we're going to talk about the PI Network this is another cryptocurrency project that claims will allow users to mine using their smartphones and without draining their battery life so if you're interested to find out more stick around the PI Network so a little bit about PI network it claims to be the first cryptocurrency project to allow users to mine using their smartphone their aims are to create a secure immutable non counterfeit ball source of digital money now they're going to do this by using distributed ledger technology and making use of the stellar consensus protocol another claim that they hold is that mining cryptocurrency on your mobile phone will not affect your battery life the project was founded by three individual two of which hold PhDs from Stanford the first being Nicholas and then followed by Chen do and the third of which is Vincent who if you are familiar with the social media profiles you will recognize as he seems to be the face of the project now what I do find a little bit concerning is the fact that you only really do see a picture of Vincent and videos of Vincent on the social media channels whereas the rest of the team seem to be taking a backseat and don't really seem to be in the public eye very often I would like to see more of them interacting with the community on various different media channels with the social media channels being mentioned you can find PI Network on Instagram Facebook and Twitter you will not find them on telegram discord or Bitcoin talk they do have a reddit however there doesn't seem to be anyone from the team on this very channel another thing I wanna point out is the lack of tweets on the PI network Twitter profile I'm really gonna focus on the mining and how this works the money for PI Network is done on a four-tier basis the first of which is a pioneer this is somebody who uses apt to interact with the network on a daily basis they do this by signing into the mobile app to verify their identity and to request transactions so that can be send or receive PI over the PI Network the second of which is a contributor this is somebody who adds other people to their network within pi and this information goes together to create the shared trust graph that we will discuss very briefly later Rock the third of which is an ambassador this is somebody who recruits other individuals to come over and join my network whether they are pioneers contributors or ambassadors themselves an ambassador and a referee will receive a 25% referral bonus for signing up to the network the fourth is a node this is somebody who is physically running a node on a desktop or laptop and will maintain the distributed ledger it is possible to be all four of these tiers of mining and receive contributions based on all four of some of the key differences between PI Network and other blockchain projects is the fact that rewards are paid out daily they are not paid out per block they are also spread across the entire network so as long as you interact with the network in some shape or form you will receive a payout at the end of the day it also in the white paper discusses the availability of free transactions depending on network congestion so once the network becomes heavily congested then miners will be able to sort through transactions based on a fee system with the higher fees being dealt with first and everybody else having to wait based on the amount of fees they want to pay these manifest will be sent to a separate wallet which will then be distributed with the rest of the mining more rewards at the end of the day - now we can talk about the economics behind the token and the economic model of the project the first thing to point out is that at present there is no fixed supply and the total supply is unknown this is because the total supply will be worked out once the project officially launches because at present the mobile app and the tokens that people are earning is at acting as a faucet and it's just a visual representation of the tokens that will be created in the Genesis block when the main net launches so here we have the total supply equals M plus R Plus D M being the mining rewards are being the referral rewards and the D being the developer rewards so the first thing to discuss are the mining rewards and it basically works out to the fact that there is a fixed supply for each individual user of the network that will be created up to the first 100 million network users are or the referral supply is 50 percent which is created at the same time as the mining rewards which will then be broken down to 25 percent for the referrer and the referee these will be distributed at the same time as the remaining rewards at the end of each Network day the or the developer rewards works out to be 25 percent of both the mining rewards and the referral rewards combined in the white paper it does describe F which was used in the equation as a declining function this from what I understand of reading the white paper is considered to be a declining function due to the fact that the supply will be capped to the first 100 million users we also have the PI stack and these are potential use cases for the PI Network the first one is the distributed ledger and the shared trust graph this is a map of nodes and contributors and pioneers across the network being rated on their contribution to the network which is the amount of people they recruit and also the behavior of the nodes this year trust graph will be used to connect users to the nearest well behaved node on the network if they send and receive any PI the second is the attention marketplace this is being sold as a scarce social media and the example they use is an Instagram type format where users can post out to the entirety of the PI Network and only one post will go out at a time and you can buy this post by staking or spending your PI in return for the attention of the PI network there is also the advertising marketplace this is where you can opt in to selling your attention to advertisers in return for some pie there's also the BART Network this is where users and individuals can sell services and products we are skipping the shared data and connections because there's no explanation in the white paper as to what that is or what consists of skipping that we will then jump to the centralized app store this is going to be an app store similar to Google where developers can sell their decentralized apps without having to boot it up to the network because all of this will be put in place by the PI Network which seems like something that the majority of smart contract platform and projects that enable decentralized apps are already have in place okay so let's discuss the governance of PI Network so under 5 million users they intend to have a similar off chain kind of governance to that of etherium and Bitcoin the main difference being the PI network is going to be a closed source project so whereas with bit kahlan etherium users can actually add or put forward code and improvements to the network for people to agree on that this is not going to be the case for PI Network the developers will be asking for community input but they will not be able to implement any kind of change to the code in the same way as users can for Bitcoin and etherium for example after 5 million users a committee will be created based on users contributions to the network this will be obviously users running a node and they are ranked highly on the shared trust graph which we know is constituted on behavior of nodes but also on recruitment of other users the committee will be trusted with the control of the network deciding on where the network goes and how the network will be run but also they will allow users to have at least some say on the direction of the network via using the mobile and now we have the roadmap well the road map consists of absolutely no dates it's just a generalized description of what the team won't do at some point in the future we're currently sitting in phase 1 which the design development and the trust graph bootstrap this is where the network is trying to recruit users and increased mobile app downloads and build a foundation for the network when the main net does launch we do have the test net which is actually running alongside the phase one so anybody running a node at present would actually be running a node on the test net and helping towards the test nets success the main net will be launched when the community decides the project is ready so we have no date of a potential release just when it's decided on by the community either is it's time for the project to launch so with PI Network there are a few things that we need to remember and at least think about first of which is the total supply which we don't know what that's going to be secondly we have the social media channels and the team's public relations now we do see a lot of Vincent he is creating content every now and then discussing the PI Network but it seems to be very very brief not a lot of description about the progress of the network and we're not seeing any of the other two team members so I would really like to see Nicolas or Chen do in front of the camera let us know exactly how they're progressing with the network and how things are going behind the scenes we have Twitter one of the channels that PI network has connected itself to but they've yet to release a tweet which I think is just really odd why create social media profile unless you intend to use it I'd also have liked to have seen a telegram channel discord a Bitcoin talk forum and an official PI Network reddit channel now the big selling point for this is the fact that they are enable users to mine from their mobile phone but this is actually false advertising then there is no mining going on you are interacting with the network yes and you are being rewarded for that but you're not creating any tokens all of the tokens are going to be created in the Genesis block another thing in regards to the team is Chen do her social media presence is a non existent now on the web she discusses her PhD and the fact that she's had published papers well I did a search of her name and the fact that she comes from Stanford and I couldn't find any published papers by anybody of that name at all now if you search Nikolas for example you will find papers with his titles on that he and all the authors have put forward I am a little bit concerned that Chen isn't who she says she is now obviously all of this information that I put forward to you guys is my own research I do try my very best to be unbiased and give you just the fat but if you disagree that is obviously your opinion I expect everybody watching this if you are going to invest in PI Network to go out there and do your own research I have included my references.
