The Binance Exchange is a well-known cryptocurrency exchange that was established in Hong Kong in 2017. It puts a lot of emphasis on trading altcoins. Including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and its own token, Binance provides crypto-to-crypto trading in more than 600 digital currencies and tokens (BNB).
Despite being the top cryptocurrency trading platform in terms of daily transaction volume, Pi Network will overtake the renowned crypto project in the near future.
The Pi Network was founded by Nicolas Kokkalis, who along with Chengdiao Fan is generally recognized as the project’s Core Team. Vince McPhillip is another member of the Core Team, but no one ever brings him up.
The founder and CEO of Binance, the biggest cryptocurrency exchange in the world, is Changpeng Zhao, also known by his initials “CZ.” Zhao established Binance in 2017, and the company immediately saw a daily trade volume climb to more than $20 billion. Zhao, a fervent supporter of Bitcoin, has accumulated a fortune in cryptocurrencies, but the majority of his $15 billion+ net worth comes from his investments in Binance Holdings Ltd.
Key similarities and differences between Binance and Pi Network
Similar to how we previously covered Ethereum and Bitcoin, there are certain similarities and distinctions between Binance and the Pi Network, as shown below:
1. The fact that Pi Network and Binance are both cryptocurrency initiatives is one of their many commonalities.
2. The native coin of Pi Network is PiCoin (Pi), while BNB Coin is that of Binance.
3. Binance is a cryptocurrency exchange platform while Pi Network is a cryptocurrency mining platform.
4. Pi Network has more active users than Binance. Though the last data obtained from BusinessOfApps in which it was reported that Binance has 28.1 million users was in December 2021. Shortly after that (three months) in March 2022 Pi Network reported it has 35 million active users.
5. The BNB was initially based on the Ethereum network but is now the native coin of Binance’s own blockchain, the Binance chain. Pi Network on the other hand uses the Stellar Consensus Protocol that runs on the stellar blockchain.
What is Pi Network?
The Pi Network is intended to be a ground-breaking decentralized network where cryptocurrency is mined using cellphones as opposed to ASICs or GPUs which requires much energy. Pi Network, which was established by Chengdiao Fan and Nicolas Kokkalis of Stanford University, aims to be a more accessible and effective means of carrying out transactions. The Pi Network is simple to use and claims to be more energy efficient than more established networks like Bitcoin, which call for power-hungry devices. Although it is still in the early stages of development, the team wants to make it the standard form of payment for transactions.
What is Ethereum?
The Binance Exchange is a leading cryptocurrency exchange founded in 2017 in Hong Kong. It features a strong focus on altcoin trading. Binance offers crypto-to-crypto trading in more than 600 cryptocurrencies and virtual tokens, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and its own token Binance Coin (BNB).
