Pi Network Wallet Update | How To Create Pi Network Wallet New Update 21 Marach 2021

Pi Network: The Insane Future Barter and Attention Marketplace

 Since you guys clicked on this video i want you to think about something for a second imagine buying a designer watch for about a hundred pie coins that you got from an app how about buying a laser remote keyboard for about 40 coins or maybe even buying a pair louisvuitton shoes for about 93.97 pie coins and as somebody who's watching this video do you think the prices are too high or are they too low in this video i want to talk about the upcoming marketplace designed just for the pi network and analyze whether or not they can truly succeed and to do this we're going to take a look at unofficial marketplaces cryptocurrencies are similar to pi and also what the developers are saying about their upcoming marketplace the pi network is a platform where you can mine pie coins just from your phone and the project officially started back in pi day of 2019 and you can kind of think about this like getting your hands on a stock before your ipos or becomes listed on an exchange and this is because pi is only mine able before the cryptocurrency is officially launched this project was started by a bunch of stanford folks who wanted to create decentralized cryptocurrency and if you guys want to sign up make sure to use the invitation code in the comments below i'm sure someone out there will post their invitation codes below and just as a part of thanking everybody who's helped this channel grow i'll make sure to pin a couple of comments because this channel has grown massively because of the pi community and it's the least i can do for you guys and for anybody new who wants to sign up just know that this project doesn't take any time and also doesn't take any money from you so i can guarantee that it's not going to be a bad move to sign up anyways in this video i really want to talk about the upcoming marketplace that's scheduled to be released in the end of this year this will be a place where we can exchange pie coins for items and also services and it's also going to be so much more which i'll talk about in later parts of this video but right now i want to talk about some of the unofficial marketplace that launched because of the pi network i think these websites are really a testament of how popular the pi network has gotten so far and some of these websites have even started to try to speculate on the value of a pie coin this includes the items i showed you guys in the beginning of this video and to be completely honest i'm not really sure how safe or regulated these websites are and some of you guys might even be interested in using some of these websites but i would recommend that you guys wait for the official release of the pi marketplace this is because the pi app directly states that pi currently has no value right now and currently the sale of pi coins are unauthorized and may result in your account being frozen and i would definitely wait a little longer because the official marketplace is coming in q4 of 2021 and there's no point in using unauthorized websites using these unauthorized websites is kind of like taking on unnecessary risks and honestly it's probably better for you guys to accumulate more pi coins so make sure to leave a comment below of your invitation code and also make sure that you verify your account because you're not going to be able to receive any coins unless you do so and i know a lot of people don't want to link their facebook account or even their phone number but this is not unique to this cryptocurrency in fact this is actually required by law in most countries and it's actually called the kyc system or know your customers this helps up high network know that the people on the network are real people and not robots and this helps the system prevent fake miners and also miners with multiple accounts and this will also help you guys get a wallet in the future which i'll talk about in a later video and one thing that might surprise you guys is that this system isn't actually new or unique to pi there's actually another cryptocurrency called electroni and etn that operated similarly to pi electroneum also had a koic system and also let miners my coins from their phone this cryptocurrency officially launched back in 2017 for mobile gaming gambling and also the freelance economy and today ent has over 50 employees working for the project i want to quickly compare these two projects for a second because ent also tried to build a marketplace and i think there's a lot to learn for the pi network here you see e and t coins actually had a lot of hype back in the days and at one point it was even more popular than the pi network right now this is one of the first cryptocurrencies to partner with a freelance website called any task and although any tasks wasn't as popular as a website like fiverr it was still a pretty big deal and you would think that once this partnership is formed an organic marketplace would occur and the issue was that this marketplace had a lot of problems that i'm glad the pi network is able to take notice you see the first problem with etn coins is that it started to lose a lot of value this made it hard for freelancers and also merchants to hold on to etn coins this is because etn coins are always mineable and didn't have a fixed supply and just like pie coins people were able to mine et and coins just using their phone this means that the increase in demand always has to be larger than the increase in supply for the coin to rise in price and from looking at this issue i'm glad that the pi network decided to limit the supply of pi coins although pi coins are mineable from your phone it won't be mineable after the coin is officially released this creates an element of scarcity and also makes sure that the coin doesn't fall too much in value basically all the coins that you guys mind before this project officially starts in q4 of 2021 will be all the coins that there will ever be in terms of pi

