Full Speech At Consensus Miami By Dr Changdio Fan #miami #consensus #Pinetwork

Added: 2026-05-09

[00:00:00]I >> there is too much of value extraction without equipment value creation in the crypto space. But with all the symptoms underlining I see is the misalignment of u the crypto tools with the product innovation.

[00:00:18]So what's the solution? Pi is trying to provide answers and uh we use crypto tools uh including its um uh payment ability to issue tokens and smart contracts and then align these tools with the innovation that address the quick exits problem.

[00:00:39]So specifically we came up with a new normal design of Pi launchpad for ecosystems on top of Pi. Pi is a layer one blockchain and ecosystem tokens are tokens on top of that. So PI launchpad despite the name it actually differ very very much from the traditional launch paths on other crypto networks specifically in three distinctive characteristics. First the proceeds committed by participants in Pi actually will not be transferred to project party. they will be permanently irreversibly deposited into liquidity pool.

[00:01:18]>> Not only this address the root problem of the quick exit problem uh but also it help provide a healthy and uh stable start for the token. Second, the prerequisite to launch on Py is to have a list. It can be in the form of third participants um who engage with the product from project will actually receive certain beneficial uh terms or favorable terms or benefits in the launch.

[00:01:55]This design was specifically created to address the quick exit without real building problem in crypto.

[00:02:02]However, from the perspective of business, if tokens cannot be used to raise capital, what can tokens be used for? Especially given how much time and effort is it requires to issue and operate a token?

[00:02:16]This is where Pi is uniquely positioned to provide a different answer tokens for user acquisition.

[00:02:25]Pi designed this thing in a way to integrate crypto tokens directly into the evolutionary process for products and innovation.

[00:02:35]User acquisition is the foundation of a utility creation because no matter how sophisticated a product feature is, if there is no users, there will be no meaningful usage and network effects.

[00:02:47]>> Dr. Nicholas is a real person.

[00:02:49]>> Feedback demand and also the ability for businesses.

[00:02:54]AI primary driver for innovation shaping what ideas involve becoming evolving into real world solutions.

[00:03:04]>> While many types of tokens can be issued on blockchain, PI currently focus on launching and facilitating tokens that acquire uh users to build real products.

[00:03:17]This construct is based on um PI's resources and infrastructure and aiming for building utility and also product innovation. So how does it work? In PI launchpad projects issue tokens and also integrate their tokens into their products. Users can access those tokens through lock chart and afterwards DEX and AMM and Pi as a currency and platform is staked and used to facilitate and orchestrate the whole process.

[00:03:51]Why can Pi provide this is because Pi scale and a unique position. Pi not only being a layer 1 blockchain is also a large social network of over 60 million mobile engaged users. Out of them 18 million are KYC meaning their identity have been verified and out of those 16.5 million actually are already on the mainet blockchain with a crypto wallet enabled.

[00:04:21]For product builders and businesses high quality and global reach are some of the most important resources that are essential for their product success. And these users not only are cryptonated but also mainstream audiences who we think are very important to give feedback and actually use products for its utility case.

[00:04:43]So why can tokens designed in such a way facilitate product innovation?

[00:04:47]>> I'm sitting right >> user acquisition is typically very expensive especially for early stage startups. Instead of uh burning cash, um businesses can use web3 tool like issuing a token to potentially acquire users not just from Pi network but overall and while involving users directly into their product evolution uh iterate with them test products with them and also making sure that their product is addressing human needs.

[00:05:19]Second is that unlike the capital raised which is just sitting in the wallet of the project party. Um users required are humans they have agencies. So they keep the project uh accountable the builders accountable for providing ongoingly useful services and uh engagement. If the projects fail to improve their product or keep the engagement then they have the agency and the free choice to leave. So organic user acquisition and retention are natural mechanisms by which projects are encouraged to create and innovate which is the original intent of the design.

