Pi Network
Introduction
I guess a lot of skeptics imagined that the Pi Network project would never make it past the mobile mining app stage before simply running away with people’s data! Let us explain a little more about the Pi Network.
Origin
Pi Network is a fork of Stellar Network built by a small team of Stanford graduates. The lead developer actually taught the very first course on blockchain at Stanford. While with Stellar Network, node maintenance will be left to companies and other institutions, Pi nodes will be managed by Pi network users from around the world. The team said there will be at least thousands, but potentially hundreds of thousands of nodes!
Vision
The Pi network will be able to handle high throughput, while being energy efficient. Transactions will only take an average of 3 to 4 seconds. It can run on lightweight nodes that do not require expensive specialized hardware or advanced technical knowledge
Pi’s goal of creating a truly decentralized network for and by the people, and empowering ordinary people with limited technical know-how and resources to contribute to the network.
The end product or purpose for which the Pi will be used is a digital e-commerce and application platform on which users can buy and sell goods and services, create applications, advertise, gain exposure for their social media presence, etc.
Many people do not know that applications can be developed on the Pi. A first application has already made its debut within the Pi mobile application. Called “FeverIQ”, it is a tool for tracking Covid-19 symptoms. The invitation has been extended to developers around the world to take advantage of the new Pi SDK.
Participation
Pi is one of the best crypto projects you can participate in if you have limited technical knowledge and/or resources but still want to participate in a network rather than just investing or reading about it on the side.
Let’s face it, there’s something a little more rewarding about participating in and contributing to a network than simply putting your assets on a DeFi platform that uses unproven smart contract code that could potentially be hacked.
You can use your regular computer, or get a decent used one on ebay for $100–200. So far, there has been no mention of any staking requirement to run a node, making it accessible to anyone with a laptop and an internet connection, not just those with the mega dollars to buy a node.
If you get involved in the Pi network, there are four main roles, which allow you to choose your level of involvement. The first two or three are incredibly simple and require very little investment of your time or energy.
Identity Verification
You should also be aware that once the main network is up and running and the Pi has value on its platform and as an exchangeable crypto-currency, you will not be able to access your earned Pi without first completing KYC. Pi is definitely not a crypto-currency for privacy.
The roles
At the most basic level, which the Pi team has dubbed pioneer, all you have to do is download the app, sign up, and mine Pi daily by logging in once a day to prove that you are not a bot. It’s a simple mining simulation that doesn’t use your phone’s resources at all.
For all intents and purposes, this is a generous ongoing airdrop to help build an existing user base for the network when it finally goes live, and to encourage interested people to get more involved in the network.
The mobile mining aspect of the Pi project won’t last forever. The team is still deciding when exactly it will end. The next time that decision will be made is when the app has 10 million active users. Currently, it has over 6 million. At that point, the mining rate will either be cut in half, or the phone-based mining will end. It is still unclear what criteria the team uses to make this decision at each stage, but there have already been several “halving” of the mining rate.
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The next role is contributor and simply means that you add other Pi users to what is called your safety circle. This means that you can guarantee that they are real people and will not be bad actors trying to sabotage the network. This will also increase your mining speed a bit. It doesn’t have to be someone you know personally. You can add other Pi users from social networks.
The next role is the ambassador. This simply means that you have successfully invited at least one user to join the network. Every user you invite who regularly turns on the miner (daily check) slightly increases your mining rate.
The last role is node, you need to install a test software on your computer. The following information is not a complete guide, but an overview of what is involved so you can decide whether you want to pursue it or not.
Installing a node (test)
Warnings
1) There is no reward for running the software on the test node. While there are no guarantees, it is generally understood that running nodes will be rewarded with a portion of the transaction fee starting in Phase 3 of the project as an incentive mechanism to maintain their node consistently.
In the meantime, if there is a reward to be received for running test node software in addition to contributing to this great experiment, simply enter the application process early and establish a foundation of consistency to show the developers that you are likely to be consistent in maintaining your node. In other words, you are more likely to be selected assuming you are consistent in running the test node.
2) Currently, this is just dummy software used to test various possibilities, determine hardware requirements, and start calibrating the network. Real software is expected to be released soon.
3) You will need to complete and pass KYC to be selected for a test node. If you are what the team is looking for to run a test node, you will receive an invitation to complete the KYC.
Background
One of the Pi team’s main goals is to make running a node as simple and accessible as possible for the average person. In the meantime, keep in mind that this is the very first iteration of the software. Over time, the process should get easier. So, if you are discouraged by the difficulties encountered with the first generation, you can always wait and try later as the process becomes more refined.
The software you install is actually Linux software that runs in a “container”. So everything that happens is isolated from the rest of the operations on your machine.
Prerequisites
Do I need a dedicated computer?
While having a dedicated computer is ideal and can help you meet the requirements for a node, it is not absolutely necessary. You can actually run a test node on your everyday machine, but you need to make sure it has enough resources, as the node software will use some of them and may delay your normal activities if you don’t have enough.
Do I need a VPS?
No. Many may know that a VPS is a virtual private server provided by various companies for a small monthly fee, which is often important when using different blockchain nodes to eliminate or minimize downtime.
Does my computer need to be up 24/7?
Yes and/or no, it depends. It is not absolutely necessary, but it will increase your chances of being selected to run a node. These are lightweight nodes that are not particularly power hungry. You will need to keep your computer from going into sleep mode at night for the node to work, but it uses very little of your machine’s power.
Do I need to install the mobile application?
Yes, make sure you are a pioneer who runs the mobile miner daily. Also, setting up a security circle and a few successful invites will help show developers your consistency and commitment to the network.
Software
Install the node software on the computer you plan to use. Follow the instructions in the Node software as you install the Docker container software.
You will probably encounter more problems on Windows than on Linux and the installation is not really simple. The community and the chat software integrated in the application software can help you in this process.
Conclusion
This project is still in the testing phase, but we wanted to present it to you because it is starting to attract more interest. We hope that it will be possible to remove the Pi’s and resell them on an exchange one day. Don’t hesitate to share your opinion on this article and this project in comments.
