Pi Coin recorded modest gains after Pi Network confirmed Protocol v23 deployment on its testnet. The upgrade places the project in line with Stellar Core Version 23,0.1, an anticipated upgrade to the ecosystem.
According to data from CoinMarketCap, the Pi Coin price is $0.3595, a 1.51% increase in the last day. It has also experienced a 40.4% increase in its market value to 2.92 billion, as well as a 40.4% gain in its daily trading volume to $30.78 million. The token price also rose by 4.29% in the past week and 1.63% since last month.
The price increment followed the validation of block 20824824 with Protocol Version 23 according to data from the Pi block explorer. The upgrade is a confirmation of an earlier announcement that the blockchain is undergoing a phased upgrade. The price response of Pi Coin indicates that news on the test network can also have an impact on the market.
The number of Pi Coins in circulation are 8.14 million coins out of a total of 100 billion coins that could still to be in circulation. Testnet transitions are important for testing stability before changes are deployed on mainnet.
The new version displayed an excellent performance as the latest block did not record any failed transactions. Also, it confirms the maximum number of transactions per block (up to 1,000 transactions).
The upgrade is also a sign to investors that the network is being developed consistently. Critics claim that the Pi Network has been slow to roll out mainnet updates. However, the activation of this testnet is proof of progress concerning the network’s development.
Pi uses the v23 framework by Stellar to enable its blockchain to expand faster and more efficiently. The new update provides developers with improved pre-systems to test their applications before presenting them to the public through the main network.
In addition, it depicts that the Pi Network is still on track for mainnet activation. This is supported by a recent Onramp listing to boost Pi Coin’s adoption.
The application of protocol v23 will attract more focus since coders and users can verify that the system is efficient. When it succeeds, the main network could possibly adopt the version eventually, leading to further expansion of the ecosystem. Technological advancements, large or small, allows community members to remain optimistic about this blockchain.
According to Pi news, Pi Network has upgraded Testnet 1 to Protocol Version 22. If the testnet for Protocol Version 23 is stable, the next important step will be its release to the mainnet.
An important component of such upgrade is decentralized KYC (Know Your Customer) check. The KYC solution will be open to other companies and projects. This will open new sources of revenue rather than being restricted to the ecosystem of Pi.
Pi Network will offer a wide-range of verification systems by supporting various aspects of identity verification, such as national ID cards. This increases the usefulness of Pi beyond payments. With the incorporation of a decentralized KYC, Pi can brand itself as an identity infrastructure layer besides a blockchain network.
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