Pi Network’s Innovative Blockchain: A New Era of Security and Transparency

Pi Network is attracting attention in the world of cryptocurrencies. Its innovative blockchain technology is setting new standards for security and transparency. This time, we will explain Pi Network’s distinctive technology and the benefits it brings to users in an easy-to-understand way, even for beginners.

1. Next-Generation Wallet System

Pi Network’s next-generation blockchain introduces the concept of parent wallets and child wallets. This system allows managing multiple child wallets from a single parent wallet. This is an innovative approach based on Bitcoin Improvement Proposals (BIP 32, 39, 44).

2. Prevention of Fraud and Asset Recovery

The biggest advantage of this parent-child wallet system is the prevention of fraud and protection of assets. If fraudulent activity (e.g., illegal buying/selling of Pi coin or exchange with other cryptocurrencies) is detected in a child wallet, the parent wallet can freeze that child wallet or recover the assets. This is called the “asset recovery” or “KYC (Know Your Customer)” process and is an important function to protect users’ assets.

3. Blockchain Immutability and Specificity

Pi Network’s blockchain, like other major cryptocurrencies, has immutability. This means that once a transaction is recorded, it cannot be changed or canceled. This ensures the transparency and reliability of transactions. However, while direct reversal of transactions is impossible in next-generation blockchains like Pi Network and Stellar, they have mechanisms to address fraudulent activity through the aforementioned asset recovery process.

4. Importance of Community Education

Pi Network emphasizes the importance of accurate information dissemination and education, especially for administrators of large groups and influential members. It is required not only to simply say “transactions cannot be reversed” but also to explain the blockchain mechanism and asset protection methods in detail to community members. It is necessary to recognize that insufficient understanding or explanation can negatively impact the entire community.

5. Collection and Use of Personal Information

Pi Network collects personal information in the following ways to protect user safety:

• Information voluntarily provided by users (name, phone number, email address, Facebook account name, username, etc.)
• Information collected through automatic technologies (using cookies, beacons, etc. when using websites or apps)
• Information from third parties (service providers, analytics providers, social media companies, etc.)
• User-generated content (chat messages, comments, “likes”, etc.)
• Transaction-related network information
• Feedback, survey responses, and support inquiries

Collected information is used for service improvement and security enhancement. Pi Network utilizes this information to maintain a secure ecosystem while respecting user privacy.

6. Transparency and Responsibility

Pi Network places the utmost importance on user trust. Therefore, it publishes detailed information regarding the collection and use of personal information, maintaining transparency with users. It also reserves the right to anonymize and use the collected information. This allows for service improvement and research purposes while protecting privacy.

7. Legal Aspects and Absence of Class Action Lawsuits

As an important point, it is clearly stated that no class action lawsuits exist against Pi Network. This indicates that Pi Network is a highly reliable project from a legal perspective.

8. Relationship Between Mining and Ad Viewing

In Pi Network, user activity may affect mining. For example, the number of ad views and engagement on social media (likes, comments, etc.) may be recorded as user activity and potentially influence the mining process.

Summary

Pi Network’s next-generation blockchain technology achieves both high security and transparency. With the parent-child wallet system, fraud prevention features, and blockchain immutability, users can manage their cryptocurrencies with peace of mind. Simultaneously, through community education and proper management of personal information, Pi Network is paving the way for the future of cryptocurrencies from both technological innovation and user protection perspectives. Users are required to recognize that their actions can affect the entire ecosystem and are expected to participate responsibly.