Many Pi Network pioneers still find it difficult to comprehend the crucial procedures of migration, KYC, and the Open Mainnet (OM) despite being told again. Significant misunderstandings resulting from this uncertainty have raised concerns about halted timers and KYC certification statuses. There are also concerns regarding the recent decline in migration activities. By elucidating the reasoning behind the rapidity of KYC, migration, and OM, this paper hopes to reduce pioneers’ anxiety and confusion.
Pi Network White Paper
Pi is the first digital currency for everyday people, representing a significant step forward in the adoption of cryptocurrency worldwide.
Our Mission: To build a cryptocurrency and smart contracts platform secured and operated by everyday people.
Our Vision: To create the world’s most inclusive peer-to-peer ecosystem and online experience, powered by Pi, the world’s most widely used cryptocurrency.
To achieve this mission and vision, Pi must be widely dispersed and stable in value. It should also be uniform, meaning all versions of the same denomination must have the same purchasing power, portable so it can be carried and transferred to others, and durable, allowing for repeated use. Among these characteristics, the most crucial are dispersion, stability, and uniformity. This is the foundation of the GCV $314,159. Only this GCV can fulfill the Pi Network White Paper’s vision and mission.
Importance of GCV $314,159
Having successfully established the GCV $314,159, we recall the CT Pi2Day announcement stating that we are on the right track. They predicted the OM would occur latest by June 28th next year and earliest by December this year. This indicates that the Core Team (CT) aims to develop an ecosystem that supports our established price. According to the 2021 White Paper, OM requires two conditions: the maturity of the enclosed Network ecosystem and progress in KYC. However, by the end of 2023, CT adjusted the OM conditions to 15 million KYC and 10 million migrated Pi wallets. When we petitioned for OM on Pi2Day, they did not accept but acknowledged we are on the right track. This shows that while the price creation was successful, the ecosystem is still incomplete. The CT still values the ecosystem because it is vital for stabilizing the price before OM and safeguarding Pi Network post-OM.
Logic Behind KYC and Migration Processes
The speed of KYC processes, migration, and the establishment of the Pi Network’s ecosystem are closely interlinked. Our recent appeal for the OM launch on Pi2Day was based on the end-of-last-year announcement, which did not mention ecosystem-related conditions. Initially, we believed the CT could manage the volume of KYC and migration without waiting for ecosystem development. However, it appears they are waiting until the ecosystem can provide some utility at our established GCV, giving us a timeline of 5-11 months for ecosystem development. Once the ecosystem is well-developed, the KYC and migration processes will accelerate, and the Mainnet launch can occur by the year’s end. If not, they will postpone it to the following year for another six months.
This approach ensures the long-term success of Pi Network in fulfilling its mission and vision. This is also related to the currency’s attributes and its five functions. Before the Mainnet launch, we need to establish the currency’s value and circulation. If they open KYC and migration to all pioneers before the Mainnet launch, many pioneers might sell their Pi accounts and Pi due to the lack of a fully-developed ecosystem to support its use. Additionally, many pioneers might need money and opt to sell their Pi. However, if too many pioneers sell their Pi, it could jeopardize Pi’s goal of becoming a widely used currency, leading to centralization instead of the desired widespread distribution.
Importance of Waiting for Ecosystem Development
CT is currently waiting to open 15 million KYC and 10 million migration wallets for pioneers until they can assess the ecosystem’s development. Once more ecosystem utilities are available for Pi usage, the risks will be minimized, and they will accelerate the process of opening KYC and migration to more pioneers.
Pioneers, please note: Your timer will be paused if KYC is not open to you or if your migration queue is in a waiting status. You don’t need to worry about your timer expiring because it hasn’t opened to you, and timers won’t start. As mentioned, CT doesn’t open KYC and migration to everyone immediately. If you haven’t received any notification, it’s normal. They will open to all after OM when there is more ecosystem to absorb your Pi for usage. Upon OM, only a small number of pioneers will have Pi in their wallets for safety and risk reduction. This gives CT a chance to address any issues that may arise. We should appreciate CT for protecting Pi Network to realize its goal. Achieving Pi Network’s goal means all pioneers will realize our dream of financial freedom. Just passing KYC or having Pi in your wallet doesn’t mean you’ve achieved financial freedom if Pi Network fails to achieve its goal. This differentiates Pi as a currency from traditional cryptocurrency investments.
Pioneers’ Responsibilities
All pioneers must understand that everything is connected. While you desire KYC, migration, and OM, lack of understanding leads to confusion about CT’s two-year delay. Recognizing CT’s efforts reveals their dedication to protecting the project. However, they cannot complete our task. If pioneers remain uninformed about our role, we will blame CT. In reality, CT should blame us for delaying progress.
What should pioneers do? It’s simple. If you don’t have migrated Pi, educate yourself first, then help other pioneers gain proper understanding. Share my articles and other GCV Ambassadors’ informative articles and GCV barter information with your groups.
If you’ve passed KYC and have Pi in your wallet, actively participate in ecosystem development. Whether as a merchant or a pioneer engaging in GCV-priced bartering, I recommend using a combination of Pi and fiat to benefit both merchants and pioneers.
Disclaimer: The above analysis is my personal perspective and does not represent CT. It is intended solely for reference by pioneers.
About The Author
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