Pi Network is pressing ahead with its strategy to become a fully verified blockchain, even as its token sinks close to record lows.
The project’s Version 23 upgrade marks a turning point: for the first time, KYC verification won’t just be an app feature, it will be written into the protocol itself.
A Compliance-First Blockchain
The new release, based on Stellar’s v23 framework but reworked for Pi’s needs, hands identity checks to both Pi’s native system and external providers approved by the community. The Core Team says this approach will end years of KYC headaches and spread the responsibility for verification beyond a central authority. Nearly 15 million accounts have already been verified, and the team believes the upgrade will accelerate adoption by businesses that require clear compliance standards before integrating crypto payments.
What Users Should Expect
Rollout will happen gradually, with short service interruptions possible. Developers pledged to notify users and partners beforehand, framing the change as preparation not just for individuals but also for third-party platforms that plan to plug into Pi’s network. The long-term goal is a “community-driven” identity layer that regulators can trust but that doesn’t rely on a single gatekeeper.
While the tech side advances, the token has offered little for bulls to celebrate. PI briefly spiked after August’s announcements, climbing above $0.40, but momentum quickly faded. It now trades under $0.35, barely above its all-time low of $0.33, and down more than 88% from February highs.
Two big token unlocks — 12.3 million coins on September 6 and 9.9 million on September 11 — are weighing on sentiment, with traders bracing for further selling pressure. Relief may only arrive later in the month, once supply overhangs ease.
The Road Ahead
Pi’s developers argue that turning identity verification into a protocol feature is critical for mainstream adoption, especially as regulators worldwide demand tighter oversight. But investors remain skeptical, and price charts suggest confidence has not yet caught up with the project’s ambitions.
For now, Pi Network is betting that proving itself as a compliance-ready blockchain will eventually translate into utility and market support — even if the token market isn’t convinced yet.
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Source: https://coindoo.com/big-pi-network-update-critical-info-for-the-entire-community/