Urgent Pi Network (Pi) update: what pioneers need to know before the March 1 deadline

Urgent Pi Network (Pi) update: what pioneers need to know before the March 1 deadline

The core team said they are continuing the updates, and the latest is just around the corner.

Despite ongoing community backlash and questions about the migration status, the team behind Pi Network has announced a new set of protocol upgrades that are currently underway, and the deadline is March 1.

In the meantime, the native token has been quite volatile lately and we will take a look at its most recent performance.

March 1 Deadline for nodes

Similar to the updates the team outlined in mid-February, the new protocol improvements will be rolled out gradually. In this second step, the deadline is set for next Sunday (March 1).

As with the February batch, all network nodes must complete this step before the deadline to “stay connected to the network.”

The explanatory message actually directs users to the Pi Nodes page on the project’s website. In it the team repeats previous statements about the importance of nodes within the Pi Network ecosystem, as they called it the ‘fourth role’. They once again reminded that nodes should run on laptops and desktops rather than mobile phones.

Pi Nodes, like other blockchains, are responsible for validating transactions on the distributed ledger and solving challenges in maintaining a “distributed currency” by having to reach a “consensus” on the order of new transactions to be recorded.

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In the case of Pi Network, the consensus algorithm is based on SCP, which allows nodes to form trusted groups, known as quorum slices, and only agree to transactions that are fully aligned.

“Unlike most other crypto projects, the Pi Node will continue to follow the philosophy of user-centered design. Instead of requiring deep technical knowledge to set up a node, ordinary people will be able to do so by installing a desktop application on their computers,” the team said.

PI price update

Pi Network’s native token has experienced intense volatility in recent weeks, including a sporadic 35% daily rise a few weeks ago that pushed it above $0.20. However, the price was quickly rejected there and pushed to below $0.16 during the market-wide crash earlier this week.

With BTC and the alts recovering yesterday and today, PI followed suit and is now inches away from $0.17. The upcoming unlock schedule has some worrying news for next week, but the next few days should ease the pain, with around 5.5 million tokens being released daily.

However, on March 7, that amount will skyrocket to almost 22 million, followed by 16.5 million a day later. These big unlocks could increase immediate selling pressure.

Pi token unlocking scheme. Source: PiScan
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