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Pi Network’s Historic Turning Point: Open-Sourcing the Pi Node Blockchain and its Future Implications

Introduction: Pi Network’s Giant Leap Forward

Pi Network, a novel cryptocurrency allowing for easy mining on smartphones, has garnered significant global attention. The project is steadily expanding its ecosystem towards its ultimate goal: mainnet launch.

Recently, the announcement of “open-sourcing the Pi Node blockchain components” has created significant buzz, marking a pivotal moment in Pi Network’s history. This isn’t merely a technical announcement; it underscores Pi Network’s commitment to building a truly decentralized ecosystem, reflecting its philosophy and vision.

Why is this open-sourcing a historic turning point for Pi Network? How will it impact Pi users (known as Pioneers) and the future Pi Network envisions? This article delves into the rationale behind this significant announcement and its multifaceted impact on Pi Network.

Understanding Pi Nodes in Pi Network and the Significance of Open-Sourcing

The Role of Pi Nodes: Essential Components of Pi Network’s Decentralized Network

Pi Network aims to make cryptocurrency accessible to everyone via smartphones. However, at its core lies the **Pi Node**, software running on PCs. Pi Nodes play a critical role in maintaining the blockchain network. Specifically, they validate transactions, maintain network security, and ensure the consistency of the distributed ledger.

While the smartphone app serves as the interface for Pi mining, Pi Nodes are crucial for establishing Pi Network as a true blockchain-based decentralized network, rather than simply a points system.

The Importance of “Open Source” in Blockchain Technology

“Open source” refers to the practice of making a software’s source code publicly available, allowing anyone to view, modify, distribute, and contribute to its improvement. This contrasts with “closed-source” software, developed and managed exclusively by specific companies or organizations.

Blockchain technology and open source are highly compatible; indeed, open source is crucial for realizing the core value of blockchain. Major blockchain projects like Bitcoin and Ethereum are all open-source. This offers several key advantages:

  • Transparency: Publicly available code allows anyone to verify the absence of malicious activity or hidden functionalities.
  • Security: Global developers audit the code, identifying and fixing vulnerabilities, enhancing the overall system security.
  • Collaborative Development: Utilizing collective intelligence accelerates development, enabling the addition of more innovative features.

Pi Network’s decision to open-source the Pi Node blockchain components is a strategic and philosophical move, aligning the project with the ideal blockchain model and ensuring its long-term reliability and growth.

A Historic Turning Point: Five Transformations Brought About by Pi Node Open-Sourcing

Open-sourcing Pi Nodes is expected to bring numerous positive changes to Pi Network. Here are five key transformations and how they will contribute to its future:

1. Absolute Transparency: From Black Box to Foundation of Trust

What to Learn: The significance of fully disclosing Pi Node’s operational principles.
What to Understand: How this improves Pi Network’s credibility and eliminates doubts.

Previously, some users perceived Pi Network’s inner workings as a “black box.” However, open-sourcing the Pi Node blockchain components makes the source code fully public. This allows developers, experts, and even ordinary users worldwide to examine how Pi Nodes operate and validate transactions.

This absolute transparency will significantly enhance trust in Pi Network by eliminating doubts about fairness and security. By making its core technology transparent, like disclosing a company’s financial status, users can participate with greater confidence. This embodies blockchain’s core value: decentralized trust.

2. The Power of a Global Community: Collaborative Development Accelerates the Project

What to Learn: The potential for global developers to participate in Pi Network’s development.
What to Understand: How Pi Network evolves as a community-driven project.

One of open-sourcing’s most significant advantages is attracting global developers. Instead of relying solely on the Core Team, thousands of programmers and engineers can review Pi Node’s code, submit improvement suggestions (pull requests), and contribute to bug detection and fixing.

This mirrors the success of open-source projects like Linux and Ethereum, which have evolved remarkably through community collaboration. Leveraging collective intelligence, Pi Network can achieve faster, higher-quality development as a “community-by, community-for project,” adapting to diverse needs.

3. Accelerated Technological Innovation: Evolution of Algorithms and Systems

What to Learn: How open-sourcing fosters technological breakthroughs.
What to Understand: How Pi Network’s technological competitiveness is strengthened.

With many brilliant minds accessing the Pi Node source code, algorithm optimization and improved system processing efficiency are expected to accelerate. This could lead to technological breakthroughs such as faster transaction processing, more efficient node operation, and compatibility with diverse devices and operating systems.

This will be a crucial driver for Pi Network to stay at the forefront of technology, preventing obsolescence. In competing with other blockchain projects, this speed and flexibility of technological innovation will be a significant competitive advantage.

