Pi Network Founders Defend Vision as Pi Price Plunges in Late September
Pi Network founders stepped onto a stage in Seoul to remind the group of their long-game imaginative and prescient.
Their debut got here even as the Pi Coin worth slid by greater than 50% in late September.
Pi Network Founders Highlight Achievements Amid Ecosystem Expansion
Nicolas Kokkalis (NK) and Chengdiao Fan (Cfan), co-founders of Pi Network, addressed Korean pioneers at an area meetup.
They reaffirmed Pi’s mission to prioritize utility, group progress, and ecosystem growth over short-term market volatility.
Fan outlined Pi’s multi-layered id on the occasion, presenting it as greater than crypto. According to the Pi Network govt, it’s a developer platform, social community, and utility-driven ecosystem.
He emphasised the dimensions Pi has already achieved, citing 60 million engaged cellular customers, 350,000 testnet nodes prepared for mainnet, and over 14 million customers who’ve accomplished KYC verification.
“Pi is a number of issues…We are a cryptocurrency, a social community, a developer platform, and a utility-focused ecosystem… Our subsequent stage is continuous to broaden the group and ecosystem, emphasizing utility and going past,” Fan said.
One of Pi’s latest initiatives is App Studio, an AI-powered tool that allows non-technical customers to construct and deploy apps inside the Pi ecosystem.
Thousands of apps have reportedly already been created in its first three months, and the founders see this as a cornerstone of future progress.
Complementing grassroots creativity, Pi additionally unveiled Pi Ventures, a $100 million fund designed to again high-potential, disruptive groups aligned with its imaginative and prescient.
Long-Term Vision Over Market Cycles
The founders additionally urged the group to look previous short-term fluctuations. This comment got here as they addressed Pi coin’s turbulent token price and widespread hypothesis about unofficial change listings.
In this regard, Kokkalis mirrored on Pi’s humble beginnings, when he and Fan struggled to recruit even 54 early adopters in a shopping center.
“For me, it’s actually the group. We began greater than seven years in the past with only a imaginative and prescient, and regardless of challenges, we stayed targeted on constructing utility and adoption,” Kokkalis stated.
Fan added that true worth creation takes time, warning that crypto’s worth extraction tradition usually overshadows the more durable job of constructing real-world use cases.
“Long-termism actually must kick in. Value creation is all the time more durable than worth extraction,” he stated.
Tackling Challenges Like KYC, Infrastructure, and Trust
The founders additionally addressed key group issues. They clarified that solely Pi listed on formally acknowledged KYB-approved exchanges must be thought-about professional.
The Pi Network executives warned in opposition to scams and unauthorized tokens in this regard.
Fan famous that Pi’s distinctive method to KYC, which has already onboarded hundreds of thousands with out out-of-pocket charges, is important for guaranteeing possession and compliance in a world community.
This remark comes barely every week after the ecosystem eased the KYC bottleneck with a brand new function. In hindsight, Pi Network KYC was a contentious issue, with customers citing transparency, migration delays, and worth volatility, amongst different issues.
On infrastructure, Kokkalis acknowledged the technical challenges of scaling to tens of hundreds of thousands of every day customers, far past the capability of typical blockchain tasks.
Despite market skepticism, the co-founders painted an image of Pi as a platform positioned for mass adoption, bridging blockchain and AI to ship sensible instruments and providers.
With grassroots app creation, a major venture fund, and a rising international group, they argue Pi is constructing a basis designed to outlast short-term volatility.
“We insist on utility as a result of blockchain networks should produce merchandise which might be truly helpful and handle human wants. That is how actual adoption occurs,” Fan concluded.
As of this writing, Pi Network’s token, Pi Coin, was trading for $0.2616, down by virtually 4% in the final 24 hours.
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