Pi network is a digital currency launched by Chengdiao Fan, Vince McPhillips, Nicolas Kokkalis, and a group of Stanford graduates. This cryptocurrency is called the Pi network. Pi Network has launched a few months ago, the inventors claimed that the cryptocurrency dominates Bitcoin in conservational points.
Bitcoin Disadvantage by Pi Network
McPhillips is currently the head of the Pi Network community. He had elaborated that Bitcoin mining isn’t an environment-friendly process. He further had explained that during the process of mining huge amount of carbon dioxide was emitted. Therefore, the impact of bitcoin mining on the atmosphere was relatively severe.
Furthermore, McPhillips also had explained that mining is an expensive process. It requires high electricity consumption for Bitcoin mining.
Benefits of Pi Network
McPhillips also discussed the benefits of Pi Network. According to him, the Pi network was manufactured on another algorithm that is Stellar Consensus Protocol (SCP). He also explained to SCP that different nodes voted on the Pi network to approve the transactions.
There was an objection with Bitcoin that only the miner is authorized to approve the transactions and getting the reward. While in the Pi network there are several nodes for transaction approval that ensure that computing potential is circulated.
According to the creators of Pi networks, the people who have installed the product are more than 12 million. Furthermore, it is also exposed that the Pi network is expanded in 180 countries around the globe.
Rather than the environmental reduction load Pi network has brought ease to the life of people. They can easily be mining new tokens with the help of smartphones. Pi mining is not much costly because it includes low-power consumption methods. McPhillips is aimed to bring more improvement to the Pi network.
Pi Network is undoubtedly an outstanding cryptocurrency solution. But it needs a lot of time to be the investor’s foremost choice. Investors are currently interested in investing in Bitcoins but in the future, we can expect the Pi Network at that place.