4. Robust Security: Multifaceted Monitoring for Vulnerability Detection

What to Learn: How community code monitoring enhances security.
What to Understand: Why the Pi Network ecosystem becomes safer and more stable.

Closed development environments may overlook software vulnerabilities and bugs. However, with Pi Node open-sourced and its code constantly checked by hundreds or thousands of individuals, potential security risks can be identified and rectified quickly.

This aligns with the “Linus’s Law” in the open-source community—”Given enough eyeballs, all bugs are shallow.” In the blockchain world, where cybersecurity threats are constant, this multifaceted monitoring system will significantly enhance Pi Network’s security, creating a safer, more stable ecosystem for users.

5. Towards True Decentralization: Moving Away from Centralization and a User-Driven Future

What to Learn: How open-sourcing is essential for realizing a decentralized network.
What to Understand: Pi Network’s ultimate goal: a user-centric blockchain.

Blockchain’s core principle is “decentralization.” Pi Node’s open-sourcing reduces reliance on the Core Team, enabling community node operators (Pioneers) to form the network’s backbone.

With everyone able to verify the code and operate nodes, network maintenance and management won’t be concentrated in a few groups. This facilitates a truly decentralized state. This is a crucial step towards Pi Network evolving into a “project by millions” and fulfilling its vision of “bringing blockchain to everyone.”

Pi Network’s Core Team is preparing a GitHub repository for this open-sourcing initiative, publishing a list of unresolved issues and encouraging community contributions. This goes beyond a technical announcement; it embodies Pi Network’s ambitious vision as a social project aiming for societal transformation, shaping the future of decentralized finance.

Conclusion: Pi Network Enters a New Phase; Your Participation Shapes the Future

Open-sourcing Pi Node’s blockchain components is a landmark step towards project maturity and achieving a truly decentralized ecosystem. This move brings absolute transparency to Pi Network, invigorates global community collaboration, accelerates technological innovation and security, and most importantly, paves the way for true decentralization.

Pi Network’s future depends not only on the Core Team’s efforts but also on the participation and contributions of each Pioneer. Understanding this historic turning point and continuing to participate in Pi Network’s ecosystem will help shape the future of digital currency and Web3.

Regularly check Pi Network’s official announcements and GitHub repository for updates. Join Pi Network in this new phase and contribute your intellectual curiosity and action to building the future.

Why Isn’t Pi Network Listed on Binance, the World’s Largest Exchange? 15 Key Reasons Explained

## Introduction: The “Why” Behind Pi Network and Binance

The cryptocurrency world constantly sees new projects emerge, each garnering attention. Pi Network, with its tens of millions of users and its unique smartphone mining approach, is a prime example, generating significant buzz due to its accessibility and enthusiastic community. Meanwhile, Binance, a behemoth in digital asset trading, wields immense market influence through its unparalleled trading volume and extensive user base. For many cryptocurrency projects, a Binance listing is considered the holy grail, capable of dramatically altering their trajectory overnight.

However, despite its large user base and dedicated community, Pi Network remains unlisted on major exchanges like Binance. This “why” has been a long-standing question within the Pi Network community. Why would the world’s largest exchange not list such a widely adopted digital asset?

This article delves into the complexities, exploring 15 crucial reasons why Pi Network is reportedly not listed on Binance, offering a multifaceted perspective. We’ll examine the underlying issues from technical hurdles and economic models to governance and regulatory concerns, unraveling the intricacies. This article aims to provide a deeper, more accurate understanding of Pi Network’s current state and future prospects.

## Technical Barriers to Listing: Infrastructure Challenges Facing Pi Network

At the heart of Pi Network’s inability to secure a Binance listing lie significant technical issues. Binance lists only coins with robust, secure, and scalable blockchains. They demand open and auditable code, seamless integration, and proven performance. However, Pi Network’s current infrastructure fundamentally differs from these Binance standards.

### A Closed Mainnet: The “Greenhouse” Preventing Exchange Integration

Pi Network’s mainnet currently operates in what’s termed the “Enclosed Network Phase.” This crucial development stage is akin to a greenhouse, nurturing a delicate plant. It’s not connected to external blockchains or the broader cryptocurrency market, forming a walled garden ecosystem functioning solely within Pi Network’s internal system. This isolation is intentional, allowing the core team to fine-tune the network, identify and address potential vulnerabilities, and establish a stable and secure foundation.

### Binance’s Inability to Create Wallets and Verify Transactions: Due to this closed-network nature, major exchanges like Binance cannot create Pi coin wallets. They lack the ability to independently verify Pi coin deposits on their platform. This is a fundamental requirement for guaranteeing the legitimacy of assets handled by exchanges, posing a critical problem for Binance.

