The MAXIMUM total coin supply for Pi is 100 billion Pi coins. This is predetermined.
Just like there will only be 21 million bitcoins, there will only be 100B Pi coins.
We don’t know how long it will take us to reach 100B coins though.
It could be many, many years away.
This is what the Pi Core team said about the figures in their added whitepaper section, around a year ago:
“there are 30B coins already mined via mobile mining, but after KYC and filtering through accounts, the range is more like approximately. 10-20B”
Note: pioneers own 80% of Pi & the Pi core team owns 20%
So, for every 100 Pi come into circulation from the 100B max supply, 80 Pi goes to the community, 20 is kept by PCT
Important: over time – as more Pi is released into circulation, more Pi PCT gets.
Also, the community’s rewards are further divided into community allocations, which all serve different purposes.
See picture.
From this point on, keep in mind that up to 65B coins can be earned through mining in total, as everything else is allocated accordingly.
Mobile mining mechanism:
“The goals of the Mainnet phase are to make further progress in decentralization and utilities, ensure stability and longevity, and retain growth and security.”
Here is the new mining formula.
At first, it looks kind of complicated, but essentially every pioneer:
-has the same BASE mining rate (which decreases monthly)
-has different MINING rates they can earn in multiple ways e.g. node, app usage, referral, lockups, etc
Remember: only 10-20B is already mined from the 65B.
This means 45-55B is to be mined over a period of time.
We don’t know how long, but one could imagine this period of time potentially lasting years or even decades.
Mobile mining has helped Pi Network grow from the start.
Only the coins that have been migrated to the Pi mainnet are truly in circulation & actually available in the Pi ecosystem.
Everything else doesn’t matter until that point.
E.g. forgotten login informations, deceased accounts, fake accounts, etc. – those’ll never migrate.
Important: to migrate, people will need to pass Pi Know Your Customer – also known as Pi KYC.
This ensures only real humans get Pi
- it gets rid of bad actors, trying to cheat the system.
Overall, Pi KYC enforces the 1 user 1 account 1 device 1 node golden rule.
Lockups:
There is also a lockup feature, which incentives pioneers to lock up their Pi for a boost to their Pi/hour earning speed.
This is great for earning extra Pi whilst keeping your Pi locked up for a rainy day.
This is Pi’s unique answer to “staking”.
Lockups ensure a major sell-off doesn’t happen and crash the market price of Pi once listed on exchanges.
Lockups also help long term because e.g. just by looking at the data:
Out of all the coins migrated, close to 80% have been locked (ranging from 2 weeks to 3 years).
This means for every 10 coins released into the ecosystem, 8 are already locked and cannot be spent until later.
This will help with price action as there won’t be as many sellers, which means less sell pressure to keep the price down and people who lockup earn more Pi/hour.
Next, when people buy Pi coins, they have to buy fewer coins for the price to go up as there is less available for purchase on the market.
Overall, lockups truly help every pioneer, and KYC gets rid of bad actors and also ensures only real pioneers get their fair reward.
Additionally, KYC will also delay a lot of Pi coming into circulation too, which is good news for Pi holders.
There are 35 million engaged pioneers to date… but chances are, not all of them will pass KYC before open mainnet. Plenty are inactive or not paying attention. So even if there are 10-20B coins already mined, it will take time for all of that to be released into circulation, plus, a majority of that number, as we have seen already from actual figures, will be locked up for up to 3 years.
KYC: Long-term (as in, there are many inactive people, who may need months of grace period to re-join their accounts and pass KYC)
Pi mining: Long-term
Lock-up: Long-term
Pi max supply to be reached: very long term
As you can see the strategy & systems in place all point toward a long-term approach.
Once you realize this, then you have a better understanding of the overall big picture for Pi.
So you may consider formulating your trading strategy accordingly.
It’s totally up to you!
Quickly, let me paint a picture…
If there are a total of 20B already mined, but once everyone KYCs, 80% are to be locked…
then we have only 4B coins truly in circulating supply to start off with, whereas 16B is locked and 45B is to be mined over many, many years.
That’s why Pi’s may be worth much more than we think.
Not to mention other factors such as our userbase, dapps, blockchain technology, and community or the fact that Pi’s free mobile mining allows every smartphone holder on earth to join and participate (this is BIG)
So, if you are new, want to join, or have been mining for some time…
Just realize that we are all on this long journey to wealth, and the systems, approaches, and rules in place are there for a reason. They are necessary evils, which ultimately serve our common goal.
Before we wrap up…
Understand, that every moment, you are rewarded with Pi crypto:
much more, than you will be next year..
and so much more, than you will be the year after…
and so drastically much more, than you will the year after that..!
Because of the monthly decreasing Pi earning rate, combined with the lockup system, plus all the fewer Pi coins that are to be distributed over time amongst pioneers…
We’re programmed to see plenty of scarcity for Pi. Especially with many more new users!
So, to conclude, if, for some reason, tomorrow Pi launched on exchanges, for real then you may see a smaller/higher price than you envisioned.
At that point, just remember that there are mechanisms in place to drastically reduce the Pi dispersed amongst people over time. So before you buy or sell, make sure you look ahead a bit. I’m not advocating against selling/buying early, but as with most charts out there:
Building value takes time.
That is precisely why Pi has all these different systems in place.
The last thing:
Through this thread, I didn’t talk about Pi Core Team’s share of coins – or what they will do with it. They have up to 20B coins in the end, but truly, only once all Pi is mined.
So at the start, the figure is much smaller & will grow over time.
Now that you have read and understood that PiNetwork might become next BIG THING!!! You may prefer start joining and mining. You can use my referral code/link here:
The_CryptoPad 