Pi Network Implements Protocol v23 on Testnet, Boosts Pi Coin Value

TLDR

• Pi Network has successfully deployed Protocol v23 on its testnet, marking a key milestone in its blockchain development.
• Following the testnet upgrade, Pi Coin experienced a 1.51% price increase, along with a 40.4% rise in market value.
• The testnet validation confirmed the success of Protocol v23, processing up to 1,000 transactions per block without failure.
• Pi Network’s integration of Stellar Core v23 enhances scalability and provides better tools for developers to test applications.
• The decentralized KYC solution introduced with Protocol v23 will expand Pi Network’s use cases beyond cryptocurrency payments.

Pi Network has deployed Protocol v23 on its testnet, marking an important step in the blockchain’s development. This update aligns the network with Stellar Core Version 23.0.1. It aims to improve scalability and transaction efficiency, setting the stage for future updates to the mainnet.

Pi Coin Gains 1.51% After Testnet Update

Following the announcement of the testnet upgrade, Pi Coin has experienced a modest increase in price. As of the latest data, the coin’s price stands at $0.3595. This marks a 1.51% increase over the past 24 hours, with a 40.4% rise in market value to $2.92 billion. Additionally, Pi Coin’s daily trading volume increased by 40.4% to $30.78 million.

The price surge followed the validation of block 20824824, confirming Protocol v23’s success on the testnet. The upgrade is a clear indication that Pi Network is progressing in its phased transition to a fully operational blockchain. Although Pi Network has faced criticism for the slow rollout of mainnet updates, the testnet results show tangible improvements.

Investors have responded positively to the news, indicating that updates on the testnet can impact the market. Over the past week, the token’s value has risen by 4.29%, while its price has increased by 1.63% over the last month. This response suggests growing optimism surrounding Pi Network’s future.

Pi Network Moves Forward with Stellar Core v23 Framework

The Pi Network’s integration of Stellar’s v23 framework marks a significant step toward the blockchain’s expansion. With Protocol v23, developers now have better tools to test applications before deployment on the mainnet. This is a crucial update, ensuring that Pi Network can scale more efficiently and securely.

The successful validation of transactions on the testnet is a key milestone. The latest block confirmed that up to 1,000 transactions can now be processed per block without any failures. This development enhances the network’s ability to handle higher transaction volumes, preparing Pi Network for greater adoption.

Critics of the Pi Network have previously expressed concerns over the slow pace of development. However, the transition to Protocol v23 on the testnet is a clear signal that progress is being made. The update strengthens the blockchain’s foundations, which could lead to further advancements and improved network stability.

https://x.com/PiNewsZone/status/1968728863598399595

Decentralized KYC Solution Boosts Pi Network’s Future

Pi Network’s deployment of a decentralized KYC solution is another notable feature of Protocol v23. The solution is not limited to Pi Network users alone; it will also be available to other companies and projects. This creates new opportunities for Pi to expand its ecosystem beyond just cryptocurrency payments.

The KYC system will support various forms of identity verification, including national ID cards. This allows Pi Network to offer more comprehensive verification solutions, increasing its potential for use in various industries. By incorporating this decentralized KYC, Pi Network could position itself as an identity infrastructure layer, complementing its blockchain services.

Pi Network’s testnet deployment of Protocol v23 sets the stage for a possible mainnet activation. If the testnet proves stable, the next logical step will be a transition to the mainnet. This progression showcases Pi Network’s ongoing efforts to enhance its blockchain and broaden its use cases.

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