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Pi Coin is also called Samsung Coin because Samsung Group confirmed its investment. As a large Korean company has invested, the possibility of PiCoin being listed on Upbit has also been raised, and many people are paying attention to the possibility of PiCoin being listed on Upbit. This news created a lot of buzz in the cryptocurrency community, as Upbit is one of the largest and most popular exchanges in the world.
PiCoin is a cryptocurrency being developed by the Pi Network. Pi Network is a blockchain-based platform that aims to create a P2P marketplace that anyone can access. PiCoin, the platform’s utility token, powers the ecosystem and enables users to participate in the marketplace.
What sets PiCoin apart from other cryptocurrencies is its approach to consensus. Instead of relying on Proof-of-Work (PoW) or Proof-of-Stake (PoS) algorithms, PiCoin uses the Federated Byzantine Agreement (FBA) algorithm. This algorithm allows individuals to use their devices to contribute to the safety of the network and receive rewards.
The PiCoin project has been widely adopted, with over 33 million active users on the network. In addition, it is expected that Upbit may be listed after receiving investment from Samsung Group.
Upbit is a Korean cryptocurrency exchange that is famous for its strict listing requirements. Nevertheless, PiCoin was able to succeed in being listed on an exchange, which is expected to take place in 2023. This marks an important milestone for the project as it provides more liquidity and exposure to cryptocurrencies. The PiCoin team has emphasized the importance of open mainnet releases for cryptocurrency development. This approach helped build trust among the community and enabled the project to be widely adopted.
Recent developments surrounding the PiCoin project include proposed transaction fee changes on the PiChain Mall. According to a survey conducted by Pi Chain Mall, transaction fees will be reduced from 5% to 3% or 4.5%. Currently, users are voting on proposed changes, and this can only be done through the Pie browser.
There were also issues related to the Know Your Customer (KYC) process for PiCoin pioneers. Some users expressed dissatisfaction due to the slow pace of the process and lack of communication about KYC results. However, the PiCoin team reassured users that they are actively working to resolve this issue.
Lastly, the Pycore team has launched a new hackathon scheduled for Q2 2023. This initiative follows calls from pioneers and aims to create a more inclusive and decentralized ecosystem.
PiCoin was developed to enable transactions in conjunction with the real economy. The PiCoin team’s approach to consensus and open mainnet releases helped build trust and drive widespread adoption. Despite some issues, such as changes to identity verification procedures and transaction fees, PiCoin is well on its way to creating a more inclusive and decentralized P2P marketplace.
