Pi Network is a project conceived by a development team led by Dr. Nicholas, aiming to ultimately create a cryptocurrency that anyone can participate in from their smartphone and form a global ecosystem. While many crypto assets are currently easily perceived purely as speculative objects or assets, Pi Network has set a major goal of being actually usable as a “currency.” This point can be said to be a significant characteristic that differs from existing crypto assets such as Bitcoin and Ethereum.

Background of Pi Network: Long-Term Vision and Careful Development

Pi Network publicly released its app around 2018-2019 and introduced a mechanism that allows “mining (work similar to mining)” on smartphones. However, instead of simply distributing tokens and aiming for listing, it is trying to form its value through the consensus of users. While many existing crypto assets pursue value increase as investment objects, Pi Network emphasizes establishing its position as a currency that is easy for people around the world to use in their daily lives.

Why Pi Network is Special

Pi Network is characterized not only by its user-friendly design of “mining that anyone can participate in” but also by its operational policy. In many crypto assets, price determination is solely based on the supply and demand balance of exchanges, leading to volatile speculative price movements. However, Pi Network aims for value to be determined based on “real demand” arising from usage purposes within the ecosystem first, and a price agreed upon among users (GCV: Global Consensus Value).

Importance of GCV (Global Consensus Value): Value Created by Pioneers

The biggest factor that distinguishes Pi Network from other crypto assets is the concept of GCV (Global Consensus Value). The price of regular crypto assets fluctuates based on trading volume on exchanges and market rates in various parts of the world. However, Pi Network is focused on users determining the price and has “actually using it as a currency” in mind. Therefore, the development team (Core Team) avoids officially setting the price and has indicated a policy of leaving it entirely to the Pioneers (users).

If GCV is set relatively high and actual transactions (such as purchasing goods and services) become active, the possibility of it becoming a currency with true utility, not just speculation, increases. Furthermore, stability of the market is essential to gain credibility as a currency. Against this backdrop, it is necessary to reach a consensus on a “certain high price” and stabilize that price range with the backing of real demand.

Reasons for the Delay in Open Mainnet: KYC and Price Consensus

Pi Network is currently in a phase called “Enclosed Mainnet,” restricting listing on external exchanges and large-scale transactions. This is a form where Pi can only be transferred within the officially recognized scope among users. One reason for maintaining this restricted environment is the intention to prevent unnecessary speculation and “fraudulent transactions that hinder the formation of intrinsic value” while promoting GCV consensus formation.

Furthermore, the KYC (Know Your Customer) process is mandatory in Pi Network. If KYC is not completed, token migration to the wallet will not occur, and many users can only continue to check their balance within the app. This KYC process takes time as it needs to comply with legal regulations for crypto assets and anti-money laundering measures while simultaneously reviewing a large number of users. Moreover, there is a structural reason why it is difficult to fully transition to the Open Mainnet unless both “GCV establishment” and “KYC completion” progress overall.

Role of Pioneers: Users Themselves Bear the Responsibility for Value Formation

Pi Network emphasizes that “the price is determined by the consensus among Pioneers” for the following reasons. If the development team were to forcibly set the price, it would not only increase regulatory risks but also undermine the philosophy of a “user-participatory currency.” Therefore, each Pioneer exchanges goods and services at a price they consider appropriate, and the actual transaction data is recorded on the blockchain, forming the “backing of value.”

• Pioneers acquire Pi through mining
• Use the acquired Pi to purchase goods or utilize services
• A stable price range is created as many Pioneers transact within a similar price range

For this process to succeed, many Pioneers need to engage in “actual shopping and sending money” rather than “speculation.” And that forms the foundation of Pi Network, which will have long-term currency functions.

GCV Movement: Activity to Promote Price Consensus Formation

The GCV movement is an effort by users to form a consensus targeting a high value and stable price range and reflect it in actual transactions. For example, by presenting specific numbers like 314,159 JPY or 31,419 JPY per Pi and widely recognizing and practicing them, a common understanding that “Pi should not be easily sold cheaply” is fostered.

Through such movements, if many users handle Pi with high value, it becomes easier for large commercial facilities and various online services to consider introducing Pi payment in the future. For example, if the number of stores that “accept payment in Pi” increases, the credibility as a currency will also increase accordingly.

Ecosystem Building: Core Team, Ecosystem Developers, and Pioneers

The Pi Network development team primarily builds the infrastructure (blockchain technology and app), while ecosystem developers provide various applications and services to enhance Pi’s utility. The role of Pioneers is to create value there and activate Pi transactions. By cooperating in their respective positions, the three parties aim for Pi Network to form a self-sustaining economic zone, not just a “token distribution project.”

KYC Completion, Migration, Open Mainnet: The Triune Goal

1. KYC Completion: A state where many users pass identity verification and can transfer Pi to their official wallet.

2. Migration: The process where Pioneers’ Pi balance is moved from within the app to the wallet on the blockchain.

3. Open Mainnet: The stage where Pi can circulate in all markets worldwide, including external exchanges.

If all of these proceed smoothly, the path for global users to start using Pi as a currency will open up. However, the existence of GCV is extremely important as a prerequisite. Without GCV, if a situation arises where Pioneers sell off Pi at low prices in a scattered manner, establishing its position as a currency could become difficult.

Steps Towards GCV Achievement: Correct Understanding and Action

So, what specifically should Pioneers do? First, it is essential to strongly possess the awareness that “we are the owners of the currency and the subjects who determine its value.” Easy cash-out of Pi and fraudulent trading on unauthorized external exchanges harm the long-term value of the project. On the other hand, the following actions are recommended:

• Actively participate in goods and service transactions at the GCV price range
• Cooperate with the KYC review and apply for activities as a Validator
• Learn information related to Pi and share it with fellow Pioneers
• Accumulate data by leaving evidence of large-scale transactions on the blockchain

If these efforts spread, more Pioneers are expected to participate in the GCV movement, and as a result, the transition to the Open Mainnet is expected to accelerate.

The Future Pi Network Aims For: Evolution as a True Currency

Pi Network is not just an “emerging crypto asset that can be mined”; it encompasses a grand vision backed by years of research. It is also noteworthy that it indicates a direction of “coexisting in parallel and enhancing convenience” rather than conflicting with existing fiat currencies.

If this vision is successfully realized, a currency infrastructure that is easily accessible to people worldwide will be established, potentially contributing to the correction of economic disparities and financial inclusion in emerging countries. Furthermore, it may become easier for individuals and businesses to receive Pi, creating new market opportunities.

Summary: Common Consensus Formation Opens the Future

At present, Pi Network is still far from its “completed form.” However, with the technical foundation built by the core development team over many years and the cooperation of Pioneers, there is sufficient potential for Pi Network to blossom as a true currency. The key lies in user-to-user consensus formation (GCV) and the correct mindset and actions to achieve it.

Ultimately, when the transition to the Open Mainnet is successful and an environment where users can freely trade Pi is established, it may bring a new wave to global finance and the digital economy. As a member of the Pi Network, supporting this historical endeavor is you yourself, and the entire community. Please actively share information, support the GCV movement, and let’s build the future of Pi Network together.