The update is built on Stellar v23 but is custom-made to fit Pi’s unique ecosystem. It will bring more control and features for users, with a new way to handle Know-Your-Customer checks
“The upgrade will maintain Pi as a KYC-verified blockchain, while offering a more distributed community-driven KYC process at the protocol level.” The team said.
For years, many users have struggled to get their accounts verified, which led to frustration and had slowed down the network’s progress.
This version is aimed to fix this by letting identity checks be decentralized and handled by different trusted groups. Pi’s own KYC app will remain active, but now the process can also be managed by approved third-party services. This gives users more choices while also keeping the network ready for use by outside services that need identity checks.
“Identity verification via KYC is important for the integrity of the network, compliance, and readiness for integrations by services that require identity verification.” The team noted. So far, about 15 million people have completed KYC, which is seen as a big step forward.
Meanwhile, the team said the upgrade will not come all at once. Instead, it will roll out in stages, starting with Testnet1, then Testnet2, and finally the Mainnet. During this time, there might be short breaks in the system, but the Core Team promised to tell users before it happens.
Despite the news, Pi token is still down amid pressure in the market. At the time of writing this report, it’s trading for $0.34. The price recently sank to an all time low of $0.33 on August 26 but briefly recovered.
Also Read: Pi Network Expands with Linux Node and Protocol 23 Upgrade
