Colin:What do you think of the
Pi node released so far? Will there be a lot of people involved?
TheCryptolegend:The Pi Nodes that will be released will have a Pi app interface where what you see within your Pi Network app on mobile will exist on your desktop. The software will be able to be downloaded on the minepi.com website. It will have all the features that exist within your Pi Network app. There is an additional feature called a Node function. Only pioneers who have passed KYC will be able to access this. Once you are selected for KYC the Core Team will notify you within the Pi Network app. Pi Nodes will have the ability to be toggled on and off. There is a third level called a Super Node this will require the Pioneer to have an established 24/7 consistent internet connection with more requirements to qualify. They will be the fundamental cornerstones for Pi Network’s global trustgraph. Page Rank for other
Pi nodes within your proximity will be listed, such Pioneers will be required to build quorum slices by determining which other Pi Nodes they want to link with their Pi Node. This interconnected network is fundamental to creating what is necessary for Pi Network to establish a strong foundation for transactions to occur on a secure network that can scale appropriately.
At this moment, only moderators of Pi Network have the first level feature of Pi Nodes. More information will be given in the future. The Core Team will screen through those who have passed KYC next to determine who can be given the second level which is the Node Function.
Colin:What is the function of
Pi node? Will it be like a bitcoin node?
TheCryptolegend
i Nodes will record transactions of the distributed ledger. All Pi transactions between Pioneers will be recorded on the blockchain. This is needed to establish decentralization for Pi Network. Bitcoin nodes function in the same manner.
When a high volume of transactions occur, the Pi transactions that cost the most will be prioritized and incur transaction fees. This is how
Pi nodes award Pi, through their transaction fees. Each
Pi node though can independently validate a transaction. The consensus is required to record it on a distributed ledger that can be seen by every Pi Node within the network.
Colin:How long do you think the phase 2 test will last until the main network?
TheCryptolegend
hase 2 will exist for a year even two years before Phase 3 occurs. There are many applications and features Pi Network has planned to implement for Pi’s utility, capability, and scalability. These applications need to be tested, revised, and piloted to ensure they work as intended. Pi will fuel the transactions throughout the applications platform for Pi Network. This interconnected network of utilizing one type of cryptocurrency will allow Pioneers to use a digital wallet for decentralized applications that will exist within their platform. Creating ease of use for a Pioneer.
Colin
o you have any expectation on the price of Pi?
TheCryptolegend
i’s value is unique in comparison to any other crypto. The reason is because it is backed by goods and services. It is not listed on an exchange before the market is created for its utility. This directly affects what it can be valued at. As pioneers will set and determine the value of it by simply choosing what to accept its worth to be between two pioneers. There is an economy I am helping to build but it will be one of many economies that will exist for Pi around the world. Pi’s economies will be separated based on the mentality of the community using Pi and their trust in regard to Pi. The economy I have been working to build will value Pi at $10/Pi. However, other places may give you far less for a Pi. It is directly related to the principles I discussed above. In the same manner, a person can take their money and make it worth more in value by moving to a country where their sovereign currency is stronger. Is what will happen. Pi’s value will be dependent upon what economy you use your Pi in.