network is all about.