TL;DR
-
Protocol upgrade from Version 19 → 23 announced, built on Stellar v23 but customized for Pi Network.
-
Phased rollout may cause temporary outages as new features go live.
-
V23 introduces decentralized KYC authority, blending native and third-party verification.
-
15M+ users now verified, boosting network compliance and integration readiness.
-
PI price still weak, trading near $0.35—just above its all-time low of $0.33.
Version 23 Is Coming
The Pi Network Core Team has confirmed that its long-awaited protocol upgrade will move from Version 19 to Version 23 in the coming weeks.
In a newly released video, the team explained that V23 is based on Stellar v23, but rebuilt with custom Pi-specific functions. The primary focus:
-
Embedding Know-Your-Customer (KYC) authorities directly into the protocol.
-
Supporting a more distributed, community-driven KYC model.
-
Enhancing compliance and integration readiness for external services.
This means Pi users will no longer rely solely on the native KYC solution. Instead, Version 23 allows trusted third-party providers to share the load—an important move given years of backlogs and complaints about verification delays.
“Identity verification via KYC is important for the integrity of the network, compliance, and readiness for integrations,” the Core Team stated.
According to the update, Pi’s verified user base has now reached nearly 15 million, a milestone that underlines its growing push for legitimacy.
Expect Phased Rollout and Possible Downtime
Because the V23 upgrade will arrive in sequential phases, the team has warned of potential service disruptions. These could include short outages as the network adapts.
To minimize surprises, the team promised to alert users and partners ahead of each step, noting that this early announcement is meant to help third-party services and community developers prepare in advance.
PI Price Struggles Despite Major Updates
While the protocol upgrade is one of the biggest technical steps forward for the project, PI’s token price remains under pressure.
-
On Aug 26, PI fell to an all-time low of $0.33.
-
It briefly recovered above $0.40, outperforming a weak broader market, but gains quickly evaporated.
-
As of early September, PI trades below $0.35, down over 3% weekly and a massive 88% below its all-time high set in late February.
The unlock schedule adds more downside risk. Key token releases include:
-
Sept 6: 12.3M PI unlocked
-
Sept 11: 9.9M PI unlocked
After these dates, issuance pressure should ease temporarily, though the supply overhang continues to weigh on sentiment.
The Version 23 upgrade is a landmark shift for Pi Network, decentralizing KYC and aligning the project closer to regulatory readiness and third-party adoption. With 15 million verified users, the network’s compliance layer is maturing.
But for investors, the story is mixed. PI remains near record lows, struggling against supply unlocks and weak demand. Unless the V23 rollout sparks renewed confidence, price recovery could stay muted despite technical progress.
