Pi Network Reaches Milestone with Version 2.0 Upgrade

The Pi Network has achieved a significant milestone with its recent upgrade to Version 2.0 of its blockchain protocol. The new version, a custom build based on Stellar Protocol version 23, was gradually rolled out in mid-September. While the Pi Core team has yet to make an official announcement on social media, the update was quickly noticed by the trading community, prompting a temporary surge in the price of the Pi coin.

Price Volatility and the New Protocol’s Features

Following the upgrade, the price of Pi coin saw a brief but sharp increase of as much as 10%, jumping from around $0.345 to a peak of nearly $0.380. However, this bullish momentum proved to be short-lived, with the price quickly retracting to its previous levels. This volatility suggests a lack of sustained buying pressure and a period of profit-taking by traders. The new protocol version aims to introduce new functionalities, including a key change in its Know-Your-Customer (KYC) process.

Decentralizing KYC Authority

A core feature of the Version 2.0 upgrade is the embedding of KYC authority directly into the protocol. This move is designed to make the KYC process more decentralized and community-driven, a concept the network refers to as "the decentralization of KYC authority." This feature will help the Pi Network maintain its status as a KYC-verified blockchain while empowering its community. According to the article, the Pi Network has garnered significant attention, with a reported 14.28 million KYC-verified users who have already migrated to the platform, highlighting the network's growing user base.