According to Forbes.com, sometime before 2025, the world’s total wealth will surpass Half A Quadrillion Dollar ($500 Trillion).
This fact shows that wealth already overwhelmed the world. Aside from that, there are also more than four thousand (4,000) cryptocurrencies in existence and circulating thus augmenting for a satisfactory if not excellent global economy. Based on these facts, one may ask the following questions, “Why is the Pi Network still necessary? What is the role of Pi Network in our global economy?
The world is truly full of riches and that is undeniable. However, while the global population is nearing 8 billion, only a minute percent controls our global wealth. Oxfam International reports: “The world's 2,153 billionaires have more wealth than the 4.6 billion people who make up 60 percent of the planet's population…” More disturbing is Oxfam’s update: “Did you know that 1% now own more than the rest of us combined? Inequality is growing around the world. Every year, the gap between rich and poor gets even wider. Such extreme inequality is standing in the way of ending global poverty. It's widening other inequalities like the gap between women and men. Our economy must stop excessively rewarding those at the top and start working for all people.” What is the result of these massive and inhumane economic inequalities? Oxfam continues: “In 2018 there were 3.4 billion people living on less than $5.5 per day according to the World Bank. Researchers used mathematical models to predict how many more people would fall below World Bank poverty lines of $1.90, $3.30 and $5.50 a day based on a 5, 10 and 20 percent drop in GDP.”
Our present monetary and economic system is controlled by a central authority - the governments and their central banks. However, only a few governments have the effort to end these inequalities, even just slashing a diminutive part of billionaires' wealth for the augmentation of everyday people’s way of life.
Take Oxfam's words: “Getting the richest one percent to pay just 0.5 percent extra tax on their wealth over the next 10 years would equal the investment needed to create 117 million jobs in sectors such as elderly and childcare, education and health.”
Oxfam asked governments to increase charge rates for companies and the world's most extravagant to handle the developing abundance hole. However, generally speaking, governments are powering disparity by underfunding public administrations while "under burdening" enterprises and the well off and neglecting to clasp down on tax avoidance, the report asserted.
During 2008, when a global collapse in the economy shook individuals' confidence in banks so much that another class of resource, which didn't have the support of any conventional bank, appeared. Bitcoin, the most famous digital currency, first discovered a notice in November 2008, around two months after the Lehman emergency.
After 10 years, cryptographic forms of money have become quite possibly the most discussed monetary resources: in Europe, America, Africa, in Asia and even in the Pacific Region. At the point when Bitcoin and the idea of decentralized digital currency began acquiring ubiquity in 2011, other cryptographic forms of money additionally fired coming up. Right there and then, thousands of cryptocurrencies mushroomed the financial industry. This type of currency is not under the control of any bank or central bank as well as government alike - a decentralized economy. Is this the hope of the sector in the poverty line, of the everyday people?
To take an interest in the mining of these digital forms of money, one should buy a Mining Rig which is valued at a normal of $150 which is as yet a weight to regular individuals. The year 2019 came and through Pi Network, the possibility of cell phone mining was acquainted with the world by Dr. Nicolas Kokkalis and his colleagues, Stanford University's PhD graduates, and with the principle objective to empower exceptionally the individuals who are confined economically within the border of poverty level.
During the composition of this article, there are now in excess of 30 million individuals overall who are mining in Pi Network utilizing their cell phone. Larger part of these if not totally come from the neediness line. Equivalent to what's expressed in Pi Network's White Paper, this is actually the satisfaction of the organizer's objective, and that is: TO ECONOMICALLY EMPOWER THE EVERYDAY PEOPLE.
