PI NETWORK CRYPTOCURRENCY BLOCKCHAIN INTRO IN 2023

PI NETWORK CRYPTOCURRENCY BLOCKCHAIN INTRO IN 2023

 

PI blockchain

Hello. Hey there, my friends, some big news in PI crypto recently specifically around the blockchain.

If you haven't seen all of this and I covered this in my live stream but I wanted to do an actual article of covering what the blockchain looks like, how to see it in action and even though it's in test net, we're going to talk about some of the implications for all of this coming right up.

we're gonna cover that I cover all things crypto there is no pumping on this site I am not about being a pumper I am about just covering some of the awesome things that I find a lot of interest in of which pi is one of those but I do cover some other great things as well like cybersecurity startups and being entrepreneur and building your own wealth in your own way with your own freedom.

These are all things I'm super passionate about. All right, so we're gonna go ahead and jump in and get started and by the way while you're listening in, make sure you hit the bell icon so you can stay in touch with me I would love it if you'd subscribe And I'd also love it for you to hit the like button I just definitely helps get this article out into the hands of others so let's talk about this for a minute I knew that wallets were coming pretty soon.

And it's been very exciting to have this happen. The reason I knew it was coming out was I've had a bunch of people reach out to me they've been running nodes for a really long time and they said hey, for the first time and this is a couple of weeks ago they said, I have seen some really cool things in my node all of a sudden I noticed I'm starting to use a real blockchain.

I've seen it in action. I'm actually seeing transactions go through. So we knew that we were just weeks away and here we are. A couple of days ago Nick and the rest of the core team introduced some very exciting stuff.

If you've been running a node, you have noticed and seeing that you now have a wallet that's shown up it's a custodial wallet you guys remember way back a long time ago when I was sharing my thoughts about wallets and I told you my prediction I was pretty sure on this that wallets will be custodial first or that's what's happened.

PI WALLET

If you're using a node, you're going to have access to a PI wallet. Now, hear me when I say this we are still in the test net. So if you have a wallet or you're going to get a wallet, the core team calls this test pi, not Pi, it's testing net pi and so in other words they're giving you access to be able to use some pi, it's not worth anything, it doesn't do anything functional I mean it actually functionally works but you can't trade it it's not worth anything it's just used to test the entire network and that's pretty awesome.

I'm going to show this to you in just a second. I'll show you how it all works. The other thing I think is exciting about this is it's really shown for people like me that had been sort of on the doubting edge especially early on of like hey, it's not crypto until I start to see a blockchain and I start to see it in action, that's when I'll truly start to believe Well, here we are, and we now have a blockchain it's in the test net, but we can see it running we can see how it does follow this stellar protocol just as the white paper said, and I think what that means is just good things for the world of pi, it means that hey, this thing is turning out to be legit.

So you want to see it. I know you do. I don't want to waste any more of your time so let's just jump in and show it to you so here's what I'm going to do I'm going to switch over right here and we're going to take a look at some things here so first of all this is a Reddit post, and this is a user that posted a couple of days ago saying hey, I have a test wallet I have a test by I would love to do some transactions, give me a here's my address and some pi to me I'll send some pi to others.

And remember, you can do that because there's no harm no foul in any of this right it's just test pi so send to your heart's content. So he sent it right here if you see this is his public key.

Now notice that every he start to hunt through pi, right now, all of the test wallets and I don't know if this is going to be all wallets, in all at once we go live in a few months to a year whenever that happens but they're all going to start with G, the letter G.

So this right here is a wallet. This is what's called a public key. This is a wallet that you can share out with anybody if you're not used to crypto, you can have two keys that are associated with your public key which you can share with everybody and your private key which belongs only to you never share your private key if you share your private key for any crypto was with somebody else, they now have access to your wallet.

It's sort of like think of it as like your passport your passcode to get into it right so your public key is different.

That's a way of saying this is my input address if anyone wants to send me pi. And you can share that with the world you can put that on YouTube you can do whatever you want with it it is totally safe.

So here is a public key you're not going to be able to hit copy on this. And if you want to see the actual pi blockchain. We've got it available for you Here it is, if you want to see this but it's just piblockchain .net, and we'll talk about that more in just a second but I just want to show you a couple things that stand out to me first of all, I'm gonna hit refresh so you can see that this is new as new can be look at this the last transaction, that's happened in the PI test net happened five seconds ago, at least at the time of this article.

That's awesome. What does that mean for you What does that mean for me, that means this is active. It's currently working, and we can see it we can explore it. Notice how I said all wallets right now at least right now start with a G, you can see that you can look at all of these wallets.

It's just taking the first four letters of the wallet so they're you saw right here we go back to this, the wallets are actually far longer but this one starts with ga jL are the letters for this one.

So that would show up the same way here the way that this wallet Explorer is showing it to us is just to make it concise and show us four letters.

So we know that it's current right I can go take a look at any of these, I'm just going to go and click on this first one since it's fresh and new, and you can see some things in here you can see the balance this balance for this wallet has 104,101.94 excuse me pi that is sitting here, and that's a good thing right we see that it's been funded right and again it's just test pi.

So you can do whatever you want with it. We can see now right now I don't think you're gonna see a ton of oil you do have some payments okay, so this user has been pretty active whoever This is they've sent a bunch, they've received a bunch you can see all of the transactions that have happened in this case, most of these are payments.

You can see when they first created the account right so you can see that this was started with a balance of 100.

I don't want to get into all the specifics of this but we just say a couple things about the creation because some of you want to know this.

