If you build it, they will come (to Pi Network)

The Power of the Pi Network

This will likely be the first of several open dialogues about my thoughts on the Pi Network, and as my understanding develops, what seems possible will follow. So to get on with it, let’s start from the beginning.

It’s just a stupid phone app.

Nothing has happened for two years.

You can’t even convert it to dollars.

It’s been a while since I’ve been inspired to write about Why I find a particular blockchain interesting, or better said, exciting. When BNB Chain launched as Binance Smart Chain, I stood in line at the door, ready to farm for lower fees with the belief that greater availability would lead to scalability. That effort paid off, as the now BNB chain’s first mover advantage as an alternative to Ethereum saw it beat the pack of low-fee, high-transaction-volume chains.

But now we have something bubbling up to the surface that gives me the same thrill of something original, even if all I can do at this point is press “mine” and wait. I’m 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 stupid. For now, we’ll ignore the tens of millions of downloads of the Pi Network app to give this idea some room to breathe. I am genuinely curious as to what mode of application could be more accessible to the global population than something downloadable and easily navigable.

Is this mining? Extraction of liquidity? Fair launch mining? We Decentralized Finance (DeFi) enthusiasts have never questioned the concept of fair launch of liquidity mining… or, better yet, effort to earn a token that requires escape velocity or it will surely fall into the gravity of a failed ponzi – arrangement.

It’s not stupid, it’s available.

But I hear you, nothing has happened in two years.

I think this claim is wrong by definition, but I see it often. The blockchain itself is up and running, with several live applications and roughly two million verified wallet addresses. It puts unique wallet addresses on par with Arbitrum and Optimism, lagging only slightly behind Avalanche. Beyond that point, tens of millions of users anxiously await KYC onboarding. I happen to be one of them. Once the backlog of KYC is completed, Pi Network will have one of the largest user bases in the sector.

What hair that has been happening for years now is the slow development of a highly accessible blockchain with absurd user acquisition that will be fully compatible with a user base of verified individuals. It’s a mouthful, but it’s important.

That feat has not actually been achieved across any other blockchain and I would argue is impossible at this point. A large portion of the crypto community may be anti-KYC, which I understand, but the power of a fully compliant network is exciting.

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 download it at the first opportunity? Will the selling pressure for Pi be so great that users quickly exit their positions, happy to take the gains they made? I don’t really think so (although I’m keeping this possibility on the table).

Alternatively, what happens when the network opens up and tens of millions of users become available to new players who want to trade with them? Developers don’t need to start a user base, since the user base is already there. What is different here is who controls the negotiating table. This is where it gets interesting.

There are no VCs to dump tokens to recoup their early investment. No user rushes in to chase a token as the price soars only to see it crash and burn. Instead, the developers have to fight for the attention of the early pioneers. The value proposition really seems to have been flipped.

Which DeFi protocol will be the bank of the Pi? Or better yet, which DeFi protocol will the pioneers choose? Where will they buy NFTs? Objects from the real world? This is a blockchain experiment that will unfold in the coming months and years and will be, for lack of a better word, fascinating.

I am not sure what will happen, but I think one thing is certain: It is 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 from Stanford University Ph.D. candidates who designed a mobile-friendly blockchain mining algorithm.

The 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 transitioning to the public mainnet.

Where to find Pi Network:

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