JUST IN : pi network is not to be Bitcoin, nor ethereum Pi network will be the most secure crypto in the world - hokanews
hokanews.com - Pi Network is a new cryptocurrency that is still in the development stage and was launched in 2019. Created by a team of technology experts from Stanford University, Pi Network aims to provide solutions to the problems faced by existing cryptocurrencies such as Bitcoin and Ethereum.
One of the main advantages of Pi Network is its consensus mechanism called Proof of Stake (PoS). PoS differs from Proof of Work (PoW), which is used by Bitcoin and most other cryptocurrencies. In PoW, miners must complete complex mathematical tasks to validate transactions and mine new blocks. However, PoS does not require miners or complex mathematical tasks. Instead, nodes that validate transactions and mine new blocks are selected based on how much Pi they hold. This makes the Pi Network more energy-efficient and efficient.
In addition, Pi Network also uses strong encryption technology to protect transactions and user data. Pi Network uses an encryption algorithm called SCP (Stellar Consensus Protocol) designed to provide higher security and be more resistant to network attacks.
Currently, Pi Network can still be obtained for free by all pioneers, but it requires a smartphone and internet access when accessing the Pi Network application. Moreover, the active pioneers in Pi Network are claimed to have reached 45 million pioneers worldwide. This number is not a small number and Pi Network continues to grow rapidly.
And the most cryptocurrency community currently held by the pi network, how come there are so many active pioneers in the pi network project, the pi network is not crypto in general like bitcoin and Ethereum and even other cryptocurrencies out there.
The coin created by Dr. Nicolas Kokkalis is claimed to be a new digital currency worldwide. The way the pi network works is very much different from other coins, one of the uniqueness of the pi network is that pioneers can buy cars, houses and other goods, it's just that these pioneers have pi coins, no need to exchange their pi coins to fiat money anymore to buy one thing the pioneers wanted. Very very cool yes.
Recently, one of the Twitter social media accounts supported by one of the pioneers, he said that the pi network would not be the same as Bitcoin and Ethereum.
Monitoring by
hokanews.com from the pi network community account on Twitter, it is very clear that he published a caption like this:
"It might be interesting for everyone to know that #PiNetwork goal is not to be the next #Bitcoin nor the next #Ethereum, Neither will #PiNetwork compete with #BNB market prices, Instead #PiNetwork will be the most useful and secured Crypto in the world.
@PiCoreTeam
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What is very true is conveyed by the community account on Twitter, the pi network will never be the same as cryptocurrency in general.
Here are 3 differences between the pi network and Bitcoin that all pioneers must know
Consensus Mechanism
One of the main differences between Pi Network and Bitcoin is the consensus mechanism used. Bitcoin uses the Proof of Work (PoW) mechanism, while Pi Network uses the Proof of Stake (PoS) mechanism.
In PoW, miners (or nodes) in the Bitcoin network have to solve complex mathematical tasks to validate transactions and mine new blocks. This requires a large and expensive amount of computational power. Meanwhile, in PoS, nodes that validate transactions and mine new blocks are selected based on how much cryptocurrency they own. This allows the Pi Network to be more energy-efficient and efficient.
Resource Requirements
Bitcoin requires large resources to run its network. Bitcoin mining requires a significant amount of computational power, which is expensive. Additionally, Bitcoin transactions also require relatively high transaction fees.
On the other hand, Pi Network requires fewer resources to run its network. Because it uses the PoS mechanism, nodes in the Pi Network do not have to solve complex mathematical tasks, thus requiring fewer resources. Additionally, transactions in the Pi Network currently do not require transaction fees.
Security
These two cryptocurrencies also have different security measures. Bitcoin uses the SHA-256 encryption algorithm, while Pi Network uses the Stellar Consensus Protocol (SCP) encryption algorithm.
SCP is designed to provide higher security and be more resilient to network attacks. Additionally, Pi Network also has a security mechanism called Trust Graph, which ensures the authenticity of users and transactions on the network. Trust Graph allows users to validate the identities of other users and ensure that they are the real people.
In conclusion, there are three main differences between Pi Network and Bitcoin. First, the consensus mechanism used. Second, the resources required to run the network. And third, the encryption algorithm and security mechanisms used. Each cryptocurrency has its own strengths and weaknesses.
Likewise, the difference between the pi network and Ethereum that all pioneers must know is like this:
One of the main differences between Pi Network and Ethereum is the consensus mechanism used. Ethereum currently uses the Proof of Work (PoW) mechanism and plans to switch to Proof of Stake (PoS), while Pi Network uses PoS.
In PoW, miners in the Ethereum network must solve complex mathematical problems to validate transactions and mine new blocks. This requires a large and expensive computational power. On the other hand, in PoS, nodes that validate transactions and mine new blocks are selected based on how much cryptocurrency they own. This allows the Pi Network to be more energy-efficient and efficient.
Currently, Ethereum still uses PoW, but in its future plans, Ethereum plans to switch to PoS. This will help reduce the energy costs involved in mining Ethereum and improve network efficiency.
Pi Network and Ethereum also have different usage goals. Ethereum is designed to facilitate the creation and use of decentralized applications (dApps) and smart contracts. Ethereum allows developers to create dApps and smart contracts that can be executed without any third party controlling or overseeing transactions.
On the other hand, Pi Network is more focused on everyday use and mass adoption. The main goal of Pi Network is to become a secure and easy-to-use cryptocurrency for people all over the world. The Pi Network development team is working to create an easy and intuitive user experience so that it is easier for people to start using cryptocurrency.
believe that success does not build in one night, keep the spirit, don't give up, warm greetings from us
hokanews.com to all pioneers around the world.
What is Pi Network?
Pi Network is a new cryptocurrency and developer platform that allows mobile users to mine Pi coins without draining device battery. The Pi blockchain secures economic transactions through a mobile meritocracy system and a complete Web3 experience where community developers can build decentralized applications (dApps) for millions of users.
That's a little information that we can share with all the pi network communities.
Hopefully this is useful, keep the spirit, don't give up.
If the information from hokanews is useful, don't forget to share it with other pioneers.
From pioneers for pioneers
Thanks to all the pioneers, warm greetings from the hokanews team. Information from the pi network community for all pioneers
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