Pi Network social networking platform discourages unfavourable conduct and promotes good posts: Michael Kokkalis

Pi Network’s social networking: Over five million users, commonly known as “Pi”oneers,” have already been KYCed by the organisation, according to Dr. Nicolas Kokkalis, inventor of Pi Network, the cryptocurrency used by over 47 million people in 230 countries and territories worldwide. Before a Pi Network user may transfer their in-app Pi mining balance to the Pi Mainnet blockchain, they must complete this activity. The network is now in an enclosed Mainnet stage, enabling as many non-KYC-ed Pioneers to migrate to the blockchain as possible while allowing KYC-ed Pioneers to move their mined coins to their respective wallets (ready for trading among KYC-ed Pioneers).

Any blockchain project must pass the Mainnet stage before it is suitable for widespread adoption of Pi Network and actual transactions. Prior to the open Mainnet, the enclosed Mainnet phase is used to test and fine-tune the network’s resiliency. The Stanford alums Kokkalis and Chengdiao Fan, who founded Pi Network on March 14, 2019, intended it to be mined exclusively on smartphones in order to realise their ambition of creating the most accessible and inclusive cryptocurrency. Open had completed an earlier done a story on Pi Network and how it works (Life of Pi)

In this conversation with Open, Kokkalis also discusses Fireside Forum, the Network’s brand-new Web3 social media platform that employs blockchain technology, and how it will encourage positive remarks as opposed to becoming the outrage-generating platforms that social media organisations on Web2 have become. In contrast to Web3, a blockchain-based internet that runs on decentralised technology, Web2—the current internet—is dominated by social networking and user-generated content.

On Fireside Forum, users must pay to post, and the cost can be recouped through tips from a decentralised audience that pays the author for the value of the content. At a time when social media networks are busy combating fake news, misinformation, and virtual violence, users must pay to publish on this platform. To do this, it makes use of tokenomics, also known as token economics, which, according to Coinbase, is the examination of a cryptocurrency’s core properties that enables users to compare tokens with one another and make more informed decisions.

This social media platform investigates ways to reward constructive contributions and penalise destructive behaviours. Pioneers who have moved their mined balance to the contained Pi Network’s Mainnet and have through KYC authentication can access this portal. Quotes from a conversation with Kokkalis:

What is the primary goal of Pi Network’s recent Web3 social media product launch, Fireside Forum?

The two goals of Fireside Forum are as follows: One is to attempt to address Pi Network pioneer’s a genuine human issue. In Web2, there are issues that must be resolved in order to improve online social interactions. As the digital world changes how we interact, share ideas, and create connections, it becomes more and more ingrained in the lives of billions of people around the globe. An innovative potential answer to enhance all of our digital lives, both individually and collectively, in terms of how social interactions, connections, and movements are arranged online is blockchain technology and cryptocurrency tokenomics, which Pi combines with Fireside Forum.

Delivering a new, human-driven service to Pi Network’s users, or “Pioneers” as they like to call themselves, is step two. By offering a different social application within Pi Network where Pioneers may connect, participate in debates, and interact with one another in novel ways, Fireside Forum enhances the Pi ecosystem and enables the network to use the bitcoin for genuine utility. Pi Network can take a step forward in discovering and developing new sorts of utility and social experience by including Fireside Forum into the Pi Network’s ecosystem.

Since we’re carrying out one of the biggest blockchain migrations ever, finishing these procedures for more than 47 million active Pioneers won’t be possible in a single day.

Now let’s discuss the alleged barriers to online social interactions. Web2 social media algorithms frequently aim to maximise interaction, grabbing users’ attention by, for example, inciting dangerous disputes and dramatic replies. What are the main drawbacks of the most well-known Web2 social networks today that Fireside Forum hopes to fix with blockchain technology?

Social networking undoubtedly has a lot of positive potential. In addition to facilitating exchanges in many spheres, from science to culture, it has already widened access to a plethora of information and brought markets to remote regions of the world. However, the widespread use of Web2 social media inevitably comes with it problems like false and misleading information, trolling, online aggression, information overload, low signal-to-noise ratio, and more. As we have tragically seen over the past few years, these problems not only hurt individuals but also entire societies.

This is not to argue that Web2 social media app developers haven’t noticed or aren’t taking steps to address these problems. A tool that is frequently used to address these problems is centralised human and algorithmic content moderation, although it has inherent limitations and can only be used so much.

