In the first part of this video, I talked about the Phases that crypto goes through, in this case, I Talked about the Pi Network.
I broke it down into 3 phases, and I mentioned that the mainnet is in the 3rd phase. I will mention the phases just as a reminder but will not go into details. If you are interested in the details, I will recommend you watch the video.
I will leave the link in the description of this video. In summary, before I get into the main part of the video, the phases are as follows: Phase 1 consists of Design, distribution, trust graph, and the bootstrap.
Phase 2 takes us through the Testnet, Pi wallet, and the SDK. The SDK is where you have the App development, use cases, Pi hackathon which is where we are on the pi network project.
I also mentioned that we will move on to utility testing or mainnet preparation. Then on to KYC.
Now, that’s how far I will go in bringing you up to speed. This video will be talking about Phase 3 and what the mainnet is actually about. This means, at the end of the video, you will know what exactly is a mainnet, what happens during the mainnet, and what phase 3 really consists of. I know we all have heard that Pi Network will get to mainnet in the last quarter of the year and then the magic starts.
We also heard that phase 3 is the mainnet. Well, what you are about to hear is the truth and you should be prepared for it.
If you are telling yourself that this is getting too long, let this mainnet come, and let’s start selling or buying in any case.
That’s not really how the mainnet phase works. OH, sorry, you didn’t know.
Mainnet is a phase. Not a step. In phase 3, Pi Network will go through the following, Mainnet, Adoption, Utilities, distribution, and decentralization. I will kick off by defining the mainnet.
A mainnet is an independent blockchain running its own network with its own technology and protocol. It is a live blockchain where its own cryptocurrencies or tokens are in use, as compared to a testnet or projects running on top of other popular networks such as Ethereum.
Ok, let me throw in another way you can actually define a mainnet, Mainnet is the term used to describe when a blockchain protocol is fully developed and deployed, meaning that cryptocurrency transactions are being broadcasted, verified, and recorded on a distributed ledger technology. I know some people at this point are getting excited. And yes, you should be.
Because that is actually what everyone is waiting for. So what does this mean for Pi Network? When Pi Network reaches the MainNet, it will join other cryptocurrencies in the market, where they will be assigned an exchange value against fiat currencies such as the US dollar or the Euro.
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