pi cryptocurrency latest updated news publish today 2022

pi cryptocurrency’s latest update news, Today pi network put into effect the first version of rewards issuance formula that projects the supply limits for future mining rewards. The base mining rate consequently has dropped and will get adjusted monthly thereafter following the formula. On December 28, 2021, we launched the Mainnet with new chapters of the white paper Pi (December Whitepaper). One chapter, “Token and Mining Model“, described Pi’s supply model, the new mining method, and the mining rewards within the supply chain. Please use the December Whitepaper attached to the Mainnet Dashboard as a reference for the next announcement.pi cryptocurrency latest updated news publish today 2022

As previously announced, the network will follow the steps below to activate the new mining method. These measures will be independent and go hand in hand with the assurance of the upcoming KYC bulk and the transfer of the Pi balance to the Mainnet blockchain.

  • It comes into effect today, March 1, 2022 – The declining prize-giving formula will take effect. In particular, the basic mining rate for the whole system (B) will be reduced based on the average monthly supply limit where B stays monthly and decreases monthly. The mining machine otherwise does not change until March 14.
  • Upcoming March 14 (Pi day), 2022 – A new mining approach, which includes new awards specified in the December Whitepaper, will take effect. Pioneers will be able to increase their mines by making new, more diverse contributions to the pi cryptocurrency network through Pi lockup, application usage, and node operations.

pi cryptocurrency Announces the new mining standard and the Prize-Offering Formula

Today, March 1, 2022, we are announcing the first edition of the Rewards Prize Formula — the descriptive function described below — in which the basic mining system (B) is reduced based on the monthly supply limit. B today dropped to 0.02367198839 Pi per hour, which will last March 2022 and drop every month thereafter. 

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Note that the new base mining rate will be activated after the completion of your current mining operations which can use the old level. This formula aims to ensure that the Pioneer mine awards are within the estimated 65 billion mining allocation set for mining awards as announced in the December Whitepaper. This decline in exponential activity and the new mining approach equates to the network’s need for growth, access, longevity, and scarcity. Additionally, it balances Pioneer prizes by donating to the network.

Although B has been reduced to a minimum.

Although B has been reduced to a minimum, Pioneers will soon have more opportunities to make additional contributions to the network and increase their mines. This is one of the purposes of the new mining method. On March 14 (Pi day), 2022, a new mining method will be introduced with new types of prizes: locking, application operation, and node operation — as outlined in their formulas in chronological order in the December Whitepaper.

Together, the first version of the drop-down network award formula and the new mining approach to the future marks a major development in the development of Pi cryptocurrency Network’s Token Model and Mining design during the Mainnet phase. These incremental steps also serve as an example of how the Closed Mainnet era offers network opportunities for specific formulas based on the continuous acquisition and token creation and simulations.

The first version of the Rewards Prize Formula.

Please note that the exponential drop-down formula below is the first version of the Rewards Prize Formula, as it is not possible to accurately predict future data on Mainnet and new mines. This first version was designed based on previous data, simulations, and best guesses, such as the remaining $ 35 billion for future mining awards, closure of pioneers, and features of the ecosystem as a whole. For example, the remaining $ 35 billion Pi is based on the data currently available on the mobile pioneer Pioneer balance.

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A more accurate figure will be determined by the KYC network speed and how much Pi is transferred to Mainnet in the future. Additional data and continuous simulations will help to explore such basic assumptions in the award-winning formula, and thus, may lead to formula alignment in line with the network objectives as described above.

supply_limits (expressed in Pi / day) = exp (- last_day_total_mining_rewards / 1220) • 35,000,000,000, where

  • supply_limits is the result of this formula that gives a certain amount of Piper day indefinitely while ensuring that future output amounts will not exceed the remaining available supply.
  • Last_day_total_mining_rewards equals the total number of pi cryptocurrency mining awards issued the previous day,
  • 1220 is a feature of repairs that should be redesigned in the coming months, too
  • 35 billion is the estimated amount of Pi available for Pioneers to move forward.

How is today’s B calculated?

The White Paper of December stated that B will be adjusted flexibly to maintain the awarding of mining prizes within a limited supply range. Time can be annual, monthly, daily, hourly, or even granular. To make it easier, we start with a flexible B every month, which means B will last a whole month and will be adjusted based on the award formula and network mining activities at the end of each month. 

Starting with a steady B for a month helps Pioneers understand the meaning of 1) a new supply chain (effective today), 2) a new award-winning mining method (effective March 14, 2022), and 3) a more dynamic environment. of B (possible future) one at a time, considering that these ideas are complex and all contribute to the Pioneer mining awards. 

At the same time, the monthly period is short enough to rectify any potential over or under pi cryptocurrency that may be a deviation from the prize-giving formula while B is stable long enough for Pioneers to track and adjust their contributions to the network for revenue rewards.

Daily limitations in the above prize.

Therefore, the new B that works today is calculated by summarizing the daily – daily limitations in the above prize form and dividing by 31 (the number of days in March) and even the daily allowance during the month, and dividing the number of coefficients in the all-Pioneer Mining Awards on February —Including its duplication of Referral  Team prizes and Defense Circles, as well as your limited frequency of locks, Application, and Node prizes on the pi cryptocurrency new mining route in March (Please refer to December White Paper: Category: Mainnet Mining Formula to understand that counts how B). 

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The same repetition will occur each month onwards. For example, on April 1, B will be re-calculated based on the two-month offer limit from this formula and the total amount of all earning Pioneer earnings from the last day of March. This B will last until April and update again on May 1st.

The total number of PIs mined each month.

If B does not change for a month, the total number of PIs mined each month will vary according to the total number of active Pioneers’ contributions for that month. At the end of the month, the number of the Pi dug will be compared to the number started by the formula. 

Any deviation between the two numbers each month will result in additional adjustments to the supply of the remaining Pi, for the entire remaining mining time, as well as any of the other types of adjustments described above, e.g. estimated to be the remaining 35 billion mining awards.

Thus, the monthly B can cause excessive discharge on or under the Pi, leading to a deviation from the prized formula. If such monthly deviations remain large, the network may move to a more flexible version of the B model where the monthly output of the pi cryptocurrency remains unchanged but B is adjusted during the granular epoch. 

The shorter the B correction time to follow a formula, the less likely it is to be overstretched or less than the intended supply limits, and the less likely it is to deviate from the formula at that time. Additional data on Mainnet and the new mining method will help evaluate the current dynamic performance of the current B and determine whether a more powerful B version is needed.

What can pioneers do?

Although the basic level of mining has declined, new mining rewards are coming soon. We will make another announcement on pi cryptocurrency Day on March 14 to launch a new mining program and prizes, and explain how the Pioneers can increase their mining prices by making more donations. Until then, you can continue to increase individual mining rates over the next two weeks:

  • to continue mining as before to obtain a new level of mining for the entire system,
  • to complete your Defense Circle to maximize your Defense Circle prizes,
  • inviting your friends to my Pi to increase the Rewards of Rewards Team, once
  • to remind your existing Transfer Team of mine.

In addition, Pioneers should suspend their lockup configurations, see how closing lockups can increase mining status in a new mining simulation interface, and commit to a shutdown configuration before the new mining method becomes operational on March 14. Please follow the button “Lockups” on the home screen to set your lock configuration. The higher the lock level and the longer the lock time, the higher the locking rate.

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