So far, these are the topics we have covered in Pi Network's whitepaper: preface, introduction, problem, solution, and economic model. Time to take a look at its utility. In the field of cryptocurrency, utility or use case is a buzzword. This determines the success or failure of a particular project.

The whitepaper describes utility as "pooling and monetizing our time online." What does that mean?

At face value, it appears that the goal is to combine the time that we use online to make money. Yes, we see influencers earning money online, but that is not a common experience for most of us. You have to do something that has value in the eyes of the viewers, even if that means throwing garbage online. The important thing is that by watching your video or reading your content, people are either entertained or learn something useful.

To explain in detail the meaning of "pooling and monetizing our time online," four things need to be clarified:

• Pi Ledger and Shared Trust Graph

• Shared Attention

• Pi's Marketplace

• dApps or Decentralized Applications

Pi Ledger and Shared Trust Graph

What do Pi Ledger and Shared Trust Graph mean?

According to the white paper, in our time now that we live in the digital or cyber world, we are sitting in front of a treasure chest that we have not yet opened. While we hold our mobile phones and look at ads, read posts, or click on the posts of our friends, these online activities provide huge profits to large corporations.

The Pi network believes that the majority has the right to what is called "value capture."

What is this "value capture"?

If we review this article I published three days ago, I cited PayPal as an example that by providing an online payment service, a lot of money goes to this online payment platform.

To contextualize the example in the Philippine setting, let's take MLhuillier as an example.

If you are sending money to your friend or family of 1,200.00 PHP, for example, you have to pay 45.00 PHP. We consider this normal, for we are used to the current system with 3rd parties. However, in the world of cryptocurrency, we have already mentioned that 3rd parties are not necessary.

Returning to MLhuillier, let us take, for instance, that a branch has 1,000 clients in one day. If you multiply 45.00 by 1,000, you will come up with 45,000.00 profit. It seems fair and reasonable, not so huge. However, MLhuiller has over 3,000 branches all over the country. Again, do the math, and the total revenue will reach 135 million pesos. That's no longer a small amount.

Our example is just for 1,200.00 transactions. What if many send higher amounts like P5,000.00, P10,000.00, etc.? You got the point. Yes, the bigger the profit.

Now, let us change the scenario. What if there is no third party? What if we can do money transfers without the financial service of an institution like MLhuillier? Where will that 135M go?

That's where the question of value capture comes in. And that's what the Pi Network intends to do. The network wants to pool the collective resources of all the pioneers (60 to 80 million now?) to get a share of the value that we create. However, there is a huge problem. The major obstacle now in the Internet or the cyber world is the question of who you can trust. Currently, we trust the rating system provided by Amazon, eBay, etc., as the customers give ratings and give reviews to sellers, but the lion share of the value we create goes to these giant companies. We don't question it because, for us, that's normal.

With the Pi network, it created a so-called "consensus algorithm" to measure trust on the web without the need for large intermediaries. This is what Pi calls a "trust graph," and I have a hard time understanding how to make that code.

The point is that the "global trust graph" will facilitate transactions between strangers. Pi, as a digital currency, will enable everyone who helps keep the network safe to capture a share of the value they have produced. So that's my understanding of the Pi Ledger and the Shared Trust Graph.

Shared Attention

What is shared attention?

Even before I joined Hive in August 2021, I first stumbled upon the concept of the "attention market" by reading the whitepaper. At first, it appeared strange to me. I asked myself, is there such a thing as "attention market"?

So, what the Pi network will do is pool the collective attention of the pioneers to create an attention market that has value. An example of this is the social media channel that is on the home screen of the mobile app. I don't know if you can open it. From time to time, I visit it and read the posts of community members. The Pi Core Team uses that channel to find out the community's opinion about the direction of the Pi network or proposed projects. One of the future directions being considered is to open that attention market to any pioneer to use the Pi network to post their content. At the same time, Pi also wants to expand the number of channels hosted on the Pi Network.

This will be easier to understand if we take advertising as an example. You know that in advertising, companies are vying for our attention, and they are willing to pay a lot just to get our attention. So, in Pi's attention market, those companies that want to get the attention of the pioneers need to pay with Pi. The Pi network thinks that our attention is the treasure chest that we have not opened yet.

Pi's Marketplace

What is this marketplace?

We are familiar with the supermarket, groceries, market, or maybe talipapa. The techie millennials can easily understand this because they are familiar with online stores.

The Pi marketplace is not just an online store. Through the mobile app, it can be a tool for the members of the Pi network to be able to offer their skills and services, including the placement of online stores to sell goods and other services to other members of the Pi network using Pi. In the future, part of the vision is to increase the number of goods and services that support the Pi network.

dApps or Decentralized Applications

.
What are these dApps?

Pi also plans to have a decentralized app store. This reminds me of the online Apple Store and Google Play Store.

Pi's goal is to open the door wide for app creators to join the network. The question is, how?

Now that the Pi token is in the open mainnet and has a market price, Pi is now legitimately a cryptocurrency that can be used as a medium of exchange by mobile users. Add to this the trust graph and marketplace. These three will provide the kind of environment for a massive dApps ecosystem. Entrepreneurs and developers anywhere in the world, regardless of their color, gender, or religion, can pass their dApp proposals to the community so that these projects can be supported in numerous ways, and they will be given access to the needed capital to build the project they envision. If you want to see examples of those project proposals, visit the Brainstorm app on your mobile app. You can also try to submit your project proposal if you can think of a specific decentralized app that will be useful for many.

So that's my simple understanding of Pi's utility. Governance and roadmap are next. Thank you very much for your time.

If you are curious about Pi Network, you can download the app by following this link. You also need to have a Bitget account where you can transfer your Pi from your Pi wallet to a crypto exchange and exchange it for your currency.

Grace and peace!

What is the utility of Pi?

Pi’s utility will be backed by the time, attention, goods, and services offered by other members of the network in exchange for Pi. By pooling our attention, goods and services around a common currency, Pi’s members are building the network together. Because this is a network supported by blockchain technology, the network can help its members reduce their costs and prevent slippage that typically goes to banks, technology giants (e.g., Facebook, Amazon) and other intermediaries. Today, we are laying the infrastructure for this digital currency and for a utilities-driven app ecosystem by distributing the currency, building the community, developing the technology to ensure its security and designing new types of online social experience. Source

Check other Pi Network-related articles:

Pi Network’s Open Mainnet: Hype, Price Speculation, and Reality Check

Pi Network's Open Mainnet: Reality vs. Hype and My First Pi Trade

Pi Network Defies Expectations: Open Mainnet, Price Surges, and Community Reactions

The Pi Anomaly: A Market Oddity and the Rise of Mobile Mining Apps

Revisiting Pi Network: Reflections on Its Journey Since July 2021

Understanding Pi Network: A Simplified Breakdown of Its White Paper

Breaking Barriers: How Pi Network Democratizes Cryptocurrency

Pi Network’s Economic Model: Balancing Scarcity and Accessibility in a Digital Age