What is the difference between policy iteration and value iteration?

What is the difference between policy iteration and value iteration?

Policy iteration optimizes the policy while value iteration optimizes only the value function.

Policy iteration includes a complete policy evaluation until convergence in its loop while value iteration only does one policy evaluation update before attempting to improve the policy.

Policy iteration updates all states while value iteration asynchronously updates only one state in one iteration.

Policy iteration is just faster than value iteration.