For those who have the Pi Network app you are well aware that the beginning of phase 2 has begun. (April 1st 2020). So this post isn't exactly "breaking news". I did however want to break down somethings for those out there who may have some questions or not understand the entire process.
For those of you who don't have the Pi Network. I'll explain quickly (Those who have it, feel free to skip this). The Pi network is an app that allows you to earn it's native Cryptocurrency PI for simply checking every 24 hrs. This project is early but differs from Electroneum and Phoneum. You can also boost your earnings by creating a security circle (important later) and by being an ambassador (referrals). This project is just over 1 year old, started on March 14, 2019 and I safely estimate that there are over 5million engaged Pioneers. It's still early but it's starting to mature and so is the community. Recently PI has begun phase 2 and plans to have Testnet in full swing by the end pf Q2 2020. To join simply follow this Link and enter me Poorboycrypto as your invite code.
Okay now that the shill part is over lets get to the juicy info you all came for. Phase 2. It's started....but hardly in full swing and tho many (100k) have downloaded the software the devs released. The nodes have not actually started and tested yet. This could take up to 3 months just to go through all the applications. The node software for now is basically a copy of the app that allows us to access the app from our PC. Later it will help run and secure the Pi network. Get the software from Minepi.com but be sure to read the info page first as the info given will come in handy when filling out the application form later. This is available for both MAC and Windows. (Linux will come later) It does not require a high end computer and does not take up a lot of space. It's an easy step by step process and should only take a few minutes. At the end you'll be asked to sync your phone and PC in a similar fashion that an authenticator uses.
Pi network will be using S.C.P or Stellar consensus protocol which is neither P.O.S (proof of stake) or P.O.W (proof of work). The system instead uses each other to create trust and quarum slices to secure the network. This is where our security circles comes into play. As each quarum slice is at least in part chosen by us and our security circles. I go into more detail in this video with the hopes of explaining it simply and fully (Not an easy task)
It's actually a rather interesting approach copied from stellar (Open source) and adapted to work within a created mobile network. Which we all know is the next step in evolution from computers. Maybe it's my inner nerd speak but I find it all very exciting.
Lets go over some interesting Facts about the Pi networks nodes.
They plan to have x10 the nodes BTC has. That would equal 100k.
You do not have to run a node to be in phase 2. We are all in phase 2.
Pi is free to join and the nodes are free to run.
Running a node in testnet will not gain you more Pi however phase 3 and beyond that is unknown.
Pi nodes should be able to run on the avg PC and run on MAC/Windows/Linux(Later).
Your security circle will at least in part affect your nodes quarum slice.
More nodes=more security.
Transactions should take 3-5 seconds once the mainet is fully operational.
Here is another video that concentrates in Pi nodes FAQs
In conclusion if your not a part of the Pi Network, join. it's free. If you are, good job on being patient and I hope you are excited as I am to see things slowly moving forward. I'm very excited about Pi and I will continue to post here. I hope to see you soon and