Pi Network has made an enormous ecosystem update through its Pi2Day event. It has developed a new tool known as PiVerify that will be used to identify companies that are outside the Pi ecosystem. This update is notable because it enables the Pi Network to extend its technology beyond the Pi ecosystem despite the low Pi coin price.
However, while many members of the community have been pleased about the news as a sign of further adoption of the project, the market had another opinion about it. Pi coin has fallen by almost 6% in the last 24 hours.
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PiVerify Expands Pi Network Beyond Its Ecosystem
The most notable development from the Pi Core Team is the introduction of PiVerify, which is a product that enables businesses to access the KYC technology provided by Pi Network.
Before, the KYC system of Pi was restricted to the Pi network itself for the purpose of verifying users before they could access the network’s various services. With the PiVerify system, any other firm outside of the Pi network can leverage the same technology in order to verify their own users. This may help the firms combat fake profiles.
The new offering also provides yet another application of Pi Coin. Companies using the PiVerify services will make payments in PI coins, thus giving another role to the cryptocurrency apart from peer-to-peer payments.
Pi Network claims that its platform has already attracted over 18 million users who have gone through the KYC verification process, making it one of the biggest verified identity communities in the cryptocurrency market. With the opening up of the verification platform to third-party companies, the Pi Core Team aims to boost the value of the network.
Pi Network Introduces Pi Sign-in and SoloHost
Not the only product released on Pi2Day was PiVerify. The Pi Core Team also introduced Pi Sign-in, which allows users to log in to various third-party sites and apps through their Pi account.
In addition, the team also unveiled SoloHost, which is an open-source development system designed specifically for Pi Desktop. This new system enables programmers to develop AI and distributed computing programs that the user will be able to run from their computer while using Pi Browser.
Through the provision of such services, Pi Network aims to expand its capabilities beyond that of a cryptocurrency. The platform will incorporate mechanisms for verifying the identity of users, developer resources, and AI-driven applications.
Pi Coin Price Drops Despite Ecosystem Expansion
Even with several major product launches, Pi Coin has not seen stronger buying activity. At the time of writing, Pi Coin is trading around $0.1125, down roughly 3.50% over the last 24 hours. The token also remains about 96% below its all-time high of $2.98, showing that it is still far from recovering previous price levels.
July Token Unlock Could Increase Selling Pressure
The next issue gaining traction is the monthly token unlocking of Pi Network. Approximately 103 million PI tokens worth around $11.7 million in market value are set to become available during July.
Increased tokens in the system can contribute to increased pressure on the sell side if there is no proportional growth in demand. This means that all eyes will be on the new developments in the ecosystem to check if they can bring in more users and enterprises to counterbalance the increased supply.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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