pi network updates

> Mainnet migration roadmap by priorities and explanation of tokenomics, supply and wallet.
Hello pioneers! This blog will outline the roadmap for the mainnet transition based on its priorities and explain the operational mechanisms of the token supply.
Mainnet Migration Roadmap by Priorities
When discussing the Pi Mainnet transition, keep the following facts in mind. (1) The transition to a network of tens of millions must take place based on complex mining data over the past six years to ensure accuracy, security, and fairness for honest pioneers by excluding fraud. It's not just a simple airdrop of tens of thousands of wallets, with little regard for additional data, as in many other crypto projects. (2) the network has already transported more than 12 million people, which in itself is an achievement of scalability in the industry, particularly considering KYC operations and locally built migration at no fiat cost to users. (3) when the migration requirement for moving to Open Network was set at 10 million – balancing the network's need to move to Open Network in time with the inclusion of millions of pioneers in Mainnet – it was understandable and predictable that there would be people who needed to migrate after the launch of the Open Network.
Below is a roadmap for the mainnet migration operations based on network priorities.
The network is currently completing the initial migration processes for the pioneer waiting list, including verified base mining rewards, verified Security Circle rewards, lock rewards, utility application usage rewards, and confirmed Node rewards.
After the completion of the initial migration operations in the current queue, the second migration operations will become the focus. The second migration operations will also include referral mining rewards attributed to referral team members who have passed the "Know Your Customer" process.
The continuous periodic migration will finally turn Pi Network into regular periodic migrations, for example monthly or quarterly, etc. This will be determined, which will include all rewards and bonuses.
Note that the differences in the UI between the transferable balance and the actual posted balance are as intended, as the interface uses simplified arithmetic estimates to save account time and resources. The balance actually carried over to a user's main network wallet is based on accurate and intensive calculations that can take much longer per user, reviewing all previous mining sessions and associated rewards over the past few years. Therefore, the convertible credit displayed in the UI is a pessimistic estimate of the actual Pi amount included in the first migration.
The first actual migration for everyone indeed includes verified basic mining rewards, security circle rewards, lock rewards, rewards for using utility applications, and confirmed contract rewards for some, except for referral mining rewards only.
by Tokenomics and supply
In light of the discussion on migration, it is important to remind pioneers and educate the public about the Pi token and its mining mechanism, which was defined in a longer form in the white paper in 2021.
Convert the supplies of Pay and their allocations
The maximum supply of the Paycoin is 100 billion tokens. This supply consists of the following: 65 billion tokens ( or 65%) allocated for all community mining rewards; 10 billion (10%) allocated for institutional reserves; 5 billion (5%) allocated for liquidity purposes; and 20 billion (20%) allocated for the core team. Each allocation mentioned above tracks the rate of issuance of community mining rewards, so the ratio of each allocation in the total supply remains fixed at any time.
Pay (Pi) Effective Total Coin Supply - The current PayCoin's total supply - distributes customizations in the same ratio as the maximum bid. Since each allocation tracks the community's migratory mining rewards, the effective aggregate offer can be calculated by dividing the existing migratory mining rewards for Pay on the mainnet blockchain by 65%. Other allocations can then be calculated within the effective total offer based on the same maximum supply ratios, for example, a maximum of 10% of the effective total supply is available in the base reserve, 5% of the effective total offer is available for liquidity purposes, and 20% of the effective total offer is available to the core team. This remains true even though all the tokens have been silenced upon configuration as technically required by the blockchain protocol.
The allocation structure itself ensures neutrality in any operations that affect the speed of migration, as all other allocation buckets follow the pace of the migrating mining rewards. This structure has been deliberately designed to align the interests of all parties in the network, with the aim of attracting as many pioneers and as many from the side to the main network.
Therefore, the network is committed to transferring the pioneers and their Pi device as soon as possible.
Pay Mining Mechanism
The Pi mining mechanism is designed to expand decentralization, facilities, stability, longevity, as well as growth, inclusivity, and security.
The mining rewards for Pi are distributed based on an issuance formula that follows a specified diminishing exponential model outlined in the Pi white paper. Pioneers can increase the amount of mining rewards they receive based on their individual contributions to the network, such as security circles, using utility-based Pi apps, running nodes, etc. Each month, the amount of Pi to be distributed as a mobile balance is determined by the model, regardless of the number of people or types of mining rewards available during the month. The maximum is achieved by designing a base mining rate at the system level, and each type of mining reward for individuals is merely a multiple of this base mining rate. As the monthly supply always diminishes, the base mining rate generally decreases over time.
Conclusion
The network is dedicated to completing the migration process of the mainnet for all genuine, reliable, and honest pioneers as quickly as possible, ensuring the accuracy, security, and integrity of the network. Tokenomics Bay is designed to align the long-term growth of the network with real contributions from the community, ensuring fairness in the issuance model, its focus on advancement, and its connection to actual participation.
Read the Pi white paper to learn more.