The core content of the Pi Network White Paper explained by Fan Chengdiao in November is summarized in plain language as follows:

1. Breaking the elite monopoly of cryptocurrency: Mining with machines like Bitcoin is both energy-intensive and costly, ultimately concentrating wealth in the hands of a few rich individuals. Pi aims to break this situation by allowing everyone to participate using ordinary smartphones, without the need for complex equipment, making it easy for ordinary people to enter the cryptocurrency space.
2. Ensuring network security through interpersonal trust: Instead of competing with other cryptocurrencies for machine computing power, users are encouraged to choose 3 to 5 trusted individuals to form a "security circle." The security circles of global users are intertwined, making it nearly impossible for fraudulent transactions to succeed without deceiving a large number of real users. Moreover, users of different roles can earn rewards based on their activity levels and contributions to building trust, allowing participation even without technical skills.
3. Decentralized Verification Anti-Cheat: KYC identity verification is conducted without external company involvement, allowing verified users to cross-check each other's information. This not only protects privacy but also ensures that an individual has only one account, preventing anyone from creating fake accounts to siphon off everyone's earnings, and entrusting verification and governance rights to the community.
4. Economic rules balance fairness and stability: The issuance of Pi is dynamically adjusted to accommodate the usage needs of billions of people worldwide, and it will particularly reward those who contribute to the network. At the same time, there will be a halving reward mechanism, where those who participate early and contribute more can receive greater rewards; transactions incur only a small fee, which is given to the nodes and validators that maintain the network, ensuring long-term stability.
5. The closed mainnet is to cultivate real value: The mainnet is not open now because there is a fear that Pi will be hyped up by capital into a bubble. During the closed period, Pi can only be used to buy things and enjoy services within exclusive applications, forcing developers to create practical applications. Once the ecosystem matures and KYC coverage reaches a certain scale, the mainnet will be opened, and by then Pi will have tangible value.
6. Ultimately, it will be up to the community to decide: The long-term goal is to gradually withdraw the core team from decision-making, so that future upgrades to network rules and changes to economic policies will be decided by voting among all Pi users, allowing users to become the masters of this network.