### Lack of Transparency and Verifiability: Risks Associated with a Closed Network: Furthermore, as long as Pi Network’s blockchain remains closed, Binance and other exchanges cannot audit transactions on the Pi Network. This lack of transparency poses a significant risk. The absence of verification and auditing capabilities is unacceptable for reputable exchanges. Exchanges handling billions of dollars in user assets bear a fiduciary responsibility to protect those funds. Unless Pi Network becomes a fully open, permissionless mainnet where anyone can access and verify blockchain data, Binance would essentially be “flying blind,” operating without the necessary visibility into Pi Network’s inner workings.

Pi Network’s current strategy focuses on maturing its ecosystem, building a strong community, and developing practical use cases for Pi coin before opening the mainnet to the public. However, this approach directly clashes with the fundamental requirements of major exchanges like Binance, which prioritize transparency and independent verification. Therefore, until Pi Network’s mainnet becomes fully open, permissionless, and accessible to external validators, a listing on major exchanges is technically impossible – a significant hurdle to overcome for broader adoption.

## Binance Compatibility Issues: The Cost of a Custom Blockchain

Even if the mainnet were open, Pi Network’s custom blockchain isn’t built on the BNB Smart Chain (Binance’s proprietary blockchain network) or Ethereum, which Binance prefers. Binance favors projects built on its own chain for easier and safer integration.

Listing Pi Network would require custom engineering, development of new wallet software, and ongoing maintenance from Binance—a considerable investment for a relatively new and unproven asset. With thousands of compatible projects awaiting listing, Pi Network’s independent blockchain structure is a significant disadvantage.

## Liquidity and Market Confidence: Pi Network’s Economic Challenges

In the cryptocurrency market, liquidity reigns supreme. Binance requires deep, verifiable on-chain liquidity to ensure smooth trading and prevent market manipulation. However, Pi Network currently fails to meet this requirement.

### Opaque On-Chain Liquidity: Divergence from Exchange Liquidity Principles:
Pi Network’s closed mainnet means no public exchanges or decentralized exchanges (DEXs) exist. All transactions are limited to off-chain transactions or direct peer-to-peer (P2P) trades. In this situation, Binance cannot verify Pi Network’s actual liquidity.

### Market Manipulation and Volatility Risks: Listing illiquid assets increases the risk of wild volatility and market manipulation by a few large holders. Since Binance prioritizes user asset protection, Pi Network cannot meet Binance’s minimum requirements without verifiable on-chain liquidity. This resembles a chicken-and-egg problem, a challenge yet to be resolved.

## Uncertainty in Token Economics: Concerns Regarding Pi Coin Design and Distribution

Binance seeks projects with fair and transparent token distribution and clear supply mechanisms. Pi Network’s smartphone mining approach is innovative, but its supply and distribution methods are opaque and deviate from conventional standards. Unclear supply, allocations to insiders, and ambiguous inflation control raise red flags for Binance.

### Unclear Supply: A Black Box Making Valuation Difficult:
The exact number of Pi coins in circulation is currently unknown. The supply dynamically fluctuates based on user activity, but there’s no publicly available on-chain dashboard detailing this. This prevents Binance from calculating Pi’s accurate market capitalization or assessing inflation risks.

### Contradiction with the “Don’t Trust, Verify” Principle: A core principle in the cryptocurrency industry is “Don’t Trust, Verify.” However, for Pi Network, supply information relies solely on the core team’s statements, lacking transparency. Until Pi Network provides complete on-chain accounting data, Binance can only speculate about Pi’s economic situation—an unacceptable scenario.

### Centralized Distribution Risk: Core Team Token Holdings and Lack of Transparency:
The Pi Network core team reportedly holds 20% of the total supply—a substantial portion. However, there’s no vesting schedule or disclosure of publicly available wallet addresses. Binance views this as a centralization risk, as insiders could potentially dump a large number of tokens, crashing the market price.

For a Binance listing, Pi Network needs to lock core team tokens in auditable smart contracts and demonstrate fair distribution. Currently, the risk is deemed too high.

### Ambiguous Supply Control: A Governance System Threatening Stability:
Pi Network allows users to earn higher mining rates by locking tokens. However, broader supply control mechanisms are unclear and not on-chain automated. Binance seeks predictable and transparent mechanisms, avoiding the current reliance on manual or arbitrary decisions. Unless Pi Network provides clear and public rules regarding token unlocking and burning, Binance will find it difficult to predict Pi’s future economic model.

## Governance and Transparency: Deviation from Decentralization Principles

Binance values projects with decentralized governance and open operations. However, Pi Network’s decision-making shows a centralized tendency, with limited community input and code transparency.