[00:06:03]From the users perspective, they have the free choice to join and use any product.

[00:06:09]difference that they have additional access to this digital asset released by the project and can access it through finan or dex or amn as well as their ability to own and use these assets in the products of this project. Okay.

[00:06:25]>> This shift the relationship between users and the companies from two sides of the table in web two world to one side of the table in web 3. Uh this is one of the important principles of web 3. Um in this way we believe that this design better align the unique capabilities of web 3 such as issuance of a token with support for innovative products.

[00:06:52]High ecosystem tokens are not just about coping existing token models. We actually specifically deliberately avoid coping from existing models because we see many of the problems of web three these days actually stem from the traditional models.

[00:07:12]>> There's another aspect that is equally important for long >> instead of looking at token issuers whose intent is to issue a token and then build a business around the token.

[00:07:25]Highspot actually focus on real businesses with real projects, real products which has a real problem to solve.

[00:07:35]>> Focus is not on tokens for their own sales or integrations or me mechanisms in isolation but what it takes to actually build a real product that solve human needs and then connect the web three resources and tools to facilitate that.

[00:07:53]Why do tokens?

[00:07:54]>> Somebody is screen recording this right now and downloading this what I'm doing right now for y'all.

[00:07:59]>> In the age of AI with all the foundation model breakthroughs and announcements that lower the barriers of building >> be downloading >> the competition for user attention and user acquisition will be more fierce.

[00:08:12]There will be basically more tools than users.

[00:08:16]But business models only exist if someone is using and paying. So in addition to advancing the tools people can build faster and smarter through AI and also in addition to the competition for compute energy and the better algorithm there is also the competition for distribution contri competition for um data that improve [clears throat] and refine AI and also competition for authentic human participation for all these three aspects um users um uh data inputs and authentic participation. Pi has a answer for all of them. As mentioned, Pi is a social network of over 60 million engaged mobile users.

[00:09:07]And in addition to the Pi Launchpad example I gave earlier, there are so many other avenues that are more lightweight. You don't need to issue a token in order to talk into the Pi community for user acquisition. For example, building a Pi app integrate with Pi payments using our directory that is Pi state to boost the rank of your app in the Pi ecosystem. Therefore, more users um pay attention to your [clears throat] app. There's also the layer of human workforce. Actually, we recently released a report on how such distributed human infrastructure can enable AI and AI companies to enhance their um algorithm and enhance their models. Specifically, 526 million tasks were accomplished by over 1 million people. uh this was done in the context of PI KYC solution which uses AI and also human validation to verify over 18 million uh users in the network.

[00:10:08]This large human distributed workforce is a proven and um um active labor force that can potentially provide a lot of um processes such as human in the loop in the AI.

[00:10:25]Authenticity and compliance are strategic, you know, resources for companies building on top of Dr. Nicholas. We have over 18 million people already identity verified. and 3.5 million of them are on the mainet with a wallet. This basically reduce the onboarding frictions of um uh users to be able to transact and at the same time avoid having to introducing them to a new payment solution.

[00:10:54]All of these are built on top of Pi's layer 1 blockchain that has a native payments, non-custodial wallets and smart contracts. There's your answer.

[00:11:04]>> Enabling agent definitely layer one. We don't even got to talk about programmable transactions.

[00:11:09]>> Everybody can talk about layer two.

[00:11:10]>> So with AI disruption, they're actually biggest problems for us to solve in the next decades to come.

[00:11:18]Exploration of how to align web 3, AI and blockchain for utility is the work we as humans have to figure out. The following aspects in AI era.

[00:11:29]First, human economic participation and livelihoods.

[00:11:33]So when the AI advance, every one of us uh cannot help but wonder will AI replace me? Will AI steal my jobs? So we think the future will actually shifting from wage for labor model for most people to ownership based ownership of not just capital but ownership of businesses, IP, creativity, data, human connection or financial assets.

[00:12:00]And the solution