Exclusive: Pi Network co-founders discuss mainnet launch, future, and tokenomics

Before the Pi Network mainnet launch on February 20, crypto.news had the opportunity to conduct a Q&A session with Pi Network co-founders, Dr. Nicolas Kokkalis, Chief Technology Officer, and Chengdiao Fan, Product Director. Pi Network currently has 100 apps ready for mainnet. What is the strategy to ensure widespread adoption of these apps? Pi Network ecosystem ( PI ) currently has over 100 Mainnet applications or ready for Mainnet, fully functional and designed to be accessible and provide a seamless experience for users through the Pi Browser, ecosystem interface, and its utilities The Pi browser allows for easy navigation, enabling one-time login for Pioneers to operate across all integrated Pi apps. It also enables intuitive and secure payments within the app through the official Pi Wallet app, directly integrated into the user experience. Furthermore, PiNet allows Web3 Pi applications to be displayed and shared through a Web2 browser, creating a kind of "loop" where millions of Pi users can share applications and support network utilities simultaneously. In general, these features help developers build as easily as possible and users use and interact with the ecosystem, thereby promoting developers to build and improve Pi applications further. While developer tools are essential, the widespread adoption of these applications depends on developers and businesses continuing to establish real utilities and provide practical use cases for the Pioneer community. With millions of Pi tokens, how do you plan to prevent hyperinflation and create a long-term model? Pi Network ( PI ) is designed with a carefully structured tokenomics model to balance accessibility, supply, and long-term utility. Our goal is to ensure Pi remains stable by distributing tokens fairly and widely, while enabling real-world uses of Pi. Here's how we achieve this: Pi drives growth and accessibility while addressing concerns about stability by having a gradually decreasing token issuance model and enforcing identity verification as a requirement to obtain Pi. In parallel with tokenomics is the Pi mining mechanism, balancing the network's growth needs, accessibility, longevity, and supply while adjusting user rewards for contributions, including actions such as security circles, using utility-based Pi apps, running Nodes, etc. for the network. This is partly achieved by using the base mining ratio across the entire system (1) multiplied by the individual's common mining ratio and (2) dynamically adjusted based on the monthly remaining supply limit (. Therefore, the overall mining ratio for each user may increase or decrease monthly based on that supply and other factors—decreasing exponentially as Pi approaches the supply limit rather than allowing infinite inflationary growth. Refer to the Mainnet Whitepaper for detailed information on the precise operation of the algorithm. In addition, Pi Network in general is built around the development and provision of utilities and long-term use cases for millions of users. By focusing on applications that address real needs, merchant acceptance in local commerce, and accessibility, Pi continues to operate as a project with intrinsic motivation with real utility support for its token. You have declared that you expect Pi to be widely accepted by merchants. How will you ensure this happens on a global scale? Pi Network has enabled global merchants to apply by providing a complete ecosystem experience on Pi through applications and utilities in the Pi Browser, active user base, and overall accessibility. For example, PiFest 2024, a week-long event, has created favorable conditions for Pi transactions for goods and services between Pi merchants and local Pioneer shoppers, attracting over 27,000 active sellers and 28,000 experimenting merchants from over 160 countries and the participation of over 950,000 Pioneers in just a few days. PiFest introduces the complete ecosystem of Pi to integrate local commerce, connect explore stores through Pi Map, pay through Pi Wallet, transact on Pi Mainnet blockchain, and share social on Fireside Forum—all seamlessly operate on various existing Pi applications. Pi's robust infrastructure, global user base, and practical utility make it a scalable solution for merchants. With existing adoption, Pi is positioned to become a widely accepted global token for local and online commerce. Why does it take so long to launch the Open Network? The unique and creative design of the Pi closed-loop network is a strategic choice designed to build a truly valuable and utilitarian network, aiming at the best interests of the network, community, and pioneers. According to tradition, any meaningful creativity in the world takes time, whether it's scientific discoveries, technological innovations, or impactful companies. Although people may focus on short-term time frames, the optimism of cryptocurrency projects, such time frames are not actually the standard for creating real utility. Developing such a large social network takes time, but it is the environment and conditions necessary to create utilities that focus more on addressing human needs in daily life Phase 3 of the current Mainnet starts in December 2021 with the launch of the Enclosed Network phase, meaning the Mainnet is operational but with a firewall blocking all external connections. This phase sets the stage for the Open Network, creating time for: Pioneers complete KYC; Developers build real apps and utilities for the Pi ecosystem; and Merchants will integrate. For example, achieving local commerce integration with Pi mentioned earlier has become feasible in this closed-loop Network. Currently, thanks to the efforts and commitment of the entire Pi community over the past six years, Pi Network is taking the next big step in realizing the vision of building the most comprehensive peer-to-peer ecosystem and online experience in the world, driven by Pi, the currency that the Pi community hopes will become the most widely used cryptocurrency in the world. Pi is ready to unlock a robust growth ecosystem powered by our utility, where over 19 million Pioneers have verified their identities to use Pi—a cryptocurrency with practical functions and applications. What are the benefits of Pi for sellers compared to other tokens, especially stablecoins? In addition to the content shared in Question 3, the focus of the project is to emphasize the global distribution scale of Pi: over 60 million Pioneers participate and 10 million Pioneers move to Mainnet, the accessibility allows for such growth and the design of the Pi ecosystem enables a seamless and engaging user experience.