So the way the creation works is this. If you saw Nick posting in some of the dev channels inside of the pi app he was talking about a faucet and he said the faucet is ready.

Think of that faucet as like, you know, connecting to all of the original pi that exists that we're trying to claim by mining and when you start and set up your wallet, you're accessing your claim the pi that you have from that initial creation and it comes from that faucet, so to speak, now because we're in test net.

Everybody just gets 100 pi, right, because it's just test pi. We're just testing it. So you can see they were way back down here three days ago, they got their very very first 100 dpi.

So you can see all of the payments that have been made both to and fro now there's a bunch of other tabs here as well. There's an offers tab that I can only assume is going to go into action. If it's going to be used inside or maybe a marketplace, things like that. Same with trades there are no trades, you're not going to see those show up right now.

I don't know if that's a feature that's lacking or that's something that's going to come out and utilized further.

Once the protocol fully matures and we have again marketplaces that leverage all of this. So you can see all these things that are happening you can see the effects to the account things that have been bought and sold and how that's updating the balance for everything you can see the operations, you can actually see the raw transactions I'm gonna click on one so here's a raw transaction again remember, this is a public ledger.

And so because of that, we can all see it we can see the transactions that are happening, instead of having to use some like off-chain like the closed ecosystem to make transactions and who knows if it's been made or not, other than those who maintain the closed system like banks.

This is open just like Bitcoin so I can see it I can see the transactions that have happened I can dive into them. I can take the data I can even export it as a CSV if I want to open it into something else.

I'm not too worried about anything else here here's the signing flags data inside so pretty nice to be able to see all this and just want to give you a super quick tour through the ecosystem.

Now what I'm going to do is I'm just going to go back here to the test net explorer and remember I had copied right here this public key. I'm going to copy it again just to make sure I do have it copied, and we're going to search for it, I'm going to show you how this works so I'm just going to search, and here we are, here's that user that posted on Reddit a few days ago.

And their account you can see they have 108 pi pets kinda awesome, right. So imagine what we can do with this, what are the implications. Well, if we have users that have balances that anybody can see and you could use an API check to go against to verify.

I could then set this up as a payment mechanism to say hey look I have buyers and sellers, and I'm going to use the PI ecosystem the actual blockchain the actual.

The actual explore like you see here, and I can use this to verify transactions between buyers and sellers, which is really cool, you've probably heard of some like dubious marketplaces out there like you know the pi lifestyle and I said this in the live stream look I'm not hating on it. I just view it as a way to test everything is all it truly is right like it's not a real ecosystem they've hard set one pi being $100 they've hard set things like you have to pay to get in and it's weird the way you actually make the transactions I mean it's not a real marketplace and people may get mad at me for saying that because that's just a fact.

And we shouldn't be pumping, all that stuff anyway it's fine to explore joy at works but let's not take that you know way further than we need to and say well pi is worth $100 that's pumping.

Let's not do that we don't know what it's worth yet nobody knows what it's worth yet. But going back to this chase the rabbit trail for a second, going back to this, This is super cool because I can actually authenticate and see when buyers and sellers have made transactions and I can see, do they have enough in their wallet to pay for something I can do some really great things about this.

So that is the PI wallet that is the ecosystem, which is really really cool and a fun way to kind of see what is going if you want to play with it yourself.

You don't even have to have a wallet just go to piblockchain and you can see all of that involved, oh by the way credit where credit is due. Let me go back to this I want to show you. This is the fella that actually created this I'm not sure who he is, I've never met him but just shout out to him.

So he took right here this stellar explorer because remember pi is based off stellar, and what he did was he took the stellar explorer and he adapted it for pi.

And you can see Facebook page right he's just given a shout out to himself so hey that's pretty awesome.

You can see the developer who made that happen and thank you by the way, if you are visiting my cryptocurrency news site that's super cool of you to go and lend some of your time creating this Explorer for all of us to see now just a few other things so I did talk with Nick on the core team and I wanted to share a couple things that he relayed to me about all this.

First of all, if you do have a wallet and you're playing around in test net make sure you keep your wallet balance above 20 at the moment in test net, you have to have a minimum of 20 pi to be able to continue to receive and send pi.

So if you're playing with this and learning and you want to keep using it, by all means, do so just make sure you keep your minimum balance at 20, that's the first thing that Nick told me.

The second thing that told me as well is, hey Just remember, we're in test net at any point in time, they could pull this back they could reset it you might have more pi or less pi shows up in your wallet because it's not worth anything it's just test pi, as I said before, so we're just testing in the reason we're testing is, we get to do things like scale and we get to do things like does this actually work what bugs do we see so if you notice something, make sure you reach out in Reddit or in the pi app itself to the mods, if you see something that appears to be a bug because we're in that quality assurance right now, before we get anywhere close to the main net we really do want to make sure that things are working well and that's what the test net is for.

Alright guys, so that's it I just want to do a very quick intro to you so you can see the blockchain in action for those of you like me that have may have had some Reasonable Doubts of like is this thing ever going to be real.

Here it is. And that's super exciting to see this happen the next steps that we'll see is continuing to see some maturity around the wallets, we'll eventually see them get closer to communicating what the main net release will look like.

And from there we will continue to see the growth and journey of pi, which I think is very exciting.

I hope this information was useful for you one thing that you could do if you wanted to share this article with some friends my effort will com completed so don’t forget to share it out.

And secondly, while you're here I know I asked you this before but I'll just ask you again. The article was helpful and useful, I got a bunch of other fun stuff that you can see on the cover as well.

I appreciate your time. Thanks so much.

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