If You Build It, They Will Come (To Pi Network)
Pi Network has the users to help shape the future of DeFi, and that’s usually the hardest part!
The Power of Pi Network
This will likely be the first of several open dialogues of my thoughts on Pi Network, and as my understanding evolves, what appears possible will move with it. So to get on with it, let’s start from the beginning.
It’s just a silly phone app.
Nothing has happened for two years.
You can’t even convert it to dollars.
It’s been some time since I have been inspired to write about why I find a particular blockchain interesting, or better put, exciting. When BNB Chain launched as Binance Smart Chain, I was in line at the door, ready to yield farm for lower fees with a belief that greater accessibility would lead to scalability. That bet paid off, as the now BNB Chain’s first mover advantage as an alternative to Ethereum led it to beat the pack of low-fee, high transaction volume chains.
But now we have something bubbling up to the surface that brings me that same excitement of something original, even though all I can do at this time is push “mine” and wait. I am not early this time, but it sure feels like it.
It’s Just a Silly Phone App
For whatever reason, an easily accessible application is silly. For now, we will ignore the tens of millions of downloads of the Pi Network app to give this idea some room to breathe. I’m genuinely curious about what mode of application could be more accessible to the global population than something downloadable and easily navigable.
Is this mining? Liquidity mining? Fair launch mining? We Decentralized Finance (DeFi) enthusiasts have never questioned the concept of fair launch liquidity mining… or, even better, staking to earn a token that requires escape velocity or it will surely fall into the gravity of a failed ponzi scheme.
It’s not silly, it’s accessible.
But I hear you, Nothing has happened for two years.
I think this claim is by definition, incorrect, but I see it often. The blockchain itself is up and running, with several live applications and roughly two million verified wallet addresses. That puts unique wallet addresses on par with Arbitrum and Optimism, and only lagging a bit behind Avalanche. Beyond that point, tens of millions of users are anxiously awaiting KYC onboarding. I happen to be one of them. When the backlog of KYC is complete, Pi Network will have one of the largest user bases in the sector.
What has been happening for years now is the slow development of a highly accessible blockchain with absurd user acquisition that will be fully compliant with a user base of verified individuals. That’s a mouthful, but it’s important.
That feat has actually not been accomplished across any other blockchain, and I would argue is impossible at this point in time. A large swath of the crypto community may be anti-KYC, which I understand, but the power of a fully compliant network is intriguing.
You Can’t Even Sell (Pi)
You can’t even sell it yet. This point is where I have two competing hypotheses. On the one hand, if you give people something for free, will they unload it at the first chance? Will the sell pressure of Pi be so great that users quickly exit their positions, happy to take whatever gain they achieved? I don’t really think so (although I do keep this possibility on the table).
Alternatively, what happens when the network opens up and tens of millions of users become available to new entrants wishing to barter with them? Developers will not need to bootstrap a user base, as the user base is there. What’s different here is who controls the negotiating table. This is where it’s interesting.
There are no VCs to dump tokens to regain their early investment. No users rushing in to chase a token as the price flies sky high only to see it crash and burn. Instead, developers will need to fight for the attention of the early pioneers. The value proposition really appears to have been reversed.
Which DeFi protocol will become the bank of Pi? Or better yet, which DeFi protocol will the pioneers choose? Where will they buy NFTs? Real-world items? This is a blockchain experiment that will unfold in the months and years to come and will be, for lack of a better word, fascinating.
I’m not sure what will happen, but I do think one thing is for certain: It has been built, and they will come.
What is Pi Network:
Pi Network is a mobile blockchain mining project on a mission to give everyone access to the cryptocurrency revolution. The project was founded by a team of Stanford University Ph.D. candidates who designed a mobile-friendly blockchain mining algorithm.
Pi Network has evolved over the years and has organized a hackathon, built a couple of working Pi blockchain apps, and is now in the final stages of transition to public mainnet.
Where to find Pi Network:
Read More: If You Build It, They Will Come (To Pi Network)
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