Happy Pi Day 2022: March 14th is the Pi Day for the celebration of Pi Network. The Pi community is celebrating the third anniversary of Pi Network’s official launch. Over the period of three years, Pi Network has grown immensely.
They’ve experienced remarkable network growth in the last year, more than tripling their network to over 33 million Engaged Pioneers. With over 20,000 active Testnet nodes and many more on the waiting list, nodes grew similarly. On the occasion of Pi Day 2022, Pi Network has two major following announcements.
First major announcement on Happy Pi Day 2022: the mass KYC solution is finally being rolled out
Today, the KYC app on the Pi platform began allowing Pioneers all over the world to submit large-scale applications, with the number of application slots expected to progressively increase. When you are eligible, a pop-up will appear in the mining app. You can also check if the KYC application is available via the Pi Browser.
They also launched the KYC Validator workflow, which is powered by the Pioneer community. You can apply, be peer-vetted, and become a KYC validator to join the workforce and help validate other KYC applicants from your country or region once you’ve verified your identity. Validation efforts will be rewarded with Pi, which will be paid by KYC applicants.
Despite the fact that KYC apps are available on a big scale, the slot-rollout of KYC applications will be matched and balanced with the supply of human validation workforce to minimize system congestion – a situation in which the speed of validation cannot catch up with the speed of applications. As a result, given that the Core Team is committed to scaling the machine automation element as needed, network KYC development now mostly rests on how many good human validators each local community has to execute the KYC solution’s human verification step.
Fortunately, the KYC solution was built to grow through machine automation and decentralized human validation, so as more Pioneers are KYC’ed, more human validators will be available to validate others. Remember that, in order to protect Pioneers’ data, they’ve devised a specific mechanism in which human verifiers will have access to limited/obfuscated data on the identity card — only as needed — rather than having access to all of a Pioneer’s information.
Second major announcement on Happy Pi Day 2022: new mining mechanism of Pi Network takes effect
Following the first phase of new mining on March 1st, when the rewards’ issuance formula was revealed and the system-wide base mining rate had fallen. Pioneers will be able to mine and boost their individual mining rate using the new mining process by generating fresh, more diverse forms of contributions to the network such as Pi lockups, app usage, and node operations.
Pi Network suggest you to read their December Whitepaper chapters to learn more about the various award formulas. Remember that, as stated in the December Whitepaper, all new mining formulas are susceptible to some tweaking.
The new mining method strikes a compromise between the network’s requirement for expansion and accessibility, as well as its long-term sustainability and incentives. The new base mining rate, which went into effect on March 1st, and the new mining mechanism, which went into effect today, signal the first full implementation of Pi Network’s new Token Model and Mining architecture, as well as a significant step forward in the Mainnet phase.
Alongside these two major announcement, Pi Network went on to highlight their major accomplishments since Pi Day 2021. The Pi Mainnet Blockchain’s Enclosed Network phase began on December 28th. This Enclosed Mainnet period gives millions of Pioneers time to complete KYC and the community to develop utility-based Pi apps. At the same time, it gives the network a chance to test, collect data, iterate, and mature.
Throughout the year, Pi Network has reached more notable milestones. The number of Pioneers’ testnet nodes has grown to tens of thousands. The network also unveiled crucial blockchain and ecosystem apps and features. The Pi Browser, a Pi Utilities platform for community developers; the Pi Wallet, a noncustodial wallet for Pioneers to store Pi; and the Pi Block Explorer, a web-based interface for tracking and researching transactions on the Pi Mainnet and Testnet blockchains, were among them.
They released the Brainstorm App in early 2021, which allows Pioneers to suggest Pi App ideas, join projects, and invite other Pioneers to join projects. Later, they used this capability to hold our inaugural Pi #buildPi2gether Hackathon, in which community developers produced Pi apps with real-world use cases and utilities with community input. These apps are compatible with the new Pi SDK, which enables developers to interface with both the Pi Blockchain and the Pi Servers to confirm Pioneers’ agreed information.
About the future of Pi Network
Looking ahead, Pi Network expect this year to be even more interesting than the previous one, as they focus on Pioneer mainnet migration and ecosystem development. They will initiate a mass migration of these Pioneers to the Mainnet blockchain after a large number of them have been KYC’ed and completed the Mainnet Checklist. The migration to the Mainnet is the next important step on the path to the Open Network.
Pi Network expect that by doing so, community app development will expand, and Pioneers will be able to interact within the Enclosed Mainnet blockchain to help bootstrap and grow the Pi ecosystem. In the second quarter of this year, Pi apps are likely to be introduced on the platform. As the ecosystem grows, they’ll want to shift to the Open Network period of Mainnet, when the Enclosed Network period’s firewall will be eliminated, allowing any external connectivity to Pi Mainnet (for example, other networks, wallets, and anybody else).
Finally, Pi Network concluded their Pi Day announcement by thanking their users/Pioneers for being a part of the Pi community and for joining them in celebrating Pi Day 2022. They’re creating something special and world-changing together with their huge Pioneers community, and they’re thrilled to have you along for the ride. They also urged their Pioneers to use social media to spread the word about their joint progress.
You can watch the Pi Network’s announcement on their official YouTube channel here:
More on Pi Network
- The first version of rewards issuance formula of Pi Network
- Pi Network’s Mainnet Preparation updates and Preselect Mainnet Lockup
- Pi Network: Name update appeal feature
- Pi Network’s pilot KYC solution released
- Pi Blockexplorer
- Pi Network has just announced their Pi Hackathon Winners