How Good Is The Pi Network Cryptocurrency And What Does It Do Differently To Other Mobile Cryptocurrencies?

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Pi Network cryptocurrency boasts 17 million users since its launch in 2019. Unlike other mobile cryptocurrencies, Pi uses a unique consensus algorithm, Stellar Consensus Protocol, requiring no energy-intensive mining. Its goal is to provide inclusive access to digital currency without excessive resource consumption.

Overview Of Cryptocurrency And The Pi Network 

Overview Of Cryptocurrency And The Pi Network 

Cryptocurrency Overview: Cryptocurrency is a decentralized digital or virtual form of currency that uses cryptography for security. Unlike traditional currencies, it operates on a technology called blockchain, a distributed ledger that records all transactions across a network of computers.

Pi Network Overview: Pi Network, launched in 2019, is a mobile cryptocurrency project aiming to make digital currency more accessible. Founded by Dr. Nicolas Kokkalis, it introduces a novel consensus algorithm, Stellar Consensus Protocol, which eliminates the need for energy-intensive mining. Pi Network’s distinctive approach is to allow users to mine coins on their mobile devices without consuming excessive resources.

Key Features of Pi Network:

  1. Mobile Mining: Pi Network enables users to mine its native cryptocurrency, Pi, on their mobile phones. This process is designed to be user-friendly and energy-efficient, promoting inclusivity.
  2. Consensus Algorithm: Unlike popular cryptocurrencies like Bitcoin that use Proof-of-Work (PoW), Pi employs Stellar Consensus Protocol, a more eco-friendly consensus algorithm. This reduces the environmental impact of cryptocurrency mining.
  3. User Base: Pi Network has garnered significant attention, boasting a user base of 17 million since its launch. This widespread adoption contributes to its goal of creating a decentralized and globally accessible digital currency.
  4. Decentralization: Similar to other cryptocurrencies, Pi Network operates on the principle of decentralization, meaning that no central authority controls the currency. Transactions are recorded on the blockchain, ensuring transparency and security.
  5. Future Development: The Pi Network team has plans to evolve the project beyond the mining phase, integrating features such as smart contracts and a decentralized exchange. The roadmap suggests a commitment to long-term development and usability.
  6. Inclusivity: Pi Network’s mission is to provide access to digital currency to individuals who might not have the resources or technical knowledge for traditional cryptocurrency mining. This aligns with the goal of creating a more inclusive financial ecosystem.

What Does PI Network Do Differently To Other Mobile Cryptocurrencies?

Pi which is the newest cryptocurrency that we know of and have decided to speak of is known to most people as the social currency. Everyone today can gain access to the pi network. It is so accessible because the creators decided to make sure that everyone can get this currency, they made the mining process a lot easier and a lot more accessible. It is also very cheap to mine. To mine this currency, you only need a smartphone and data or connected Wi-Fi. 

Pi hasn’t become a legitimate cryptocurrency yet as it is yet to have a particular amount of people on board making use of the network. Just with a figure of 100 million people being active on the app, mining every consecutive time, they would have enough users to fall back to so it can be placed in its place as a legitimate cryptocurrency. Based on the idea behind the pi network and all of these features, we could say that pi would grow to become one of the largest cryptocurrencies anyone has ever invested in. Before getting into the business, you have to understand the whole network and know how the network works out. 

A table showing the difference between pi network cryptocurrency and other cryptocurrencies.

Pi Network CryptocurrencyAltcoinsBitcoinShitcoins
Pi network is the first-ever cryptocurrency that could be mined with your smartphone for free. This category is where Ethereum falls under. Most of the other cryptocurrencies fall under here. They have complex mining technologiesThis is the most expensive and fastest-growing cryptocurrency in the world. It has the most complicated mining technologyThese are cryptocurrencies that don’t have any value. These coins are still undergoing development. 

This table above shows that Pi Network is better because of its simple mining technology

What is the future of the Pi Network?

1. Decentralized Ecosystem: Pi Network aims to create a fully decentralized and democratic social platform. Its future may see community members making decisions about the rules of the platform, bringing about a new era of digital democracy.

2. Mainstream Cryptocurrency: Pi Network aspires to become a mainstream cryptocurrency, powered by a robust community. If things go as per plans, the network will facilitate transactions between everyday people conveniently and without the need for intermediaries.

3. Commissions on Transactions: The upcoming developments project Pi Network’s future as a global marketplace. Where Pi holders can buy goods or services, the network might charge a small commission, making for a highly sustainable model.

4. Pi Apps Eco-system: The Pi Network is aiming to grow and foster a robust ecosystem of applications. These apps will be built by creative developers around the world, further expanding the use-cases of the Pi currency.

5. Launch of KYC Compliance: Pi’s future includes a fully implemented Know-Your-Customer (KYC) approach. This will ensure better security and legitimacy, aligning with global transaction protocols to prevent misuse.

6. Potential to Increase in Value: Given its projection and plans for the future, the value of Pi could increase, potentially making it a profitable investment today. However, this is contingent on a variety of factors including market demand and acceptance

7. Enhancing Interoperability: Pi Network’s future plans include enhancing interoperability with other cryptocurrencies. This could lead to an increased usage and demand for the Pi coin, subsequently boosting its value.

8. Establishing Security Circles: A unique feature of Pi Network’s future plans is the ‘Security Circle’. It’s a group of trusted contacts that vouch for one another’s trustworthiness within the app, contributing to a more secure, spam-free community.

9. Exploring Offline Transactions: The Pi Network team is reportedly looking into the possibility of offline transactions via Near-Field Communication (NFC). This feature would make the network more accessible and user-friendly.

10. Economic and Social Mission: Finally, the Pi Network’s ultimate mission is economic and social inclusion. The network aims to give everyday people access to cryptocurrency without financial barriers. In the future, this could change how we interact with digital currencies.

Key Future Aspects of Pi Network
Decentralized Ecosystem
Mainstream Cryptocurrency
Commissions on Transactions
Pi Apps Eco-system
Launch of KYC Compliance
Potential to Increase in Value
Enhancing Interoperability
Establishing Security Circles
Exploring Offline Transactions
Economic and Social Mission

Pi Launchers & Pioneers

Dr. Kokkalis

Kokkalis is a computer engineer with a Ph.D. degree as we have mentioned before, he lectures students on decentralized applications of Blockchain. He works at the same school where he got his doctorate from. He has been experimenting with Blockchain since he started his Ph.D. On his own, he has designed and created different social apps that now have more than 20 million users active and consistent. His contribution to the Pi Network was based on his knowledge. He worked mainly on the script and code design of the pi network. 

Dr. Chengdiao 

She has a very special focus. She has devoted her time to studying how humans and computers get to work with each other. She has been on this study for years. She has an interest in the way the technology advancement in the world has been able to contribute to the way individuals and society live their lives. She has a lot of studies that are related to developing software to monitor productivity. She also specializes in improving social capital. Her contribution to the pi network is social computing. Her contribution doesn’t only look at the financial aspects of these currencies but also the cultural exchanges in the world. She has explained how this whole thing works in an interview. 

Conclusion

The article here has been able to teach us about the pi network and the mining process. It also talked about the differences between this network and the other cryptocurrencies in the world today. The launchers that we have mentioned also are elites and have a lot of knowledge of computers and cryptocurrencies. 

Sources

Pi network the most accessible cryptocurrency

how good is pi network

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