Pi Coin Utility Grows as Pi Network Launches Major App Payment Upgrade

Pi Network has launched yet another upgrade aimed at increasing the speed of the payment process. This would lead to settlements being conducted in under 10 minutes. This is the latest move by the team to improve the utility of the Pi coin.

Pi Network Increases Practical Applications of Pi Coin

In a.blog post, the development team announced the launch of a new developer library to simplify payment integration. As the team claims, developers can now integrate payments in less than ten minutes using Pi. This is a procedure which used to involve more setup time.

The new library also packages together the Pi software development kit and the back-end application programming interfaces into one offer. This will be more convenient for the developers, giving them the opportunity to work on more front-end aspects.

Payment services are a crucial part of a functioning app, and its simplicity at this level is one of the main aims of the Pi network with their own Pi coin.

It means that the updated library supports a lot of popular development frameworks; hence, its adoption will be easier for both new and established projects.

The rollout comes shortly after Pi temporarily disabled wallet payment request functionality following a scam. According to reports, the attackers used social engineering to utilize public blockchain data to target wallets holding large balances and siphoned millions of tokens. That temporary freeze was a protective measure that allowed the team to address vulnerabilities.

However, the payment system upgrade is also the result of improvements initiated among developers. In October, the Pi Network brought improvements to its App Studio, enabling developers to design applications more effectively.

Market Metrics Lag Behind Development Progress

Despite technological advancement, market performance has not yet aligned with recent upgrades. At present, Pi coin is being traded at approximately $0.21, with a considerable drop in trade activity.

Source: TradingView; Pi Coin Daily Price

Data from CoinGecko indicates that volume per week has dropped to below $100 million. This is lower than levels of above $10 billion recorded during peak periods last year.

Liquidity has also made the market prone to pricing volatility. The level of liquidity means that even a small transaction would influence the pricing. This is one of the issues faced by the project due to the mismatch between the development level of the ecosystem and the market.

This is despite the fact that the company has recently been registered under the Markets in Crypto-Assets (MiCA) regime of the European Union. Its registration is the starting point of the process of recognition in the European markets.

Source: https://coingape.com/pi-coin-utility-grows-as-pi-network-launches-major-app-payment-upgrade/