Pi Network Unveils a Native Ad Network, a New Paradigm for Cryptocurrency Utilities in its Web3 App Ecosystem

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Mar 14, 2024, 07:30 ET

The 55 million-strong blockchain community celebrates five years unlocking unprecedented utility for Pi and empowering developers on its platform

PALO ALTO, Calif., March 14, 2024 /PRNewswire/ -- Pi Network, a Web3 app ecosystem and developer platform with a community of tens of millions of humans mining Pi cryptocurrency, has announced the pilot launch of the Pi Ad Network, heralding an enormous utility potential for the Pi cryptocurrency.

Advertisers who wish to place ads on the Pi apps platform on Pi Browser will need to acquire Pi, a key element of the vision of the Pi Ad Network during the upcoming Open Network period. Thereafter, Pi will, in turn, be distributed to the developers of Pi apps displaying ads on the platform. In addition to the diverse utilities created by various Pi apps in the Pi ecosystem, the ad network has the potential to generate massive utilities at the platform level.

This benefits all 'Pioneers,' as this community of over 55 million engaged members is often endearingly referred to. "When we combine our collective resources such as attention and distributed computing power and add to it that over 9 million Pioneers are already KYC'ed, with millions more on course to join the network and the ranks of identity-verified Pioneers, the utility-generating potential on the platform level is tremendous," said Chengdiao Fan, one of the founders of Pi Network and Head of Product. "And the platform-level utilities don't stop here. Think of how much better positioned Pi Network will be to solve the authenticity and ownership issues of the future Web3 world pervasive of AI with its large network of identity-verified, crypto-enabled humans, and the utilities that will be generated from those processes. Think of what our large distributed network of hundreds of thousands of computer nodes can provide for the evolving technological need for distributed computing at scale. We are just getting started."

The Pi Ad Network allows Pi apps developers to monetize the attention resources collectively contributed by Pioneers and provided by the Pi platform via Pi Browser, in proportion with the app's user traffic, and hence, its operational costs. This platform-level mechanism for sustainable app development incentivizes developers to build useful and innovative apps for Pioneers, contributing to more engagement and setting off a virtuous cycle between the quality of Pi apps and the platform's collective attention resource. Further, the ad network is positioned to potentially source better ads from reputable ads providers following industry practices, thereby upholding standards for user experience and safety on the platform and Pi apps.

"To achieve our vision for the Pi Ad Network, using exclusively the Pi cryptocurrency, we need first a stepping stone," shared Nicolas Kokkalis, the other Pi Network founder and Head of Technology. "In the current Enclosed Network phase, we ensure that Pi Apps developers can begin monetizing their apps by providing them payments in USD or USD-equivalent, setting a solid foundation before transitioning to the Open Network." He further highlighted the strategic rollout, mentioning, "Our pilot with Fireside Forum is just the beginning. Following extensive testing, we will extend the Pi Ad Network to the broader developer community through the Pi SDK, empowering developers." This initiative underscores the network's commitment to fostering a thriving and sustainable ecosystem for developers and users alike.

In December 2023, Pi Network announced its plans to go to Open Network in the year 2024, with some conditions such as 15 million KYC'ed members, 10 million Mainnet-migrated members, and 100 Mainnet or Mainnet-ready apps in its ecosystem.

To learn more about Pi Network, please visit minepi.com.

ABOUT PI NETWORK
Pi Network is a community of tens of millions of humans mining Pi cryptocurrency to use and build the Web3 app ecosystem. Founded in 2018 by a team of early innovators in blockchain and social computing, with PhDs from Stanford University, Pi Network is a utilities-based ecosystem for third-party apps on a mobile web platform, with widespread (rather than concentrated) token distribution. The blockchain platform offers a mobile-first mining approach, with low financial cost and a light environmental footprint within the crypto space.

SOURCE Pi Network