Pi Network Upgrades to Protocol Version 23 on Testnet, Enhances Pi Coin's Worth
In a significant development, Pi Network, the decentralised digital currency platform, has witnessed a surge in its market value following the deployment of Protocol v23 on its testnet. The update, which aligns with Stellar Core Version 23.0.1, has not only boosted Pi Coin's market value to $2.92 billion but also led to a 1.51% price increase for Pi Coin, currently trading at $0.3595.
The testnet upgrade has also resulted in a 40.4% increase in Pi Coin's daily trading volume, reaching $30.78 million. This positive response from investors indicates growing optimism surrounding Pi Network's future.
One of the key features of Protocol v23 is the introduction of a decentralised KYC (Know Your Customer) solution. This solution could position Pi Network as an identity infrastructure layer, complementing its blockchain services. The decentralised KYC solution aims to expand Pi Network's use cases beyond cryptocurrency payments, making it a versatile platform for various digital transactions.
The decentralised KYC solution supports various forms of identity verification, including national ID cards, and is designed to be accessible to other companies and projects within Pi Network's ecosystem, further broadening its reach.
The integration of Stellar Core v23 into Pi Network is aimed at improving scalability and transaction efficiency. The Stellar Foundation (or the Stellar network) has supported Pi Network during this integration, with the goal of expanding Pi Network's blockchain capabilities.
The successful testnet validation of Protocol v23, which processed up to 1,000 transactions per block without failure, sets the stage for a possible mainnet activation. If the testnet proves stable, the next logical step will be a transition to the mainnet, showcasing Pi Network's ongoing efforts to enhance its blockchain and broaden its use cases.
Over the past week, the value of Pi Coin has risen by 4.29%, and its price has increased by 1.63% over the last month, reflecting the positive sentiment surrounding Pi Network and its future developments. The testnet update and the introduction of the decentralised KYC solution are clear indications that Pi Network is progressing in its phased transition to a fully operational blockchain.
