Pi Network Introduces New Lockup Feature on Blockchain
Pi Network has launched a new feature on their blockchain called « Lockup, » designed to enhance the Mainnet environment and benefit users. With the ability to voluntarily establish new Lockups on the blockchain, migrated « Pioneer » users now have more freedom and control over using their Pi for mining lockup rewards.
Over the past six years, Pi Network has grown in popularity, establishing itself as a top cryptocurrency in the market that has yet to be fully released. Millions of people worldwide have downloaded the app and joined the community, attracting millions more users.
What is Pi Network’s Lockup Feature?
Pi Network is a cryptocurrency project that simplifies mining by allowing users to mine with their smartphones, eliminating the complexity of traditional mining methods. However, to mine, users must provide an invite code to another user for the mining process to begin. The invitee then receives additional Pi Coins through the mining process. This structure resembles that of many pyramid schemes, where inviting new members is financially beneficial.
The introduction of the Lockup feature addresses a previous limitation faced by Pioneers. Prior to this update, users could not lock up their Pi on the Mainnet blockchain after migration or expiration of their initial Lockup. This feature now allows migrating Pioneers to utilize their spare Pi for Lockup mining rewards, enhancing their overall experience.
Key Differences in the Lockup Feature
The new Lockup feature introduces the concept of a 200% Lockup, where users can lock up 200% of the transferred amount. This allows Mainnet migrating Pioneers to lock up more Pi than they have mined, especially if they acquire Pi through utility-based apps or local commerce. The 200% lockup option provides users with added flexibility and potential rewards.
Moving forward, the decentralized Lockup mechanism created by Pi Network is a crucial step towards achieving network sustainability and stability within the cryptocurrency market. By encouraging long-term engagement and decentralizing control over the Pi supply, the network aims to create a balanced ecosystem where all users contribute to its growth and health.
Source : www.banklesstimes.com