Pi Network is still a hot topic in the crypto community, with the project's pioneers currently emphasizing its transaction speed compared to the Bitcoin network.
This comparison takes place before Pi Network deploys the Open Mainnet on February 20.
One of Pi Network's pioneers, Dr Picoin on X, pointed out that the network has a Block time about 120 times faster than Bitcoin. Furthermore, they stated that the project's transition to the Open Network will significantly increase the number of transactions per Block.
"Currently, Pi Network takes about 5 seconds to create each Block, while Bitcoin takes about 10 minutes. Based on Block time, Pi Network is about 120 times faster than Bitcoin".
Another Pi Network supporter, Jatin Gupta, also agreed with Dr Picoin's statement, emphasizing that the project is seeing 540,000 downloads per day, indicating a surge in interest in PI.
Bitcoin's slow Block time has long been a bottleneck for transaction processing, forcing the network to introduce improvements like the Lightning Network. Pi Network's 5-second Block time suggests a more efficient system, with the potential for a significant increase in transactions per Block after the transition on Thursday.
Additionally, Gupta pointed out that Pi Network has skyrocketed to the fourth position in the social networking category on the Google Play Store, putting the project on par with tech giants like Facebook and Instagram.
While Gupta's post highlighted the excitement surrounding Pi Network, it also raised cautionary signals. In another post, Gupta warned miners to prepare for an upcoming slowdown in March 2025 due to a network adjustment.
"Miners, get ready for the big adjustment! A major mining slowdown will occur in March 2025. Mine while you can and get ahead of everyone," Gupta urged.
Despite the hype around Pi Network, the project remains controversial, with ongoing debates about listing and regulatory oversight before the mainnet launch.
Meanwhile, not everyone is convinced by the claims of Pi Network's pioneers. Many have criticized that while Pi Network has an impressive 5-second Block time, it still lags behind other blockchain networks. One user highlighted Solana, Avalanche, Algorand, and EOS as notable competitors to Bitcoin.
"Solana, known for its high throughput, can process transactions with a Block time of around 400 milliseconds (0.4 seconds). With its consensus protocol, Avalanche aims to finalize transactions in under 1 second under optimal conditions, making it much faster than Pi Network. Algorand's pure Proof-of-Stake (PPoS) protocol allows transactions to be completed almost instantly, with a Block time of around 3.3 seconds, slightly faster than Pi Network. EOS has a Block time of around 0.5 seconds".
These comparisons show that while Pi Network is significantly faster than Bitcoin, it is not the fastest blockchain.
However, the comments from the pioneers reflect recent reports, indicating that search interest for Pi Network has reached an all-time high, suggesting its growing popularity.
On the other hand, the listing challenges for Pi Coin remain a significant barrier. Analysts have said that OKX may face challenges in listing Pi Network due to concerns about the project's status and regulatory clarity.
Meanwhile, Binance is conducting a community vote to decide whether Pi Network should be listed on its platform.
Additionally, Pi Network has faced legal warnings that raise questions about its regulatory compliance.
Nevertheless, the pioneers remain optimistic, with many working to dispel the fear, uncertainty, and doubt (FUD) before the Open Mainnet launch. Analysts have also weighed in, with some defending the project against fraud allegations and emphasizing Pi Network's mainstream potential.
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Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making any decisions. We are not responsible for your investment decisions.
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Viet Cuong
