Pi Network is making loud noise in social media because of the issue about Global Consensus Value. It is unavoidable that there will be debate today because it is one of the most important aspects of a cryptocurrency, and the Pi Core team (PCT) stated that the GCV will be determined by the community. That’s why you can see a variety of GCVs such as $100, $1000, $314, and the most recent is $314,159.
China wants the PGCV to be $314,159. We can’t take it away from them because China has been one of the most active in Pi’s development over the last three years. We’ve seen plenty of evidence of this, from items, cars to real estates. According to the news, many Chinese millionaires are ready to invest large sums (millions of dollars) and fund the PGCV they want to see happen. You can find them on various social media platforms and other sites
However, there are also many pioneers in the Philippines who want this to happen, but many also object because they believe it is impossible for a variety of reasons. The following are some of the reasons;
That is why it is impossible because Pi is new, and how can its value be higher than Bitcoin?
It appears that no one is rational enough to invest in the Philippines at such a high price; it is not good for the Pi ecosystem if it begins with such a high price, among other things.
Is it really impossible for this PGCV $ 314,159 to happen, in my opinion as a long-time player in the crypto world? Instead of answering this question, I’ll explain how a cryptocurrency gains value.
To begin, what exactly is crypto? There are two kinds of crypto. The first are crypto coins, and the second are crypto tokens. What is the distinction? Crypto coins have their own blockchain, of which they are the owners and funders.
Bitcoin, Ethereum, ADA, and, of course, the Pi network are all examples. What about cryptocurrency tokens? They are the cryptocurrencies that do not have their own block chain, which means they simply use it or ride on it and pay for it to exist. Crypto tokens frequently have a lower value than crypto coins.
How do they get started with regular crypto? Of course, in order to launch a crypto currency, you must first learn about it. You must understand the world of crypto currency, blockchain, consensus, smart contracts, and how to create a white paper, legal framework, and market it. How does a standard cryptocurrency gain value? First, you must raise large amounts of capital and create a liquidity pool from which the value of your cryptocurrency will be derived.
Greater capital equals greater cryptocurrency value. Each cryptocurrency has an Initial Coin Offering (ICO), which determines the starting value of the cryptocurrency. It is up to the crypto company’s marketing strategy to determine how you will sell your cryptocurrency to people. The more crypto you buy, the more valuable it becomes. The total supply of a cryptocurrency is also important because the increase in its value (Law of demand and supply) is also affected by its scarcity.
So, the Pi network has its own block chain, and according to what I’ve read, the Pi Network block chain will use Stellar Consensus Protocol and Federated Byzantine Agreement Algorithm to process the smart contracts in which we pioneers will transact globally. It is the most recent and advanced blockchain technology available today.
What does all of this mean? It is expected that the new crypto tokens will use the Pi network block chain, resulting in significant revenue for the Pi network. Currently, the Ethereum block chain is one of the most popular among crypto developers because it is one of the most efficient and fast block chains; however, many complain that transactions performed within the Ethereum block chain are very expensive; this will be an advantage of the Pi Network block chain because transactions performed within the Pi Network block chain are very fast and can only be completed in a few seconds.
Why is there no ICO for the Pi Network? The simplest answer is that it didn’t have to happen because Pi coins are already distributed among approximately 35 million pioneers, eliminating the need for an ICO. What exactly does this mean? Because Pi coins are already in circulation, there is no need to market, sell, or distribute them.
Credits to https://www.facebook.com/groups/358190096436708/permalink/361613209427730