Due to the overwhelming amount of information available, Web2 must heavily rely on algorithmic content moderation to combat information overload (i.e., too much data to handle) and low signal-to-noise ratio (i.e., too much irrelevant data drowning out useful data) on these online platforms. However, relying too much on these algorithms can frequently result in information “bubbles” or “echo chambers” when individuals are exposed to data or peers who repeatedly confirm and reinforce their preexisting opinions. While this encourages engagement on the platform by design, people in such settings are then predisposed to reject or actively oppose other points of view, engage in arguments or abusive behaviour, and in some circumstances, even become radicalised.

So, in response to your inquiry, yes, there is a lot of hatred in the Web2 online community. However, we also see how social media has a huge potential to improve these flaws with the aid of blockchain and cryptocurrencies.

Will Fireside Forum overcome these problematic concerns that are pervasive in Web2 social media?

Yes. The goal of Fireside Forum is to use blockchain-powered technology to build a more authentic and reliable social network where information can be crowd-curated by actual people in a decentralised manner rather than by sizable centralised organisations. Blockchain-powered technology naturally exposes new potential specific to Web3. By decentralising content curation and moderation, Fireside Forum attempts to actively solve the drawbacks of Web2 platforms, minimising the drawbacks of relying entirely on algorithmic moderation while still ensuring scalability to millions of users.

We are integrating tokenomics into the social mechanism to better encourage accurate and reliable content through a novel cost mechanism to address this issue—to promote positive behaviour and positive societal impacts in a decentralised manner. Negative incentives discourage improper and erroneous content whereas positive incentives reward users for good behaviour and excellent content.

.These incentives enable Fireside Forum users to self-moderate content on the platform, providing a crowdsourced solution to some of the major problems facing the Web2 industry.

Overall, it aims to promote a more healthy online environment through social media engagement by being more genuine, collaborative, human-driven, and sustainable.

Can you clarify how the pricing mechanism operates in Fireside Forum and how tokenomics is incorporated into social interactions?

To use “Fire” for participation and actions within Fireside Forum, like as posting and commenting to material, in-app tokens must be acquired using the Pi Network’s cryptocurrency. Depending on how much Fire each post and comment receives, they will then be displayed in the appropriate Fireside channel in descending order, with Fire depleting over time to make room for new content promotion. Users will be given tokens in exchange for a piece of the Fire that was sent to their post after they publish content that generates comments or “likes” from other users.

The use of this cost mechanism by Fireside Forum as a means of enforcing accountability and enhancing authenticity deters the undesirable Web2-related behaviours and algorithmically-driven social feeds while promoting more deliberate and worthwhile contributions. And the Pi Network’s millions of crypto-enabled users, who may mine Pi for free using just their cellphones, are what make this model possible (which may seem contradictory in Web 2). This aids Fireside Forum in achieving its objectives of enhancing online social connections by mitigating the inherent difficulties of the cost mechanism and the model’s balance of costs and rewards, disincentives and incentives, and inner and extrinsic motivations.

How many users on Pi Network, which is present in more nations than the UN or FIFA, have you KYC-ed thus far? What about carrying out KYC on such a large scale has proven to be the most difficult?

Over five million Pioneers have already undergone the KYC process, which is necessary for them to move their in-app Pi mining balance to the Pi Mainnet blockchain. It won’t be possible to finish these operations for the over 47 million active Pioneers in a single day because we’re carrying out one of the biggest blockchain migrations in history. The inclusivity of Pi’s ideology, which ensures that anyone may KYC and participate in Mainnet, is a major factor in our decision-making process. We are dedicated to ensuring that every eligible Pioneer has the help necessary to pass KYC. This process is supported by Pi’s current confined network time as we carry on developing and promoting services like Fireside Forum.

The comparable concepts of Fireside Forum and Pi’s KYC solution should also be noted. One account per individual has been the foundation of Pi Network’s concept for a fully human peer-to-peer ecosystem and online experience. This goal is realised by the Pi KYC solution, which scalably checks a real human environment free of bots and other bad actors. At the same time, Fireside Forum realises Pi’s ambition to use blockchain to address genuine human needs, enhancing not only the blockchain and cryptocurrency industries but also everyone’s overall online experience.