Massive Pi Network Update Drops: What Every PI User Needs to Know

TL;DR

• The long-awaited protocol improve from Version 19 to 23 might be carried out quickly, introduced the workforce behind the favored challenge.
• They warned that there might be some community outages alongside the best way because the replace will arrive by way of phases.

Version 23 Is Coming

The Core Team’s video explains that the brand new Version relies on Stellar v23, however it’s custom-made for Pi Network, and it goals to add extra management and new functionalities for its customers. Some of these will embrace embedding Know-Your-Customer authorities into the protocol that can “keep PI as a KYC-verified blockchain, whereas providing a extra distributed community-driven KYC course of on the protocol degree.”

The transfer goals to decentralize KYC authority, which ought to be welcomed by customers who’ve experienced vital difficulties up to now few years getting their accounts verified.

Pi Network’s native KYC resolution will proceed to confirm customers, however Version 23 will even permit the method to be assigned to trusted third-party options.

The workforce reminded that “id verification by way of KYC is necessary for the integrity of the community, compliance, and readiness for integrations by companies that require id verification.” The video additionally famous that the whole variety of verified customers has grown to nearly 15 million.

Given the truth that the protocol upgrades might be phased out by way of consecutive variations, the community could expertise some downtime. However, the workforce promised to alert its group forward of time. The concept of this announcement now could be to assist “companions, third-party companies, and the group to get ready” in time.

PI Price Struggles

Despite the latest updates, together with the introduction of Linux Node companies, Pi Network’s native token has failed to submit any vital and lasting good points. The asset tumbled to an all-time low of $0.33 on August 26 however staged a fast restoration towards $0.4 within the following days. At one level, it even outperformed a lot of the market, which was in shambles.

However, that was a short-lived reduction, and PI is down as soon as once more, dropping over 3% of worth weekly. It at present trades under $0.35, which is simply 5% above the ATL. Moreover, the token has plunged by greater than 88% since its all-time high marked in late February.

The token unlock schedule for the following month is relatively two-fold. September 6 and 11 will see a considerable variety of launched cash (12.3 million and 9.9 million, respectively), however the stress ought to ease within the subsequent couple of weeks.

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