Important Update for Pi Network (PI) Users With Immediate Affect: Details
TL;DR
- The team behind the project announced the addition of two-factor authentication to the overall management and verification systems.
- The update comes after numerous users complained about issues they had experienced with the text message (SMS) account verification process.
Verification Update
The blog post by the project explained the team’s decision to pivot from its phone number system due to the challenges it created as it proved to be “both unreliable and costly.”
This was mostly due to Pi’s global reach, as its users are based in countless countries worldwide, and “SMS communications between Pioneers and servers have not always worked due to different geographic limitations in telecommunication regulations, carrier policies, individuals’ service subscriptions and costs, and more.”
Consequently, the necessary change implemented by the team means that users will be required to rely solely on email-based two-factor authentication (2FA) verification. Later, other changes could be incorporated, such as passkey and biometrics.
The new system also presented a challenge, at least at first, as users will have to insert a trusted email, which was never done until now. As a result, the project has to check how users add and verify their emails, and how they complete the 2FA, to ensure the “integrity of these processes and the security of user accounts.”
Some users needed to complete further actions, such as liveness checks or additional SMS verifications, which required a “temporary pause in migrations until such system-level checks were made.” This has been cleared out; migrations have resumed and will gradually expand as more email-based 2FAs and system-level checks complete.
PI Keeps Dumping
No matter what news the team publishes or what updates are implemented as of late, the native token continues to bleed out. PI has lost another 4% in the past 24 hours and now sits at $0.77 on CoinGecko. This means that the asset has dumped by 23% on a weekly scale and more than 65% in a month.
PI, which was close to the top 10 altcoins by market cap, has plummeted to the 30th spot on CG, and risks to fall out of that group.
Still, its community remains optimistic, posting frequent updates with promising price predictions, which are yet to materialize.
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