Pi Network Announces New Updates with Stellar-Inspired Protocol 23 and Linux Support

Pi Network (PI) is rolling out upgrades inspired by Protocol 23, aiming to increase blockchain functionality and ensure long-term sustainability. The updates include a transition to Protocol v23, Linux support, and KYC integration. While the upgrades don't appear to have had an immediate impact on the PI token's market capitalization, trading 88% lower than its all-time high.

Pi Network (PI), an altcoin that had lost its initial popularity, is rolling out significant upgrades inspired by the Stellar-based Protocol 23. The aim is to enhance the functionality of the blockchain and ensure its long-term sustainability. The updates include a transition to Protocol v23, support for Linux nodes, and Know Your Customer (KYC) integration.

Protocol v23 Update
The transition from the older v19 version to Protocol v23 introduces modular smart contract layers and improved consensus mechanisms. This allows developers to create more complex decentralized applications (dApps). The update also aims to enhance the scalability and efficiency of the blockchain [1].

Linux Support
The newly released Linux node software extends Pi Network’s decentralized infrastructure beyond Windows and macOS systems. This expansion allows the network to reach a broader validator base, increasing its accessibility and potential user base [2].

KYC Integration
The update embeds the KYC process directly into the protocol, enabling third-party authorities to assist with the verification process. This aims to ease the transition of Pi users to the Mainnet and improve the overall security and compliance of the network [1].

Market Performance
While the technical advancements are significant, the upgrades have not had an immediate impact on the PI token's market capitalization. The token is currently trading at $0.38, which is 88% lower than its all-time high [1].

Inclusion in Valour's Cryptocurrency ETPs
Pi Network has also gained inclusion in Valour's cryptocurrency ETPs, which opens up the token to more traditional investment channels. This move could bring mainstream adoption by allowing investment through stock markets [2].

Community Sentiment and Market Volatility
The recent price action of Pi coin suggests renewed optimism in the market. Despite the broader cryptocurrency market falling by 3.6%, Pi coin gained over 9% during the same period. However, the token remains down about 87% from its all-time high [2].

Conclusion
The upgrades to Pi Network aim to address several key areas, including scalability, accessibility, and compliance. While the market's reaction has been mixed, the recent price action suggests a potential recovery. The upcoming version 23 upgrade, if successfully implemented, could strengthen Pi’s position in the competitive cryptocurrency landscape. However, the token's ability to sustain this momentum will depend on its ability to deliver real-world utility and adoption milestones.

References:
[1] https://en.bitcoinsistemi.com/pi-coin-pi-announces-new-update-here-are-the-details/
[2] https://blockonomi.com/pi-network-pi-price-trading-at-0-38-as-version-23-protocol-upgrade-announced/