Pi Phase 2 Strategy Overview
Welcome to our video series on the next phase of development of the project. Due to the risk of coronavirus here in the San Francisco Bay Area, we are currently shooting the video from separate locations. Our hearts go out to the Pioneers in our community that have had to deal with the virus. To those that have not yet encountered the virus, please stay safe!
The Core Team is excited to announce that Pi Network will launch Phase 2 of the project on Pi Day, 2020. Phase One began on Pi Day, 2019 with the goal of growing the network to 1M Pioneers. Less than a year after launch, we’ve far surpassed our goal, with over 3.5M engaged Pioneers globally. Now that we have built this large and diverse global community, we are ready to embark on our second phase of development.
Phase 2 of the project has two goals: 1) Building value and 2) Decentralizing the network.
Goal #1: The 1st goal of Phase 2 is to build value by creating an Applications platform.
Building value means setting up the necessary infrastructure to create intrinsic utility for Pi by enabling people to buy and sell real goods and services for Pi, at scale. Unlike most current crypto projects that primarily focus on technical infrastructure, Pi Network believes technological infrastructure and economic adoption and utility should be developed together and grow in parallel. The primary way we will achieve the goal of value building this year is by creating an Applications Platform that scales healthy transactions of Pi.
One of the biggest questions about cryptocurrencies is “What gives them value”? Pi’s answer is real intrinsic utility. Pi will be backed by useful online and offline applications as well as a basket of real goods and services. With over 3.5M engaged Pioneers in the network, we can now iterate various real world applications that enable members of the community as well as external parties to spend Pi to benefit from the time, attention, talents, resources, and services of our global community.
The application platform will allow third-party developers and providers not just the core team to build applications in different domains or specialized areas that facilitate structured transactions of Pi and create the Pi ecosystem together. Pi’s Application ecosystem will lay the foundation of a healthy market of strong utilities of Pi, creating demand for the currency and building the value of the network.
Goal #2: The 2nd goal of Phase 2 is to decentralize the network by building Pi’s Testnet.
Decentralization is a key facet of Pi’s philosophy. We fundamentally believe that everyday people should have a greater say and should be able to capture a greater share of the value they create in society. We believe that the best way to achieve this goal is by building a decentralized currency and economy.
Unlike centralized payment systems like PayPal and traditional banks, Pi’s transactions will eventually be validated by a decentralized network of computer nodes. During Phase 2, we will release the first version of this Node software and start building Pi’s Testnet. Our intent is to make the Pi Nodes people-friendly and accessible to everyone. No need to have computer science degrees to run a pi node.
While we are excited for this next phase of development, one of the most important challenges will be ensuring that we have resources needed to achieve these ambitious goals. Today, the Core Team consists of just 8 people serving a community of over 3.5M million Pioneers or over 400K Pioneers for every one Core Team member. The costs of servers and phone verification service alone now runs in excess of $30,000 a month. As we embark on phase 2 - the biggest variables that will determine how quickly we can make it to phase 3 are the financial and human resources available for the project.
We’ll be sharing more detail on our initial strategy for Phase 2 of the project over the next few days with one video about building value via the Apps Platform that scales Pi transactions, and another video about progressing in the decentralization of the network by starting to build Pi’s testnet.
What do you think of our initial strategy for Phase 2 of the project? We welcome both video responses (just paste a link to a social media post) as well as text responses by joining the topic below. For video response, please upload your response on Instagram, Twitter, or YouTube using the hashtag #PiPhase2 and post a link to the video in this topic.