Pi Network to Upgrade to Protocol 23 by May 15, Introduce Smart Contracts

Pi Network will upgrade its mainnet by May 15, a move that is set to formally introduce smart contract functionality.

Crypto outlet BeInCrypto reported on May 2 that the Pi Network core team had announced Protocol 23 shortly after successfully completing the previous Protocol 22 phase.

The Protocol 23 upgrade marks Pi Network’s largest upgrade since the launch of its open mainnet in February last year. The addition of smart contracts, which automatically execute agreements on a blockchain without intermediaries, will enable development of decentralized applications, or dApps, within the Pi Network ecosystem.

Despite the upgrade announcement, Pi Network was trading weaker. As of 9:10 p.m. on May 2, Pi changed hands at about $0.178, down 1.69% from a day earlier, according to CoinMarketCap.