JUST IN: Pi Network, Exploring Two Types of Developer Wallets - hokanews
hokanews.com - Pi Network has emerged as a Promising cryptocurrency project, with the vision to create a cryptocurrency that can be mined using mobile devices without consuming high power. In order to achieve this goal, Pi Network provides two types of developer wallets which play an important role in its ecosystem.
The MultiSig Receiving Wallet is a type of wallet specifically designed to accept payments from Pi Network users and facilitate transactions between users and applications within the Pi Network ecosystem. It is one of the key components in the payment infrastructure within the network.
One of the main features of the MultiSig Receiving Wallet is the use of the MultiSig or multiple signature mechanism. This mechanism enables safe and reliable transactions, involving the signatures of several parties who complete them before the transaction is executed.
When a user wants to make a payment to an application on the Pi Network, they use the MultiSig Receiving Wallet to initiate the transaction. The user fills in the required information, such as the amount of Pi to be paid and the address to which the payment will be made. These transactions are then sent to the Pi Network network.
Once a transaction is sent to the network, the MultiSig mechanism plays a role in verifying and securing the transaction. In the case of a MultiSig Recipient Wallet, the transaction requires signatures from several parties providing it, such as the user and possibly other parties associated with the application or network. The required number of signatures can be predefined and defined in the protocol rules.
Once a transaction is successfully verified with the required number of signatures, it is considered valid and enters the Pi Network distributed ledger or blockchain. The payment is then accepted by the intended application, and both the user and the application can view transaction details in their history.
The advantage of using the MultiSig Receiving Wallet is the increased security and reliability of transactions. By involving signatures from multiple authorized parties, the risk of fraud or unauthorized transactions can be significantly reduced. In addition, using the MultiSig Receiving Wallet also provides transparency, because transaction details can be accessed by all parties involved.
With the MultiSig Receiving Wallet, users in the Pi Network ecosystem can safely and easily make payments to connected applications, while applications can obtain payments from users with a higher level of trust.
Developer Sending Wallet (Developer Sending Wallet) is a type of wallet that allows applications within the Pi Network ecosystem to send payments to users as a form of incentives, rewards, or other transactions. This wallet acts as a tool that facilitates sending payments from applications to users.
When an app wants to provide payment to a user in Pi, it uses the Developer Sending Wallet to initiate the transaction. These transactions may involve a certain predetermined amount of Pi, based on an incentive scheme or other rules implemented by the application.
Developer Send Wallet ensures that payment transactions are sent securely and efficiently. This wallet is connected to the Pi Network infrastructure and communicates with the network to process transactions. After the transaction is sent to the network, it will go through a verification and validation process to ensure that the payment complies with the rules and conditions set by the application.
Once the transaction is confirmed and verified, the intended Pi will be sent to the intended user. Users will receive these payments in their personal wallets and can view transaction details in their transaction history.
Users can use the received Pi for various purposes, such as participating in the Pi Network ecosystem, shopping, or making other transactions with other users or applications in the network.
Developer Sending Wallet provides flexibility for applications to provide incentives or rewards to users in the form of Pi. This allows apps to build and encourage active participation in the Pi Network ecosystem, drive growth, and provide benefits to contributing users.
It is important to note that Developer Sending Wallet is a component used by applications within the Pi Network, and implementation may vary depending on the needs and policies of the application. Apps can set up their own incentive schemes and define parameters such as the number of Pi sent, requirements for fulfilling payments, or other policies relevant to sending payments.
Related to the Pi Network: Exploring Two Types of Developer Wallets, this was also posted on the Twitter account @PiNewsMedia until this article was written by the hokanews team. posts loaded on the Twitter account @PiNewsMedia as follows:
👛There are two types of developer wallets👨💻
1⃣MultiSig Receiving Wallet - This is the wallet for Pioneer to App Payments
2⃣Developer Sending Wallet - This is the wallet for App to Pioneer Payments
You can say User to App and App to User⚡
#PiNetwork #Web3 #Crypto #Blockchain
@PiCoreTeam
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| Twitter image source |
The interaction between users and applications in the Pi Network ecosystem involves the use of two types of developer wallets: MultiSig Receiving Wallet (receiving wallet with multiple signatures) and Developer Sending Wallet (sending wallet by application).
MultiSig Receiving Wallet
When a user wants to make a payment to an application on the Pi Network, they use the MultiSig Receiving Wallet. The user fills in the required information, such as the amount of Pi to be paid and the address to which the payment is due, in this wallet. These transactions are then sent to the Pi Network network.
Once a transaction is sent to the network, the dual signature mechanism built into the MultiSig Receiving Wallet comes into play. Transactions require signatures from several authorized parties, such as the user and possibly others associated with the application or network. The required number of signatures is predefined and defined in the protocol rules.
Once a transaction is successfully verified with the required number of signatures, it is considered valid and enters the Pi Network distributed ledger or blockchain. The payment is then accepted by the intended application, and both the user and the application can view transaction details in their history.
Developer Sending Wallet
When an app wants to provide payment to a user as a form of incentive or reward, the app uses a Developer Sending Wallet. The application initiates a transaction in this wallet by entering the required information, such as the number of Pi to be sent and the user's destination address.
The Developer Send Wallet then processes the transaction and sends the payment to the intended user. This transaction involves the transfer of Pi from the application wallet to the user's wallet registered in the Pi Network network. The details of these transactions are visible to both the application and the user in their respective transaction history.
Users can use the received Pi for various purposes within the Pi Network ecosystem, such as shopping, participating in application activities or offers, or making transactions with other users in the network.
By interacting through these two types of developer wallets, users and applications can make transactions safely, reliably, and efficiently within the Pi Network ecosystem. Developer wallets play an important role in facilitating payments and exchange of value within the network, strengthening user participation and providing incentives for users to engage in connected applications.
Pi Network provides two types of developer wallets which play an important role in transactions between users and applications in the ecosystem. MultiSig Receiving Wallet is used to receive payments from users to applications, while Developer Sending Wallet is used to send payments from applications to users.
MultiSig Receiving Wallet allows users to make payments to applications safely and reliably. The dual signature mechanism used in this wallet increases the security and reliability of transactions within the Pi Network network. Users can fill in the required information and send transactions to the network, where they will be verified by the authorities before processing.
Developer Send Wallet, on the other hand, allows applications within the Pi Network to provide payments to users as incentives or rewards. Applications can send payments in the form of Pi to users registered in the network. Developer Sending Wallet ensures that payment transactions are sent securely and efficiently, facilitating the sending of Pi from the app's wallet to the user's wallet.
By using these two types of developer wallets, users and applications can interact securely and efficiently within the Pi Network ecosystem. Transactions made through the developer's wallet ensure security, trust and integrity in the exchange of value within the network.
It is important to note that the implementation and specific rules for these two developer wallets may vary depending on the policies and application requirements within the Pi Network. Therefore, it is recommended to refer to official sources or Pi Network official documentation for more specific and up-to-date information.
With the use of MultiSig Receiving Wallet and Developer Sending Wallet, Pi Network continues to build its ecosystem as an attractive cryptocurrency project with the aim of providing convenience and simplicity in crypto transactions via mobile devices.
