Pi Network, a project gaining global attention for its easy smartphone mining, is seeing a surge in auctions for a new digital asset within its ecosystem: the ‘.pi domain’. However, beneath the surface, speculative activities have intensified, prompting the Pi Network Core Team to introduce new strategies and policies aimed at fostering healthy ecosystem growth.

This article delves into these latest developments, explaining in an easy-to-understand manner what the true value of the ‘.pi domain’ is, beyond merely a scramble for names, and what Pi Network truly aims for.

Latest Updates to Pi Network’s ‘.pi Domain Auction’

So, what exactly has changed? Recent updates have significantly improved the auction’s transparency and usability. Here, we’ll outline the main changes:

• Introduction of a Statistics Page: A dedicated page has been added to provide real-time updates on auction status, including which domains are receiving the most bids and the highest bid prices. This enhances transparency by making overall trends visible.
• Auction Functionality as a Standalone App: The auction feature, previously part of the Pi wallet, has become an independent application. This allows for UI (User Interface) improvements and the addition of unique features, such as the email notifications mentioned later.
• Improved UI/UX and Accessibility: The overall interface has been refined, making it more intuitive and smoother for more users to participate in bidding.

These updates are designed to create a fairer environment, enabling more users to participate.

Emerging Challenge: The Problem of ‘Domain Squatting’

However, as auction activity intensifies, a concern flagged by the Core Team has also come to light: ‘Domain Squatting’. This section will explain what this issue is and why it could hinder the healthy growth of the Pi Network ecosystem.

What is Domain Squatting?

Domain squatting refers to the act of acquiring a domain name that includes a specific company name, a famous brand name, or a common word likely to increase in value in the future, before the person or company who would legitimately use it. The primary goal is often to resell that domain name at a high price for profit later on.

To illustrate with a familiar example, it’s like someone who hears about a new city development buying up all the addresses like “Station Front 1st Street” or “Ginza Avenue,” which are likely to become famous, before people who actually want to open shops there. Those who genuinely want to build a store would then have no choice but to buy the address at an exorbitant price or open their business in a less prominent location.

The Pi Network Core Team points out that in the Pi Network auction, activities indicative of squatting are active, such as famous company names like “tesla.pi” and “amazon.pi” receiving high bids. Such practices could impede the overall development of the ecosystem.

The Core Team’s Vision for ‘.pi Domains’ – Functional Identity in the Web3 Era

So, if the purpose isn’t speculative trading, what value does the Core Team see in ‘.pi domains’? The answer lies in the concept of “functional identity in the Web3 era.”

This means more than just functioning as a website address. A ‘.pi domain’ is a type of “Web3 domain” based on blockchain technology, and it is expected to play multi-faceted roles, such as:

• Recognizable Access Point: Instead of complex wallet addresses (e.g., GABCD...XYZ), users can send and receive Pi coins using human-readable names like “your-shop.pi.”
• Gateway to Apps and Services: Users can directly access specific decentralized applications (dApps) or services by simply typing “game-app.pi” into their browser.
• Digital ‘Face’ or ‘Signboard’: It serves as a central element for individuals and businesses to establish their brand or identity within the Pi Network ecosystem.

The Core Team’s vision is for .pi domains to be utilized not merely as speculative assets, but as reliable entry points for functional stores, tools, and services within the Pi ecosystem. This utility is deemed to be the true creator of a domain’s value.

Future Outlook: A Shift Towards Developer Support and Utility Creation

To realize this vision, Pi Network is preparing its next move. It’s not just about providing the ‘land’ of a domain, but about enabling anyone to easily ‘build structures (i.e., apps and services)’ on that land.

Specifically, it has been indicated that tools are being developed to make it easier for even non-programming experts to build and deploy applications. This will clearly shift the project’s focus from speculative name trading to supporting the creation of actual services and businesses.

Summary: The Potential of ‘.pi Domains’ Beyond Speculation

To summarize Pi Network’s recent announcements:

1. Improved Usability: The auction function has been updated, making it more accessible.
2. Clarified Challenges: Speculative activities like “domain squatting” are being addressed as an issue.
3. Vision Presented: The Core Team aims for domain ‘utility’ rather than speculation.
4. Future Foundation: Tools will be provided to enable anyone to participate in development, fostering ecosystem growth.

Pi Network’s ‘.pi domain’ holds immense potential as a new digital asset in the Web3 era. However, whether its value will be generated by short-term speculation or built upon long-term utility remains to be seen. The Core Team has clearly chosen the latter path, demonstrating its commitment to creating an environment for that purpose.

This policy shift will be a crucial test to determine whether Pi Network ends up as a fleeting trend or genuinely builds a sustainable digital economy.