I have to admit, with the glow of the incubator and the placement of that 'ring' on the bottom - at first glance I thought that was a hard-boiled egg and I was going to say uhhh...hehehe
The last time I had one that pipped like that - it ended up looking like a shredded fabric softener sheet, and the chick got its leg twisted around it and its head/neck stuck around another strand of it..it was too thick to tear through. Hubby ended up snipping the 2 shredded strings and it hatched out just fine (it's 8 weeks old and outside in the coop). Sooo... I'd say the chick is fine but if it starts looking like a shredded fabric softener sheet while it's hatching, be sure to check for strangulation and wrapping around legs, etc.
The white 'thing' you see is called the outer shell membrane.