The mobile blockchain network already has some working apps and is in its final stages of transition to mainnet.
Pi Incentivizes Lock-up
Budding mobile-based blockchain project, Pi Network, is getting ready to implement the lock-up boost for its mobile-mining community. The boost will take effect on March 14, which is the month and day analogous to the mathematical value of the project’s Pi symbol, that is, 3.14.
March 14 of every year is the day chosen by Pi Network as its birthday. The network usually carries out significant updates on Pi Day. On March 9, the network announced it would implement an algorithm that will boost miners’ mining rate based on how long they choose to lock up previously mined Pi tokens:
“It’s time to set your lockup configurations! Visit your Pi Network app home screen to get started. Your lockup will take effect on March 14. #minepi,” Pi Network tweeted.
What Does Pi Lock up Mean?
On December 29, 2021, Pi Network announced it was moving from its testnet to an enclosed Mainnet. As such, Pi tokens mined in testnet will be migrated to mainnet tokens in the future. To encourage people to hold their Pi tokens after migration, on March 14, the Pi Team will make the mining rate dependent on how much of previously mined Pi tokens a miner chooses to lock up and for how long.
For about 3 years, the pioneers of the network have been patiently mining Pi on their mobile phones. Though the Pi Team has made it clear that Pi tokens have no starting value but will draw value from the community, most miners hope that their mined Pi will eventually bring them a fortune worth the wait. For a blockchain project that has been more than 3 years in waiting, would it be a gamechanger like the early days of Bitcoin? Or would it fail like other mobile mining blockchain projects of the past that didn’t quite live up to the ambition? Let’s sit back and watch what happens on Pi Day and beyond.
What is Pi Network?
Pi Network is a mobile blockchain mining project which seeks to give everyone access to the cryptocurrency revolution. The project was founded by a team of Stanford University PhD’s who designed a mobile-friendly blockchain mining algorithm.
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 transition to public mainnet.
Where to find Pi Network:
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