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WHY PI NETWORK IS THE FUTURE GLOBAL DIGITAL FINANCE REVOLUTION? LISTEN TO THE VERY FIRST SPEECH FROM FOUNDERS DR NICOLAS AND DR FAN. [Spoken audio]: The vision of pie is to actually building an ecosystem that is having different kinds of goods and services that are available to be purchased in pie. And what type of goods and services is not just like the goods is not just the investment the product. The goods are just like the web to type of goods and services, meaning that it helps you bring you convenience or for a few a need of yours that is outside of this, you know, lens of investment is literally for practical benefits than just a, you know, a return understanding of a return. Got you. Got you. Makes sense. It makes sense. Have you raised any funding and how do you make money? We, as you know, the pie network is free to mine. So in terms of the token side, we decided to give 80% of our supply for free to mine for everyone. And the 20% goes to the core team. And out of all the coins, we have never sold any coin. Probably this is one of our efforts to make it as compliant as possible. We have never run any ICO. We have never sold any token. To support the business, we are running it just like any other Silicon Valley tech startup, that we read some funds on equity to support the operation of the company. Gotcha, got you. I want to go back to your point about energy because Last week, New York lawmakers passed the bill to ban for two years certain kinds of Bitcoin mining that uses energy sources that are bad for the environment. It's now waiting a final signature from the governor of New York. A lot of folks are looking at that story is kind of a barometer of what might happen, you know, the rest of the country by other states. Do you think that's a good move and how do you think that affects pie network, especially your point earlier about, you know, lower energy usage. It's impact on plant network is I guess it's it's not necessarily directly impacting us because we're completely using a different type of consensus algorithm that is different from proof of work. We're using you know a federated by sending agreement by which I mean it's relying on a truss graph instead of energy. So this consensus algorithm relying on a truss graph to dynamically form quorums, which is a subset of the nodes, and inside the quorum, nodes are sending messages to each other in regard to whether they think this transaction is true or fraudulent. And then this consensus algorithm can reach the finality of making a decision to make that determination for the network and write it on the ledger. So based on what I described, it's relying on a trust graph, which is what all these mobile phone users are contributing to, and that's why by their mining, the mobile miners, and then relying on that the nodes are making decisions by transacting, you know, messaging each other about their agreement or disagreement. By saying that, you can understand that any laptop today are able to be online and being able to message each other on the internet. So that's why by nature, this algorithm doesn't necessarily rely on energy. And that is fundamental reason why Pi Network is not consuming a lot of energy like the classic proof of work consensus algorithm. Understood. Final question, you know, Pi Network has a huge following worldwide. To what do you attribute your success and what is needed to further amplify the presence of Pi Network in the United States? Well, we are actually, because I guess our headquarter, the big part of our team are actually located in US. US is actually one of the biggest community of Pi Network. However, Pi Network is a world project. Actually, we have over 230 countries distributed, users from pioneers from all over these countries, almost every region of the world now. We are not necessarily trying to increase a certain population because it's a world project. But in order to build on top of, you know, to grow in every region, We need to basically continue cultivating more utilities, continue to build our community, continue to, you know, bolster our sense of identity, of being part of the Pi network. And it's from the bottom layer, the blockchain layer, the social structure layer, the cultural layer, all three layers as a full stack of building a full vibrant ecosystem of Pi network. What a fascinating company that you built And we thank you for sharing some of the insights with us on what you're working on, how it works, and your thoughts on its future growth. Shangyu, fan, we thank you so much for taking the time and joining us today. Thank you. Thank you.
