$PI Dr. Fan's public speech at the 2026 Miami Cryptocurrency Industry Conference, which I have deeply studied countless times, has strengthened my determination to follow the Pi Network and contribute my modest efforts to building Pi Network together. Here is the presentation, shared for mutual encouragement!

Hello everyone. Today I am here to speak on the theme of integrating artificial intelligence and blockchain to create truly practical application scenarios.
Last year, at another cryptocurrency industry conference, I discussed some issues I see in the crypto space: token issuance is endless, various financial mechanisms are constantly operating, but there is a general lack of underlying practical value and core substance. Many tokens are issued mainly for fundraising, without genuine product innovation. Project teams can easily and quickly raise funds but are unwilling to diligently complete project development and implementation. In the crypto industry, false value hype is rampant, yet there is no corresponding creation of real value. Looking at the existing systems in the industry, I find that the vast majority of crypto tools have deviated from the essence of product innovation.

So what is the solution? Pi Network is providing an answer. We use cryptographic tools, including payment functions, token issuance, and smart contracts, combining these tools with real-world innovation to address the chaos of project teams quickly cashing out and leaving.
Specifically, we have designed a brand-new Pi Launch Incubation Platform for the Pi public chain ecosystem. Pi is a primary underlying public chain, on which various derivative tokens within the ecosystem are built. Although the Pi Incubation Platform has a name similar to traditional on-chain launch platforms, it is vastly different from all traditional crypto incubators. It features three unique characteristics:
First, all funds invested by participants will never be transferred to the project team but will be permanently and irreversibly deposited into a liquidity pool. This fundamentally solves trust issues and effectively prevents projects from raising funds without building, or quickly exiting after fundraising!
Second, a strict prerequisite for projects to land on the Pi Incubation Platform: they must have a functional, operational product, even if it’s just a basic prototype.
Third, users who deeply engage with and experience the project’s products can receive exclusive discounts and additional benefits during the token incubation and issuance phase.
The core purpose of this design is to solve the persistent problem in the crypto industry of fundraising without real development and quick exit scams.
But from a business perspective, since tokens cannot be used for fundraising, what is the purpose of issuing and operating tokens that consume significant effort?
This is Pi’s unique innovation: the core role of tokens is to help projects acquire genuine users. We integrate the crypto token system directly into the entire process of product iteration and technological innovation. Customer acquisition is the foundation of value realization—no matter how perfect a product’s features are, without users, there are no real use cases or network effects. User feedback, genuine needs, and a company's ability to attract and retain customers are the core drivers of innovation, continuously refining ideas into solutions that address real-world problems.
Blockchain can issue various tokens, but Pi currently focuses on supporting one type: tokens that serve real-world customer acquisition and build tangible, practical products. The entire ecosystem relies on Pi’s proprietary resources and underlying infrastructure, aiming to create practical value and promote original product innovation.
Pi ecosystem tokens do not copy existing token models on the market. We deliberately abandon traditional approaches because many of the current chaos in the crypto industry stems from outdated token mechanisms.
Our standards for project selection are also entirely different: we do not accept speculative projects that issue tokens first and then build business models around them. Instead, we focus solely on high-quality projects with real business operations, mature usable products, and the ability to solve practical problems. Pi does not isolate token speculation, on-chain gameplay, or mechanisms; the core is to develop real products that can meet human needs, combined with Web3 tools to empower实体.

Why is a customer acquisition-centered token model so crucial?
In the AI era, breakthroughs in large model technology and lowered development barriers will intensify competition for user attention and traffic. The future will see an oversupply of tools and a scarcity of users. The sustainability of business models depends on genuine users. Besides leveraging AI to improve R&D efficiency and optimize algorithms, there are three major competitive tracks: traffic distribution, AI iteration and data competition, and genuine native human participation. Pi offers solutions for all three needs—traffic, data input, and real human engagement.

Relying on an ecosystem of 60 million active social users, besides the classic incubation platform, we also have lightweight cooperation channels: projects can connect with the Pi community for customer acquisition without issuing tokens. For example, integrating Pi’s payment system, using Pi asset staking weights to boost app rankings within the Pi ecosystem, attracting a large number of organic users.
Some believe universal basic income is the only solution, but reality is more complex: coordinating the scale and distribution of universal income is difficult; before that, how do people without fixed salaries survive, and how can social innovation incentives be guaranteed? Diverse value ownership can connect to financial circulation systems and enable free trading and monetization, providing people with a basic income.

Secondly, financial literacy for all. To integrate various digital rights into the financial ecosystem, basic financial knowledge is essential for widespread adoption. Therefore, Pi is systematically promoting global financial literacy and exploring new ways for human participation in a healthy economy in the AI era.

The second major challenge is for enterprises: in the wave of large models, what are the core resources that enterprises rely on for survival? Powerful foundational models could overnight obsolete traditional businesses and discard old services. What gives enterprises confidence to resist AI-driven transformation? Is it dedicated users, core data, network effects? Genuine human interactions within products? Or digital assets like tokens and collectibles that provide risk buffers and support transformation? These are critical questions we need to explore.

Looking at every major technological revolution in power and the internet, old business models are always overturned, not just layered with new services; technological innovation inevitably spawns entirely new industries and business logic. Pi’s incubation platform and ecosystem layout are designed to adapt to these changes: helping individuals reshape their financial asset systems, and assisting enterprises in building new business models. The transformation of social and economic structures is inevitable, and blockchain is at the forefront of this industry shift. This is the fundamental issue Pi is committed to solving. With millions of Pi community members worldwide, collective consensus is formed, harnessing the entire network’s resources and enabling various business entities; at the same time, partners contribute back to the ecosystem, achieving mutual development.
As a comprehensive platform combining a primary underlying public chain, massive social traffic, real-name identity systems, and distributed computing power, Pi Network is leading innovation in this social transformation. We sincerely invite everyone to join us in co-creating, deepening development within the Pi ecosystem, and jointly solving the fundamental challenges of humanity’s future development.