(4.1) Future of Pi mobile mining: Panel intro – Pi COiNVENTION 2020

(4.1) Future of Pi mobile mining: Panel intro – Pi COiNVENTION 2020

Amazon

Hi Pioneers! Welcome to the fourth session of the Pi Convention.
This is a Pi Panel session where the Pi Core
Team will introduce the questions in discussion
and representative Pioneers will present their
views on these questions.
The Panel discussion today is about the future of
Pi mobile mining
The original design of Pi’s economic model
and its mining mechanism is to strike a balance
between access and scarcity.
While setting out to be the most inclusive
and widespread digital currency in the world,
Pi tries to achieve a level of scarcity through
a mining mechanism where the base mining rate
halves when the network size increases by
10x.
This mechanism also provides a meritocratic
reward system to members based on their contributions to Pi.
Even though in our White Paper, we specified
the network size to be at least 100 Million
people, the Core Team had left the decision
open, as to whether we will continue or stop
mobile mining at the mark of 10M network size,
because back then we were uncertain about
at least the following three aspects to make
a well-informed decision:
1) first, how fast the network grows, for example, how fast we achieve all the previous halving milestones;
2) second the progress of ecosystem building
including utilities and applications of Pi at the time of 10M,
3) third, the progress of the mainnet at the time of the 10M.
Also, at this network size, the Core Team
would want to take input from its members
about this question, in order for us to make
the final decision that is best for the whole network.
We predicted that the community opinions will
be split based on at least simple rational
motivations derived from when the Pioneer
joined the Network and started mining.
This also translates to how much Pi this Pioneer has mined.
However, more importantly we value voices
that support their opinions and sentiment
with reasonings and considerations of the
overall goals of Pi, the health of the ecosystem,
and the interest of the whole community.
For this purpose, we went through a sophisticated
process to solicit and collect such input
from our community, including applications
to speakers, moderators recommendations, video
surveys to collect video responses, and spend
tremendous time watching and processing such
submissions.
The Pi Network is currently composed of over
9 Million engaged Pioneers,
and we are approaching the 10 Million member mark very soon.
So, we wanted to pose the question about the
future of Pi mobile mining at this convention
in the form of a Panel and some vocal Pioneers
applied to speak and submitted their video responses.
We selected well thought-out, articulated,
clear and representative videos to be featured
as part of the Panel discussion, which is coming right after
this current Core Team video.
Even though we only selected a limited number
of video responses, the Core Team watched
all the submissions.
If you did not apply to express your thoughts
by video, we encourage you to participate
in writing through the Topic on the homescreen
of Pi today.
Also, we are well aware that in some regions,
there have been activities campaigning for
a certain type of view, in regards to this question, and
some campaigns even use various incentives
to manipulate the popular views.
We hope Pioneers can form their individual
thoughts independently without any misinformation and disinformation.
And we hope that they do that with the overall benefits of the whole network in mind.
After the Pi Convention, the Core Team will
review the written responses in the Topic,
in addition to the video responses, and will
provide an analysis incorporating these community
views, experts’ views and the Core Team’s
own views to make the final decision about
whether to continue or stop mobile mining
when our network size hits the 10 Million mark.
We all hope Pi will succeed, and the Core
Team is trying to find and evaluate the best
option for this decision in a systematic and
scientific way.
So let’s see what Pioneers said in the video
coming up.

Leave a Reply

Your email address will not be published. Required fields are marked *