Pi Network Implements Mandatory Two-Factor Authentication (2FA) System to Enhance Wallet Security

The Pi Network recently introduced a mandatory two-factor authentication (2FA) system for user security. In addition to the 2FA system, Pi Network launched the “Pi return” feature to further enhance wallet security. These efforts highlight Pi's focus on ensuring a secure digital economic environment for transactions for users and pioneers.

The Pi Network has reportedly introduced two-factor authentication (2FA) for user security. In addition to the 2FA system, the Pi Network has launched the “Pi return” feature to further enhance wallet security. These efforts highlight Pi’s focus on ensuring a safe digital economic environment for transactions for users and pioneers.

Recently, the Pi Network has been making headlines for its new two-factor authentication system, which is used to improve the security of users’ wallets for transferring tokens to the mainnet. The crypto core team has added this 2FA system to increase the Pi Network security and the security of its wallets. Now, pioneers should complete the 2FA process before they can deposit their migrated PI. For PI owners who have transferred their tokens recently, however, remain in the 14-period, completing 2FA is also necessary.

If two-factor authentication cannot be completed, then the Pi tokens belonging to the Pioneers will be returned to their mining account and they will be able to try to complete the process again. If they succeed, their coins will be transferred to their mainnet account without any losses. Other implemented features, like the Pi return, are meant to guarantee the Pi Network security for users. The anonymity of Blockchain technology’s nature and the noncustodial characteristic of PI wallets highlight the importance of such measures.

The Pi Core Team also added, “2FA and the Pi “return” features are meant to ensure, as much as possible, the security of Pioneers' Pi and accounts. Due to the nature of blockchain where transactions are immutable, and the Pi Wallet is noncustodial, these features provide extra caution and make sure that Pi is sent to the rightful Wallet owner.”

Can Pi Bounce Back From Recent Decline?

According to Coinmarketcap's data at press time, the coin's price action has been in the red. The crypto behemoth is now changing hands at $1.14 and has recorded a 22.92% weekly and 8.55% daily drop in value. Moreover, PI's market capitalisation has decreased to almost $7.79 billion, while it was above $8 billion yesterday. As such, the coin has gone from being the 7th largest crypto to now reaching the 17th place. However, some technical indicators show that a Pi price breakout is possible.

Image Credit: Tradingview, published on CoinGape

Although the currency market conditions are bearish based on the market data, PI could start a bullish trend soon. Chart 1 highlights such a scenario where a symmetrical triangle pattern is taking shape, which signals an upcoming breakout. Based on this, we can predict a breakout where as soon as the 1.2 resistance is broken PI surges. In the short-term this surge can place PI in the 1.25 to 1.30 level. However, in the long term, if the bulls take control, this can lead to much more significant gains.

How Is Pi Handling the Market Downturn?

In addition to the 2FA system and the "Pi return" feature, the Pi Network has been focusing on other initiatives to ensure a positive digital economic environment for its users and pioneers.

Recently, the crypto startup has been engaging with the community regarding the new 2FA requirement for transferring coins to the mainnet. Specifically, the crypto core team has added this 2FA system to increase the Pi Network security and the security of its wallets. Now, pioneers should complete the 2FA process before they can deposit their migrated PI. For PI owners who have transferred their tokens recently, however, remain in the 14-period, completing 2FA is also necessary.

If two-factor authentication cannot be completed, then the Pi tokens belonging to the Pioneers will be returned to their mining account and they will be able to try to complete the process again. If they succeed, their coins will be transferred to their mainnet account without any losses. Other implemented features, like the Pi return, are meant to guarantee the Pi Network security for users. The anonymity of Blockchain technology’s nature and the noncustodial characteristic of PI wallets highlight the importance of such measures.

The Pi Core Team added, "2FA and the Pi "return" features are meant to ensure, as much as possible, the security of Pioneers' Pi and accounts. Due to the nature of blockchain where transactions are immutable, and the Pi Wallet is noncustodial, these features provide extra caution and make sure that Pi is sent to the rightful Wallet owner."

What Is Next For Pi?

Given the current market conditions, the Pi Network should also explore additional strategies to regain market confidence. Strengthening partnerships with other blockchain platforms or exploring new use cases for the PI token could bring renewed interest and liquidity.

Moreover, the crypto startup could also consider expanding its ecosystem by developing decentralised applications (dApps) that would increase demand for the token. As such,