Pi Network releases a new upgrade after the price falls by 10% in the week

Pi Network has officially issued version Pi Node 0.5.4, bringing a host of performance upgrades, optimizing the reward calculation algorithm, and improving the overall user experience.

However, alongside the technical advancements, the ecosystem of Pi Network is still facing numerous challenges. Activity on the Mainnet continues to remain low, the confidence of developers shows signs of decline, while the value of Pi Coin is also under significant pressure, having decreased by nearly 10% just in the past week.

New technological advancement of Pi Network

According to a notice from the Pi Core Team on November 6th, the Pi Node application has been renamed to “Pi Desktop”, reflecting the direction of expanding its functions beyond that of a regular node. Users can now simultaneously access Node, the (mining app), and Pi App Studio through a unified interface, making it more convenient.

This update focuses on addressing prominent issues raised by the community, such as the Node mining reward bug, the automatic update mechanism, and the container block creation process (block containing). In particular, a new open gate verification system has been added to ensure accuracy in calculating rewards for Nodes.

In addition, Pi Desktop also allows access to approved external links, making it easy for users to access blogs and resources directly from the mining application or Pi App Studio. These improvements contribute to enhancing operational performance and the overall experience for the Pi Network's Node operation community.

“As mentioned in the recent announcement, Pi App Studio can now be accessed directly from the top navigation bar on Pi Desktop, positioned alongside the mining and Node applications. The issue with previewing deployed applications has also been completely resolved,” a representative of the development team shared.

This new version continues the success of the OpenMind pilot project – a testament to the decentralized AI training capabilities of the Pi Network. According to reports, over 350,000 nodes have participated in the trial, completing image recognition tasks.

Notably, this collaborative project also marks the first investment from Pi Network Ventures, affirming the direction of applying blockchain in practice.

The existing pressures on Pi Network

Nevertheless, these achievements are still not enough to cover the current state of on-chain activity of the network. Data from PiScan shows that, although OpenMind attracts a large number of participating nodes, there are currently only 296 mainnet nodes and 3 validators (validator) operating.

In addition, the development community has expressed disappointment as WorkforcePool – the first Hackathon champion of Pi Network and a decentralized freelance job market – announced it would be up for sale. This move has faced significant criticism, citing high operating costs, lack of support from the development team, and slow development speed.

The launch of the Open Network by Pi Network in February is expected to expand access and promote the development of decentralized applications (dApp). However, the progress of application development and the transition to the mainnet has been slower than expected, leaving many members of the community feeling disappointed.

In terms of value, Pi Coin continues to record a downward trend after a short-term increase at the end of October.

Pi price chart | Source: CoinphotonAccording to data from Coinphoton, Pi Coin has lost about 10% of its value in the past week due to the impact of overall market pressure. At the moment, Pi Coin is trading at 0.2181 USD, down 0.168% compared to the previous day.

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