### Centralized Decision-Making: A Single Point of Failure in Project Operations:
The Pi Network core team controls almost all aspects of the project: code, servers, and KYC processes. True decentralization means distributed authority and a robust system. Pi Network, however, is viewed as having a single point of failure.

Binance wants to see concrete progress toward community governance and a decentralized infrastructure. Until Pi Network delegates meaningful control to the community, a listing remains a high-risk gamble for Binance. This centralization is a major barrier.

### Lack of Open-Source Code and a Detailed Roadmap: Obstacles to Due Diligence:
Publishing open-source code and a detailed roadmap are standard practices in the cryptocurrency industry. Binance’s team needs to audit the code and track the project’s milestones. However, Pi Network’s core blockchain code isn’t fully open, and its roadmap lacks detail and deadlines.

As long as this fundamental lack of transparency persists, Binance cannot conduct proper due diligence. For a listing, Pi Network needs to open-source its code and publish a clear, time-bound roadmap.

## Regulatory and Legal Ambiguity: The Biggest Hurdle

Binance operates globally and cannot risk listing tokens with legal ambiguities or warnings from regulators. Especially after paying a $4.3 billion penalty and strengthening its compliance, every Binance listing faces stringent legal scrutiny. Pi Network’s unique model presents complex legal issues that Binance cannot ignore.

### Unclear Legal Status: Regulatory Warnings and Binance’s Cautious Stance:
Pi Network’s legal status is unclear. Whether it’s a currency, commodity, security, or something else remains undefined. Some countries have issued warnings against Pi Network, with some even labeling it a potential pyramid scheme.

### Binance’s Compliance-First Approach: For Binance, even a single regulatory red flag is a significant compliance headache. Navigating the complex web of different laws worldwide is risky and expensive. After the hefty $4.3 billion penalty, Binance is now extremely cautious. Compliance is the top priority, and listing standards are higher than ever. Tokens like Pi Network with legal uncertainty are likely to be rejected outright. Binance cannot afford further regulatory missteps.

### “Security” Determination Risks: The Howie Test and SEC Scrutiny:
Whether Pi Network is a security or a utility token remains ambiguous. US law uses the Howie Test to determine if a cryptocurrency is a security. Pi Network’s model falls into a gray area under this test.

If Pi Network is deemed a security, Binance would need special licenses, facing massive legal risks. Given the SEC’s tough stance on cryptocurrencies, even a hint of doubt leads to rejection. Until Pi Network’s legal status is clarified, Binance won’t touch it.

## Conclusion: Challenges Pi Network Must Overcome for a Binance Listing

We’ve explored 15 complex reasons why Pi Network hasn’t been listed on major exchanges like Binance. This isn’t due to oversight or neglect; it’s a confluence of factors spanning technical readiness to regulatory compliance. Understanding these reasons is crucial for anyone interested in Pi Network and the broader cryptocurrency landscape, offering deeper insights into future challenges and opportunities.

Pi Network’s challenges aren’t single, isolated issues; they’re a web of interconnected technical, economic, governance, and legal barriers. Each aspect presents its own hurdle, requiring dedicated effort and strategic solutions for Pi Network to realize its full potential and achieve wider acceptance within the cryptocurrency community.

Pi Network’s large community is impressive, a testament to the project’s vision and user dedication. However, a large community doesn’t guarantee a major exchange listing. Regardless of user base size, specific criteria and requirements must be met.

First, the mainnet must be open, enabling unrestricted trading and full functionality, demonstrating project viability and readiness for broader adoption. Second, token economics must be transparent, providing clear information about Pi coin distribution, supply, and the overall economic model. This transparency is crucial for building trust among potential investors and users. Third, governance must be decentralized, allowing the community to participate in key decisions and ensuring that the project isn’t controlled by a single entity. This fosters a sense of ownership and promotes long-term sustainability. Finally, legal clarity is paramount, ensuring Pi Network operates within the applicable laws and regulations. This is especially important given the evolving cryptocurrency regulatory landscape.

Ultimately, the ball is in Pi Network’s court. Whether the core team and community can address these challenges head-on and demonstrate a commitment to building a robust and sustainable cryptocurrency remains to be seen. Time will tell if they can overcome these hurdles and achieve their goals.

## Related Information and Further Learning

Pi Network’s future trajectory is noteworthy for the entire cryptocurrency industry. How Pi Network navigates the challenges outlined in this article—or doesn’t—will provide valuable lessons. For the latest updates on Pi Network and to deepen your cryptocurrency expertise, continuous learning from reliable sources is recommended.

