How does Pi Network's consensus algorithm differ from other popular cryptocurrencies?

1 answers

• Apr 30, 2022 · 3 years ago
  Pi Network's consensus algorithm, the Stellar Consensus Protocol (SCP), stands out from other popular cryptocurrencies due to its unique approach. Unlike proof-of-work (PoW) algorithms used by cryptocurrencies like Bitcoin, SCP relies on a federated Byzantine agreement model. This means that a group of trusted nodes, selected by the Pi Network, validate transactions and reach consensus. This approach eliminates the need for resource-intensive mining, making SCP more environmentally friendly. Additionally, SCP enables faster transaction confirmations, with an average confirmation time of 5 seconds. This makes Pi Network more suitable for everyday transactions compared to other cryptocurrencies that may have longer confirmation times. In conclusion, Pi Network's consensus algorithm offers a more sustainable and efficient solution for transaction validation, making it a promising player in the cryptocurrency space.
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