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Pi Network (PI) Drops Major Announcement; Community Reacts With Mixed Feelings
TL;DR
Pi Network has announced the launch of smart contract capabilities following its migration to protocol v20.2. Despite these updates, the native token's price has not increased significantly.
Key points
- Pi Network launched smart contract capabilities
- Migration to protocol v20.2 completed
- Token price did not increase after the announcement
Pi Network
The team behind the controversial crypto project Pi Network aims to improve the overall ecosystem through various initiatives, with the launch of smart contract capabilities among the main goals.
Just recently, it issued an important disclosure on that matter, yet the price of the native token failed to gain momentum.
What’s New?
Pi Network has undergone several vital updates since the beginning of the year, with one of the most important being the migration to protocol v20.2, which laid the foundation for smart contract capabilities. It was successfully upgraded before the symbolic Pi Day (March 14).
Earlier this month, the Core Team revealed that the first smart contract capability is live directly on the project’s Testnet. According to them, this would foster “real, recurring, utility-driven use cases.”
“Think e-commerce, streaming, online tools, and more, powered on-chain,” the announcement reads.
Several hours ago, the team delved deeper into the matter, releasing the second Pi Request for Comment (PiRC2), aiming to open the Testnet subscription smart contract to technical review and community feedback. Pioneers are encouraged to try integrating subscriptions in their own applications, review the contract design, and test for bugs or edge cases.
Some community members highlighted the development and labeled it as beneficial for the entire ecosystem. X user Chen2Weels, for instance, argued that users will finally be able to test and deploy on their own apps.
“This is what we’d love to see on other projects: the community getting involved in developments like these,” they added.
Others were less supportive, claiming that Pi Network needs to address many ongoing issues before introducing new initiatives. The main problem appears to be the KYC verification and migration to the mainnet, as some users claim they’ve been waiting for years for approval without any success.
PI Price Outlook
The recent announcement and the broader market’s resurgence following the extended ceasefire in the Middle East have failed to spark an uptick in Pi Network’s native cryptocurrency. It continues trading at around $0.17, roughly the same level as yesterday.
Q&A
What are the new features announced by Pi Network?
Pi Network has launched smart contract capabilities as part of its recent updates, aiming to enhance the ecosystem.
Why did the price of Pi Network's token not increase after the announcement?
Despite the announcement of new features, the price of Pi Network's native token has failed to gain momentum.
What is the significance of the migration to protocol v20.2 for Pi Network?
The migration to protocol v20.2 is significant as it lays the groundwork for the newly introduced smart contract capabilities.
