PI
by BSCN
October 19, 2023
Unlike with traditional messaging platforms, users of Pi’s new feature will be required to lay down a stake in order to participate.
As per a blog post on minepi.com, published on October 17, Pi Network’s latest feature will see users able to directly contact other members of the Pi ecosystem, but only if willing to stake their Pi “when initiating a message request”.
“members across the Pi Network community can message each other, one-to-one, thanks to a Web3 mechanism designed to incentivize constructive connections while curbing unwanted communications”, reads the post.
‘Staked DMs’, as the feature is being dubbed, is an addition to the existing Pi Chat ecosystem which, until now, appears not to have facilitated 1:1 messaging between Pi community members.
According to the post, Staked DMs is the second instance of cryptocurrency economics to have been implemented by Pi Network, with the first allegedly being “the novel integration of Pi cryptocurrency on Fireside Forum to address social content curation”.
In addition, to prevent unwanted activity, “should members abuse the messaging privilege by sending excessive automated messages or spam, they will not only forfeit their staked Pi but they will be subject to higher stakes to start a new request”.
Unlike traditional messaging applications such as WhatsApp or Telegram, users of Pi Chat will have to lay down a stake in Pi in order to make message requests to other parties. Ostensibly, this mechanism is implemented to prevent “information overload”, but the design may also give Pi assets some much needed utility.
Pi’s blog post goes on to discuss some of the issues with existing messaging platforms in the Web2 world. Most notably, the “dilemma between complete inaccessibility and tons of spam and noises”.
“The intent behind Staked DMs is to provide a groundbreaking leap in allowing Pioneers to connect across Pi’s decentralized environment in a way that disincentivizes spam and incentivises more organic communications, including not just text but image and video sharing in the future as well.”
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].
Latest News
3h : 15m ago
Everything We Know About OpenSea's New SEA Token
5h : 45m ago
Story Protocol & The IP Token: Deepdive
6h : 30m ago
What is BNB Chain? The Ultimate L1
9h : 45m ago
Six Charged in a Crypto Kidnapping Case in Chicago—What Happened
12h : 15m ago
Everything We Know About Pi Coin Exchange Listings
12h : 30m ago
Core Foundation and Aethir’s $100M Ecosystem Fund: Key Details
14h : 45m ago
Ethereum ETFs Could Soon Offer Staking Rewards: Details
February 12, 2025
What is Quai Network and What Makes it Special?