The Pi Network has achieved a significant milestone with its recent upgrade to <b>Version 2.0</b> 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.
<h2>Price Volatility and the New Protocol’s Features</h2>
[embed]https://twitter.com/dr_picoin/status/1966405264581480690[/embed]

Following the upgrade, the price of <a href="https://www.cryptoknowmics.com/news/pi-coin-shows-signs-of-potential-recovery/" target="_blank" rel="noopener">Pi coin</a> 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.
<h2>Decentralizing KYC Authority</h2>
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.

Pi Network Reaches Milestone with Version 2.0 Upgrade

The Pi Network has launched its Version 2.0 upgrade, bringing new features including decentralized KYC and a new protocol.

Pi Network Reaches Milestone with Version 2.0 Upgrade

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