#pinote Pi Explained: What exactly are Nodes?

#pinote Pi Explained: What exactly are Nodes?

As a result of this week’s announcement, we now know more about the upcoming node software being released by the Pi Core Team.

In this article we break down how nodes work, what their purpose is, and the benefits you’ll get from running one on Pi Network.

#pinote What is a node?

Blockchains, the underlying infrastructure of cryptocurrencies consist of blocks of data, known simply as blocks.

These blocks contain information such as the sender and the recipient address, date and time, and other important information.

Nodes contain a complete record of all blocks created on the blockchain, and they work with each other to verify these blocks.

Those who host nodes are usually provided rewards in the form of block solving rewards, or transaction fees contained in the block.

Often you will also hear the term “decentralized” being thrown around in the crypto realm. Blockchains are perfect examples of decentralized systems as they can operate without a central authority.

Decentralised systems are important as they are not governed by one centralised entity, and can be continually improved.

#pinote Launch details & platforms

We discovered that nodes will unfortunately not be supported on mobile devices at this, though the software will be available to download on PC & Laptop devices on 31 March 2020.

Not all Pioneers will be able to host a node once the software becomes available. Instead there will be a selection process which will allow Pioneers to submit applications to express their interest.

All Pioneers that want to host a node will need to be KYC-verified. There will be more KYC slots available alongside the launch of the node software to enable more Pioneers to have the chance to host nodes.

#pinote Transactions

Once the testnet is live, the nodes will then utilise the trust graph data (generated from security circle) to facilitate transactions across the network.

Bitcoin, Ethereum, and many others utilise proof of work which is an extremely resource intensive (and not very scalable) way to verify transactions on a blockchain.

Unlike these coins, Pi Network will utilise the Stellar Consensus Protocol which is a much more efficient process of verification.

#pinote Usability

Pi Core Team have stated the node software will be user-friendly, allowing Pioneers to switch their nodes on/off, access in-app chat, check their Pi balance, and more.

We’re personally looking forward to the launch, and we hope KYC can be extended to many more Pioneers over the coming weeks.

#pinote Will Coronavirus affect node launch?

We understand that the Pi Core Team have been practicing social distancing measures for some time, and the global pandemic has had little impact on the overall development of the project.

With that said, we hope all Pioneers stay safe through these challenging times. We hope to bring more articles over the coming days to try and keep those of you in quarantine entertained.

Happy mining Pioneers!