Palo Alto, CA, Aug. 17, 2022 (GLOBE NEWSWIRE) — Pi Network, a massive, open community powered by the world’s most distributed cryptocurrency that provides accessibility and enables a robust ecosystem for members, merchants and developers alike, today announced the migration of over one million users to the mainnet blockchain.
Founded in December 2018 by a team of early innovators in blockchain and behavioral technologies from Stanford University, Pi Network is a tool-based ecosystem of third-party apps, deployed on a mobile web platform, with widespread token distribution. Since its inception, the community – also known as “Pioneers” – has grown to 35 million+ members in over 230 countries or regions.
“Formally standing up Pi Network on the mainnet is a testament to the incredible community we’ve built over the past three years,” said Dr. Chengdiao Fan, a founder and product manager at Pi Network. “Pi Network’s vision to build the world’s most inclusive peer-to-peer ecosystem and online experience, powered by Pi, is one step closer to reality.”
Unlike other blockchains, the Pi Network built and expanded its community long before it launched the mainnet blockchain in December 2021. Since Pi Day, March 14, 2019, the community has made various contributions to the growth and security of the network, and in the process, mining Pi on their mobile phones through a new, environmentally friendly mining mechanism. Migrating the Pi balances from the mobile phone app, where they are currently registered, to the blockchain, while various apps are also set to transition from the testnet to the mainnet, will enable the peer-to-peer ecosystem to materialize. These apps will be able to tap into a large network of users who have passed KYC and are crypto-ready with cryptocurrency in hand to use for various services.
The migration of over one million pioneers to the mainnet was completed within a month. It was made possible thanks to the Pi KYC solution and the work of over 649,000 human validators in 224 countries or regions who have KYC’d over 2 million pioneers to date. Pi KYC is a unique, proprietary approach that combines machine automation and crowdsourced, hyperlocal human verification to achieve secure, scalable and efficient KYC. It was born out of the lack of scalability, financial availability and global reach of other third-party marketing solutions.
“Pi Network’s original KYC solution that is free for all pioneers was one of the major efforts for Pi Network to deliver on its promise of fairness, inclusion and accessibility,” said Dr. Nicolas Kokkalis, Founder and Chief Technology Officer of Pi Network. “We are excited to continue growing this incredible community and welcome future pioneers to contribute to what will soon be the best crypto-enabled social network in the world.”
At the mainnet, Pioneers will be rewarded for their continued contribution to the growth and security of the network. Pioneer rewards will be further diversified because the network needs more diverse and in-depth contributions related to app usage, node operation and Pi locking. Pre-mainnet Pioneers will continue to contribute to Pi and mine from the Mainnet mining rewards, along with any new members joining the network, to ensure the network’s growth and longevity.
The network plans to continue migrating millions to the mainnet in the coming months as more pioneers continue to use the Pi Network KYC technology.
For more information, or to join the Pi Network, please visit Minepi.com.
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ABOUT PI NETWORK
Pi delivers on the true promise of blockchain: a massive, open community powered by the world’s most distributed cryptocurrency that provides accessibility and enables a robust ecosystem for members, merchants and developers alike. Founded in 2018 by a team of early blockchain and social computing innovators with PhDs from Stanford University, Pi Network is a tool-based ecosystem for third-party apps on a mobile web platform, with widespread (rather than concentrated) token distribution. The blockchain platform offers a mobile-first mining operation, with low financial costs and a light environmental footprint within the crypto space. The community has over 35 million committed members in over 230 countries or regions. For more information, visit minepi.com.
