what is PI network? pi network coin

                          

               

what is PI network? pi network coin

 

Hey guys, welcome Friends today we will talk about PI network

 

What's so special in Pi??

 

Why it is going to be a huge success??

 

This question is definitely running in your mind that what makes Pi special?? We already have such famous cryptocurrencies for example Bitcoin, Ethereum, so

where Pi stands??

 

What is lacking in these famous coins like Bitcoin or Ethereum that Pi has to come forward. So, guys, this video will be a little technical So read it carefully.

 

So, let’s talk about Bitcoin and Ethereum

 

Their mining is done with the help of consensus algorithm And the name of that algorithm is Proof of Work And this proof of work algorithm depends upon large computational powers, More the computational power, higher will be the mining speed

 

Now let’s talk about its limitations

 

Firstly, for such computational powers, we need large hardware’s and software’s So, it is out of the reach of common people to do mining Secondly the transactions speed is slow, If anyone of you does bitcoin transactions then you must know that it takes some time for the transactions approximately half an hour to one hour. And in order to increase transaction speed, we have to give extra fees and the 3rd main problem is a concern to the environment If we look at the data of the last few years, the bitcoin mining results in 3 - 25 megatons of carbon emission which is very harmful to our environment.

Now to fill up these limitations, many new coins arrived. One of them was Ripple and the other was Stellar which is also known as Lumen And one of the co-founders of Ripple has made Stellar. Their main benefit was the difference in consensus algorithm with respect to bitcoin and Ethereum Now let’s talk about the benefits of Ripple and Stellar Algorithm

 

Firstly, fast transactions

 

Secondly, low wastage of energy

 

Their coins or already pre-mined,

 

that's why less wastage of energy

 

Now, let's talk about the difference between these two.

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the main difference is the target audience. The main focus of Ripple is on large banks and institutions So that, they can easily do cross-border payments very fast and with less cost Now the Stellar's main focus is on  giving payment platform to the developing countries or the under-developed countries so that they can do cross border transactions easily and effectively

 

Now let's talk about their limitations due to which Pi have to come forward.

 

If you know a little bit about cryptocurrencies then you must have known that, one of the main motives of cryptocurrency is to be fully decentralized but there were only a few private nodes in Stellar and Ripple due to which they are actually centralized networks and not decentralized networks and their audience is also limited And after this, Pi network came into existence. It worked on the limitations of both types of cryptocurrencies. As the algorithm of bitcoin was lacking and the nodes of Stellar and Ripple were private, not public. means the network was centralized

 

So, Pi network came up with the algorithm that it has taken from Stellar named Stellar Consensus Protocol And Secondly, since there was a limitation of private nodes So, Pi network came up with Public nodes, So that the network will be fully decentralized And the main audience of Pi network is everyday people So that everyday people can transact in cryptocurrency easily So, is that all???????

Wait Wait Wait!!

 

Do you know, most of the cryptocurrencies have zero intrinsic value? Their value depends totally upon demand and supply. they don't have their own value. But Pi network is focusing on building intrinsic value by backing up it with physical assets and services.

Now the question is,

 How Pi network is going to build intrinsic value

 

The answer to this is, by making an App Store. Where we can Buy and Sell commodities or services with Pi. As we all know at this time, Pi is running in the Testing phase, which means running in Phase 2. where its main focus is on the deployment of nodes. so that it can become a fully decentralized network and secondly, building up an App Store. which probably can be done at the end of this year.

 

but be aware, Pi is not officially listed yet

 

It will be on exchange in 3rd phase

 

and guys, for the time being, click daily on mining and collect Pi as much as possible. If it got success, it will change our lives. Don't let this opportunity slip through your hands.

 

If you haven't joined yet, what are you waiting for man!!

 

If you want to join then click here PI network coin

 

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