Solid PI Network Update drops: What every PI user needs to know

Tl; Dr.

• The long -awaited protocolupgrade from version 19 to 23 will soon be implemented, the team after the popular project announced.
• They warned that there could be some networking loss on the way, because the update will arrive through phases.

Version 23 is coming

The core team video Explains that the new version is based on Stellar V23, but it is tailor -made for PI Network and is intended to add more control and new functionalities for its users. Some of them will, among other things, embed the authorities of knowledge in the protocol that “Pi will enforce as a KYC-Grantified Blockchain, while offering a more distributed community-driven KYC process at the protocol level.”

The move is intended to decentralize the KYC authority, which must be welcomed by users who have experienced considerable difficulties in recent years, which verifies their accounts.

The Native KYC solution from PI Network will continue to verify users, but version 23 will also be allocated the process to trusted solutions from third parties.

The team recalled that “identity verification via KYC is important for the integrity of the network, compliance and the willingness to integrations through services that require identity verification.” The video also noted that the total number of verified users has grown to almost 15 million.

Given that the protocolupgrades are phased out by successive versions, the network can experience some downtime. However, the team promised to warn its community in advance. The idea of ​​this announcement is now to be prepared on time “partners, third -party services and the community.

Pi -Praise struggle

Despite the recent updates, including the introduction of Linux Node Services, the native token of PI Network has not achieved a significant and sustainable profit. The active tumbled on 26 August to a low point of $ 0.33, but organized a quick recovery to $ 0.4 in the following days. At a certain point it even surpassed the majority of the market, which was in ruins.

However, that was a brief relief, and Pi has fallen again and lost more than 3% of the value every week. It currently trades below $ 0.35, which is only 5% above the ATL. Moreover, token has fallen by more than 88% since his high of the all time at the end of February.

The token release schedule for the following month is rather double. 6 and 11 September will see a considerable number of coins released (12.3 million and 9.9 million respectively), but the pressure would have to relieve in the coming weeks.