Share your predictions and opinions about Pi Network’s future. We welcome lively discussions in the comments section. And if you found this analysis helpful, please explore other articles on our blog. We strive to provide the latest insights and analysis to satisfy your intellectual curiosity.

Introduction to Pi Open Source (PiOS) on Pi Network

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The Pi blog was updated on 5/23. Please see the translation and summary of its contents.

Article
https://minepi.com/blog/pi-open-source-pios/

Summary

What is Pi Open Source (PIOS)?

Pi Open Source (PIOS) is an open source project announced by the Pi Network development team in November 2023. Pi Network is a cryptocurrency that can be mined with a smartphone, and currently has approximately 20 million users participating. The purpose of PIOS is to open up the Pi Network codebase to allow community developers and researchers to contribute.

Features and Benefits of PIOS

PIOS has the following features and benefits.

  • Decentralized: PIOS uses blockchain technology to build a decentralized network that does not rely on centralized power or institutions. This allows users to freely manage their assets and data.
  • Democratic: PIOS respects the voice of the community and provides a mechanism for determining network rules and policies. For example, users can vote on proposals for network upgrades and improvements.
  • Innovative: Based on the spirit of open source, PIOS creates an environment where community developers and researchers can contribute to the development of the network. For example, developers can improve the PIOS code or develop new features and applications.

How to Participate in PIOS

There are the following ways to participate in PIOS.

  • As a User: The easiest way to participate in PIOS is to download the Pi Network app and start mining with your smartphone. By doing so, you become a member of PIOS and can earn the cryptocurrency Pi.
  • As a Developer: Another way to participate in PIOS is to contribute to the improvement of the network as a developer. This includes viewing, modifying, and extending the PIOS code. You can also develop new applications that run on the PIOS network.
  • As a Researcher: Another way to participate in PIOS is to contribute to the understanding and analysis of the network as a researcher. This includes conducting research on the performance, security, scalability, etc., of the PIOS network, and publishing papers and reports.

Summary

PIOS is an open source project of Pi Network, aiming for a decentralized, democratic, and innovative network. There are ways to participate in PIOS as a user, developer, or researcher. PIOS has the potential to bring a new wave to the world of cryptocurrency. Join PIOS and let’s build the future of cryptocurrency together!

Translation
As part of the ongoing growth of the Pi Network, we have taken steps to empower our community with the new Pi Open Source (PiOS) software license.

Development on Pi has always been easy, requiring no prior experience with blockchain or crypto. And with our new Pi Open Source (PiOS) license program, it’s now easier than ever to get started with tools and templates designed for the Pi community.

PiOS is designed to encourage developers to share code and collaborate with others to accelerate the development of high-quality Pi apps and build the ecosystem. This license enables developers in the Pi community to create and contribute code for others to use in the Pi ecosystem.

This has a tremendous impact on long-term utility on the Pi Network. For the first time, the Pi Networks developer community can build on each other’s contributions. By integrating the collective knowledge and building efforts of community developers, leveraging the collective wisdom of a massive community of over 45 million engaged users, the Pi Network aims to make it easier than ever for people to pursue diverse ideas and projects.

These shared resources make building on Pi easier by providing the necessary resources for a distributed community to create their own products, while encouraging contributions to a robust ecosystem of apps and utilities by Pi community members.

This access allows all Pioneers to use and modify code repositories licensed by other community developers under the PiOS license. This license is limited to use within the Pi ecosystem and provides all sorts of options to empower developers as they begin their journey.

This gives all developers on Pi access to a library of editable templates and materials for the first time, allowing them to iterate and experiment. This base of collective Pi knowledge allows Pioneers to develop and learn from each other at scale, while saving time.

With PiOS, developers don’t have to reinvent the wheel, and instead have tools at their disposal to start building right away.

This innovation is to achieve Pi’s long-term goal of fostering user-centric cross-collaboration. Through PiOS, we hope to further empower developers who wish to share their codebase with the community, creating a deeper, more compatible, and collaborative community.

Launched concurrently with the start of the Q1 2023 Hackathon, PiOS enabled Pi community developers to not only build great Pi apps but also contribute to the development efforts of other Hackathon participants. In fact, seven of the Hackathon winning and finalist teams built their apps using PiOS, with one team in particular being responsible for licensing shared source code to enable dozens of other teams to build their apps.

By providing a foundational blueprint for community collaborative development to begin, we are seeing more practical projects being built on Pi from developers leveraging our collaborative tools. Our hope is for the community to continue to thrive by enabling Pi community developers to create open source applications and tools for the Pi ecosystem.

To get started, check out the PiOS Github repository.

Translated using DeepL.