cryptocurrency

What Pioneers Need to Know Before the March 1st Deadline

The Core team said they are continuing with updates, and the latest is on the way.

Despite the ongoing public backlash and questions about the migration situation, the team behind the Pi Network has announced a new set of protocol improvements that are currently underway, with a deadline of March 1.

Meanwhile, the native token has been volatile as of late, and we will review its recent performance.

March 1 deadline for Nodes

Similar to the updates outlined by the team in mid-February, the development of the new protocol will be rolled out gradually. In this second step, the deadline is set for next Sunday (March 1).

Like the February batch, all network nodes are required to complete this step before the deadline to “stay connected to the network.”

The descriptive post actually directs users to the Pi Nodes page on the project’s website. In it, the team reiterates previous statements about the importance of nodes within the Pi Network ecosystem, as they called them the “fourth role.” They also reminded that the nodes should work on laptops and desktops instead of mobile phones.

Pi Nodes, like other blockchains, are responsible for verifying transactions in a distributed ledger and solving the challenges of maintaining a “distributed currency by reaching a “consensus” on the order of new transactions being recorded.”

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In the case of the Pi Network, the consensus algorithm is based on SCP, which allows nodes to form trusted groups, referred to as quorum slices, and agree only on activities that are completely compatible.

“Unlike many other crypto projects, Pi Node will continue to follow the philosophy of user-centered design. Instead of requiring deep technical knowledge to set up a node, everyday people will be able to do so by installing a desktop application on their computers,” said the group.

PI Price Update

Pi Network’s native token has gone through a lot of volatility over the past few weeks, including a 35% daily surge over the past few weeks that pushed it above $0.20. However, it was quickly rejected there and dropped below $0.16 during the market crash earlier this week.

With BTC and alts rebounding yesterday and today, PI has followed suit and is now sitting inches away from $0.17. The upcoming open plan has some worrisome news for next week, but the next few days should ease the pain, with around 5.5 million tokens to be issued daily.

However, on March 7, that amount will increase to about 22 million, followed by 16.5 million a day later. This large opening can quickly increase sales pressure.

Pi Token activation schedule. Source: PiScan

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