- Pi Network is rolling out Version 23, introducing decentralized KYC and new features to improve user control and verification.
- Despite the upgrade, PI token remains under pressure, trading below $0.35 with upcoming token unlocks adding potential selling pressure.
Version 23 Brings Major Protocol Enhancements
Pi Network is set to roll out its highly anticipated protocol upgrade from Version 19 to Version 23. The Core Team confirmed that the new release is built on Stellar v23 but tailored specifically for Pi Network. Its primary focus is to provide users with enhanced control and additional functionalities while strengthening the network’s identity verification system.
One of the most notable changes is the embedding of Know-Your-Customer (KYC) authorities directly into the protocol. This aims to decentralize KYC processes, allowing trusted third-party solutions to assist alongside Pi Network’s native verification system. The upgrade is designed to maintain PI as a fully KYC-verified blockchain while giving the community more influence over the process.
The team emphasized that identity verification remains essential for network integrity, regulatory compliance, and readiness for integration with services that require verified accounts. Currently, Pi Network has nearly 15 million verified users, highlighting the importance of this improvement.
Phased Rollout May Cause Temporary Downtime
The protocol upgrade will be deployed in multiple phases, which means the network may experience temporary outages. The Pi Team has assured users that notifications will be sent ahead of time to prepare the community, partners, and third-party services for any disruptions. This phased approach is intended to ensure a smooth transition and allow all stakeholders to adapt to the new system.
PI Network Token Faces Continued Price Pressure
Despite these updates, Pi Network’s native token, PI, continues to face challenges in the market. The token fell to an all-time low of $0.33 on August 26 but briefly recovered to around $0.4. However, it has since declined again, currently trading below $0.35, just 5% above its all-time low. Since its peak in late February, PI has lost over 88% of its value.
Investors should also note the upcoming token unlock schedule, with 12.3 million and 9.9 million coins set to be released on September 6 and 11, respectively. This could add additional selling pressure, though the situation is expected to stabilize in the following weeks.
The Version 23 upgrade signals Pi Network’s commitment to decentralization and improved identity verification. While the token’s price remains under pressure, the technical enhancements could strengthen the network’s long-term credibility and adoption. Users and investors should stay alert to announcements about network downtime and token releases to navigate the transition effectively.
ALSO READ:Pi Network Hackathon Hints at Upcoming Coinbase Listing
DISCLAIMER:
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of the publisher. The publisher does not endorse or guarantee the accuracy of any information presented in this article. Readers are encouraged to conduct further research and consult additional sources before making any decisions based on the content provided.