Testnet rollout of Pi Network's Protocol v23, reportedly accelerating the value of Pi Coins
The Pi Network, a rapidly growing cryptocurrency, has made significant strides in its development with the deployment of Protocol v23 on its testnet. This update aligns with Stellar Core Version 23.0.1, marking a significant step towards mainnet activation.
The integration of Stellar's v23 framework aims to improve scalability and transaction efficiency, addressing concerns over the slow pace of development. The success of Protocol v23 on the testnet was confirmed by the validation of block 20824824, and the successful validation of up to 1,000 transactions per block without failures is a key milestone.
The progress with Protocol v23 signals that concerns over the slow pace of development may be alleviated. In fact, the Pi Network's market value has risen by 40.4% to $2.92 billion following the testnet update, and the token's daily trading volume increased by 40.4% to $30.78 million.
One of the most notable features of Protocol v23 is the deployment of a decentralized KYC solution. This system supports various forms of identity verification, including national ID cards, and could position Pi Network as an identity infrastructure layer. The decentralized KYC solution will be available to other companies and projects, not just Pi Network users, expanding its ecosystem beyond just cryptocurrency payments.
The price of Pi Coin, the native currency of the Pi Network, stands at $0.3595, marking a 1.51% increase over the past 24 hours. Over the last month, the price of Pi Coin has increased by 1.63%, suggesting growing optimism surrounding Pi Network's future. Investors have responded positively to the news, with the token's value rising by 4.29% over the past week.
The Pi Network's progress in its phased transition to a fully operational blockchain is indicated by the testnet results. The success of this update could position Pi Network as a leader in scalable, efficient, and secure blockchain technology. With its focus on accessibility, decentralization, and real-world applications, the Pi Network continues to attract attention and support from a growing community of users and investors.
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