There's also a lot of other reasons why i think etn coins are hard to use and i really do think that this reddit post summarizes a lot of the issues the first thing is that spending etn coins actually carries a 20 surcharge and not to mention the fact that exchanges will also charge you a fee for buying etn coins and because of this it would make more sense for people to use cash instead i think the idea here is that using etn coins become more burdensome than using regular money and that might be some of the reasons why the platform hasn't been as popular as people thought it would be to be honest i'm not really sure what will happen to etn coins in the future it looks like they're continuing to grow and expand the project and a lot of the issues of etn coins are completely fixable i hope this project will succeed but either way i think it's a great case study to compare against a pi network i'm glad that the pi network took consideration of the supply problem and the next thing they have to do is to make sure that it makes sense for people to use pi basically no surcharge for using pi coins and also making exchanging pi coins for the dollar much easier and they've also been taking their time developing their blockchain so it makes me feel more comfortable about the project the official marketplace for the pi network will launch in phase 3 of the project and the developers here have some great ideas on how they want to keep people engaged on the platform the basic idea here is trying to bring as much value as they can to people like us one of the ideas they have is bringing forth a scarce social media channel and they say that we can think about this like instagram with one global post at a time the basic idea here is that people like you and i are able to wager pie to get the attentions of other members for example i might wager 20pi to promote my instagram posts which i would never do because i pretty much hate instagram but you get the point this pretty much creates what i call an attention market basically if you have enough pie coins you're going to be able to get other people's attention and the pie here isn't going to go to the developers instead it's going to go into the hands of people who view the post and this looks like to me it's going to be an optional channel or a chat room on the pi network app and it's also going to be a great way for people who want to earn more pie and another idea from the developers here is for corporations to be able to reach customers on the pi app this is also going to be optional just like the scare social media channel and the companies here are going to have to buy pie coins and also pay us in pie coins for our attention this means that if we want to we can watch optional ads on the platform and the ads here are going to then pay us in pi coins and think about this for a second imagine coinbase wants to advertise their platform on the pi app this means that the company coinbase has to purchase pi from us this is because they have to distribute pi coins to their viewer sand this is going to be a win-win situation for both the viewer and also coinbase 

Coinbase is going to be able to gain some new members and those who watch that ad are able to earn some pie which they can use to buy things so far we talked about pi's attention marketplace where corporations and also individuals are able to get the attention of the pi community by spending pie and the next marketplace i want to talk about is pai's barter marketplace this is where people are going to be able to trade their pie coins for goods and services and you can kind of think about this like amazon or shopify but with pie coins and i really have no idea what people are going to be selling on this platform and not to mention how shipping is eventually going to work but i think it's going to be a pretty cool idea once you're able to work out the kinks

I'm guessing the developers here are 

going to be responsible for running the virtual storefront and they're probably going to pay these shipping companies usd and chargers and pi but i think as the platform gets bigger and bigger many of these companies might even start accepting pi i think the storefront idea is pretty cool because you might be able to get everything you need just by using pi and for everything you can't get yet you can just convert your pi into usd this is pretty crazy but if you really think about it this is its own economy and it's also a decentralized economy so no one really controls the currency and this is also completely different from the etn coins i mentioned earlier because this is pretty much business to consumer and also consumer to consumer and because of this a number of participants in this economy might be a lot higher imagine somebody building a village just running on pie coins and if the virtual storefront ever becomes a success i can totally see this happening and the last thing i want to mention is that there also is going to be a decentralized app store this means that applications are going to be able to be built on top of pi and this includes any kind of games that developers want to think about maybe you want to build an independent stock market that runs on pie coins or maybe even video games that rely on pie coins as a currency the applications here are pretty much endless and anybody who wants to create something on top of pi's existing infrastructure can't really do so i'll make sure to talk about this more in the future because i find it pretty exciting thank you guys so much for watching this