Pi core team's update 2/29/2020 about in-app transfers, and Pi blockchain abuse.

I took this video of the update from my Samsung J3.

If you are unfamiliar with what Pi is I'll give you a short explanation.

Pi ecosystem is the first blockchain project to enable mining on your smartphone.

If you haven't started mining yet, it's free and you can begin mining here.

It currently has 3.5+ million miners and was developed by the same Stanford University group that brought us STELLAR LUMENS. It runs on SCP (STELLAR Consensus Protocol) Which is a Federated-byzantine agreement style of blockchain.

The Pi project has been ongoing. With 3.5+ million miners, the Pi community is nearly halfway to 10M active miners. Once Pi reaches 10M miners, the rate at which you can mine pi will be reduced greatly, or even stop entirely.

So, if you want the opportunity to mine crypto on your phone, you should probably hurry up.

Currently, in-app transfers and KYC are only available to a small pilot of miners. The goal is to eventually to bring this to all miners that are engaging and to bridge the gap from test-net pilot transfers, to main-net fiat transfers.

There have already been transfers in the pilot for goods worth hundreds of dollars. Some very expensive Nike shoes, collections of honey, children scooters, oil, car parts, are among the goods sold.

With the pilot has come some blockchain abuse as well.

It was strictly against Pi's terms of service for test-pilot participants to make transfers for fiat at this stage. Some people have done that, as is explained in the video.

You can't get this video on PC so I recorded it off of my phone. Once again, if you would like to start mining on your smartphone before the mining rate is cut click here.

Enjoy the video of Pi's Core Team Update on 2/29/2020!