On today’s session of Learn Pi, I will be focusing on the topic: Pi Network’s phase 2 (II) — Decentralizing The Network. Just a little bit of recapitulation. Currently we are 10 month down the line after phase 2 was launched and we have over 12 million engaged Pioneers already.
Pi Network, the global cryptocurrency project that was launched on Pi day, 2019 (march 14)
The project was designed to go through 3 phases of which we are in the second phase.
Phase 2 was launched on Pi day, 2020 (March, 14) with an engaged Pioneer of over 3.5 millions.
What is the goal of Pi network’s Phase 2?
Phase 2 of Pi network has 2 main goals..
1) Building value
2) Decentralizing the network
I was able to explain atleast to come extent on the first point, “Building Value” while today we will look at the other point, “Decentralizing the network”
One thing to note here is that Pi Network is growing at “economic proportions” And as a matter of fact, it’s the fastest growing cryptocurrency community in the world today, having it’s Pioneers from over 180+ countries around the world.
What this will tell you is that, with our day to day interactions, we create a huge amount of value that don’t come to us but to some set of folks (Central authorities)
One of the very key aspect of Pi’s philosophy is that everyday people, that is, you and I should should have a fair share and a fair say in the value that we create in an economy. This can only be possible when we create a Decentralized Currency and a Decentralized Economy.
What is Decentralization?
It’s simply any form of system or platform where everyone involved determines how the system runs and should there be any value generated, it will be fairly distributed among everyone. This simply describes the system of government called Democracy.
There’s value comes from our “Time, Attention given to something, Resources, Talents, services… ” Of which we are supposed to be a part of the value created.
And by the way, being a node in Pi network is accessible to every Pioneer as you don’t need a computer degree to run one.
Pi network will be Decentralized and this will be done by leveraging on the Blockchain Technology. Where we all have a Fair distribution of value and we will all (as much as we want) partake in the validation of transactions.
Pi network transactions will be validated by a decentralized system of computer nodes. Regard a node as those who will have a copy of Pi network’s database and will also help to validate transactions.
Such a system eliminates central authorities, that is some set of folks who determine the way things run.
A good example of a centralized system is the today’s traditional bank. They basically are the ones in charge of our funds and we don’t have any say in how our funds are being managed. They even rub us of some part of our money and there is nothing we can do, they force some unnecessary fees on us, we even pay them to make use of our money.
Hence the need for a Decentralized system. One of such is that we are limited in resources. Currently we have 8 core team members developing the project. Which means out of 12 million engaged Pioneers, each core team members have 1.5 million Pioneers to deal with.
Haven giving us a little sneak peek of what is currently happening in phase 2, it’s important to let us now that there are some important issues that is being face.
The cost of phone number verification, cost of KYC and many more of such issues are the determinants of how fast we will get to the third Phase which we are all expecting.
I leave us with this.
Pi network is a project that it’s success will be determined by every Pioneer. What that means is the pi network need our support.
The little you can lend will always go a long way. And don’t say you don’t have any support to lend.
Stay mining and stay learning. I will continue from here next week.
I am Fikunayo.