「Local Commerce」タグアーカイブ

2024 Honda Civic Traded for 6,030 Pi! Latest Transaction on the Closed Mainnet

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A notable transaction was conducted within the Pi Network’s Closed Mainnet environment. On November 10, 2024, a record of a Honda Civic 2024 being traded for 6,030.01 Pi was confirmed.

Current Status of Pi Network

Currently, Pi Network is in the Closed Mainnet phase, having entered a stage where real transactions by verified users are possible. To conduct a transaction, the following conditions must be met:

  • Completion of KYC (Identity Verification)
  • Completion of coin migration to the wallet
  • Adherence to transaction rules on the Closed Mainnet

Details of the Notable Transaction

This transaction was conducted under the following conditions:

  • Item Traded: Honda Civic 2024
  • Total Transaction Amount: 6,030.01 Pi
  • Transaction Fee: 0.01 Pi
  • Transaction Date: November 10, 2024
  • Transaction Type: Local Commerce Transaction

Tweet reporting the transaction
https://x.com/Coinskroteam/status/1855573303164907686

Features of the Transaction System

1. Mechanism of the Closed Mainnet

On the Closed Mainnet, secure transactions between verified users are guaranteed. Each transaction has the following characteristics:

  • Guarantee of transaction records by blockchain
  • Low transaction fees
  • Real-time transaction confirmation

2. Relation to Pi Fest 2024

Pi Fest 2024 concluded on November 5, 2024, but this transaction was conducted after the festival ended. This serves as an important indicator showing the continuous development of the Pi Network ecosystem.

Analysis of Real Transaction Value

The selling prices of the Honda Civic 2024 in Japan are as follows:

  • LX Grade: 3,448,500 JPY = approx. 571.88 JPY per 1 Pi
  • RS Grade: 4,198,700 JPY = approx. 696.3 JPY per 1 Pi
  • e:HEV EX (Hybrid): 4,307,000 JPY = approx. 714.26 JPY per 1 Pi

This may vary depending on whether it’s new or used, options, and grade, but it might serve as a reference.
While this is an achievement showing such a large purchase is possible, some users feel the unit price is too low.

Significance of the Transaction

This transaction serves as an important indicator for the Pi Network:

  • Recorded as a real transaction of a high-value item
  • Functions as a standard indicating the specific value per 1 Pi
  • Demonstrates the feasibility of large-scale transactions on the Closed Mainnet

The 1 Pi unit price is noteworthy as a value indicator in Pi Network’s real transactions.

Pi Network is planning significant developments towards the end of 2024:

  • Publication of the Pi Fest 2024 summary report
  • Preparation for Open Mainnet migration by the end of 2024
  • Further promotion of local commerce transactions
  • Expansion of the transaction ecosystem

Summary

This transaction case serves as an important indicator demonstrating the practicality and potential of Pi Network. Real transactions by Pioneers who have completed KYC verification and coin migration are proving the platform’s reliability. Further expansion of transactions, centered on local commerce, is expected in the future.

PiFest Kicks Off, Accelerating Mainnet Launch!

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The Pi Network Core Team has announced the holding of a groundbreaking event, “PiFest 2024”, towards the open mainnet. We will provide details about this event, which aims to revitalize local commerce and improve the usability of Pi coin.

What is PiFest 2024?

PiFest is a community-driven event that promotes Pi coin payments at physical stores. Building on the success of December 2023, this time it will be held as a more evolved festival utilizing “Map of Pi”, the winning entry of the PCommerce Hackathon.

About Map of Pi

Map of Pi is an open-source application created through the collaboration of developers worldwide. It won the hackathon in March 2024, and its functionality has been continuously improved and expanded under the guidance of the Core Team.

Participation Details

Guide for Store Owners

1. Registration Steps:
• Access https://mapofpi.com/
• Click the registration button on the bottom left
• Enter required information (store name, industry, address, images, etc.)
• Select whether you are an active seller or experimental seller
• Save registration information

2. QR Code Preparation:
• Access wallet.pinet.com from the Pi Browser
• Select “Pay/Request”
• Display and print the QR code

Guide for Purchasers (Pioneers)

1. Store Search:
• Search for participating stores nearby on Map of Pi (https://mapofpi.com/)
• Visit the physical store
• Execute payment using the QR code

2. Community Participation:
• Post your purchase experience on Fireside Forum
• Share on social media using the #PiFest tag
• Participate in a special challenge by visiting 3 or more stores

Event Highlights

Key Features:

• First global event utilizing a community-developed app
• Secure transactions realized on the blockchain
• Fusion of Web3 and local commerce
• Real-time community support (English)

Notes and Support

• Transactions can only be executed at physical stores
• Map of Pi is a tool for searching for stores
• Support will be provided in the Pi namespace during the event period
• Be aware of system constraints and user experience challenges

Important Schedule
Store Registration Starts: October 24, 2024 (Thursday)
Event Period: October 29, 2024 (Tuesday) – November 5, 2024 (Tuesday)

Future Outlook

PiFest 2024 is an important step towards the mainnet launch scheduled for December. It is expected to improve the usability and value of the Pi network by promoting usage at physical stores.