Thread by @chymaker

It has come to my attention that many doesn’t really understand Pi Network

In view of that, I’ve decided to do this short thread about Pi Network for pioneers and non-pioneers.

Pi Network is a crypto currency built for everyday people that started in 2018 but was officially

launched in 2019. It could only be mined using a mobile phone.

Pioneers are those currently mining Pi and those who aren’t mining are non-pioneers.

Pi Network’s native token Pi, is a coin and not a token

The fundamental difference between a coin and a token is the former

has its own blockchain whilst the latter run on other blockchains. Examples of coins are #btc, #ETH and token are #Hi #Solana

A coin act as the native token as well as gas or fuel payment token on its blockchain. e.g Btc on Bitcoin Blockchain & Eth on Ethereum blockchain

Pi Network’s native token Pi has never been a token, never planned to be a token. It’s a coin and always designed to be a coin. The Pi Blockchain went live in December 2021

One can only own Pi by mining or acquire from pioneers. There is no initial coin offering(ICO) for Pi

You can’t see @PiCoreTeam promoting Pi

The CT can talk about what they’re building on the Project but not marketing Pi and that’s because, if there is an ICO and/or marketing, the project would technically be captured under Howey test’s definition for securities 👇for regulation

https://twitter.com/chymaker/status/1589678113323356160

Pi Network is a true definition of decentralisation. No one can claim to Pi alone. Everyone mining Pi promotes Pi. The price of Pi will be determined by the Pi Community. 4 people (an anthropologist, a businessman and 2 computer scientists gave crypto power to the people in Pi

Currently, Pi is on enclosed mainnet which mean that some pioneers who’ve passed kyc already have their Pi in their Pi wallet and can transact with other pioneers who also have Pi in their Wallet

Pi cannot be transferred to any other wallet except the Pi Wallet in Pi Browser

Recently some Crypto Exchanges have listed Pi as trading on their platform but it needed to be clarified that No Exchange can hold any actual Pi at the moment because as I mentioned earlier, Pi is at enclosed mainnet and can’t be transferred to external wallet.

Pi can only be transferred to external wallet or Crypto Exchanges on Open Mainnet .

So what those exchanges have listed is not an actual Pi but something like “IOU” (Pay now and we will deliver your Pi when it’s available). So those buying Pi on exchanges at the moment can

only get hold of their Pi at open mainnet.

It’s also important to note it’s a breach of the term of mining Pi, to exchange same with fiat or other cryptocurrencies, or transfer Pi with a promise to be paid Fiat in future

Pi Network is currently at the utilities building phase

and It’s important to be part of the project. Pi Network have had a previous Hackathon and another one will start next week.

We are all excited at what the CT is building and invite everyone to be part of the project. However you have to be extremely patient and mine regularly

Pi Network has one of the largest and more diverse crypto ecosystem with 35m - 40m active users in more than 250 countries in the world. No matter what your opinion is about Pi, those numbers can’t be ignored

Finally some believe since it’s mined for free, it’s worthless.

Well, #btc was and is being mined completely for free. Since #Btc isn’t worthless, there is absolutely no way Pi, with such massive Ecosystem would be worthless.

We can all disagree on the exact value but it will be worth something

It’s not late to join👇

Thank you

https://twitter.com/chymaker/status/1485238879967977473