Pi Squared has launched Devnet 2.0, aiming to bring “internet-speed payments” to Web3 and achieve a goal of 1 million transactions per second (TPS) by 2026. The upgrade enhances its verifiable settlement protocol for Web3.
The project is developing FastSet, a decentralized payments network that promises unlimited throughput, instant finality, and real-time verification. By processing transactions in parallel, it can handle more TPS than blockchains that require total ordering.
While TPS has traditionally measured payment system efficiency, Pi Squared notes that in Web3, it refers to the number of verifiable claims settled per second, not just transactions. FastSet can settle any verifiable statement.
Currently, the protocol achieves 150,000 TPS with finality under 100 milliseconds and targets 1 million TPS by its mainnet launch in 2026. Founder Grigore Roșu stated that Pi Squared is designed to support global payments with its high speed and built-in verifiability.
Devnet 2.0 serves as a testing ground for developers, offering an improved ecosystem, new apps, and documentation. Soon, two DeFi apps, OmniSet and OmniSwap, will launch on it to streamline cross-chain asset transfers.
OmniSet acts as a universal settlement layer, pooling liquidity from various blockchains without traditional bridges, allowing seamless token deposits and withdrawals across chains. OmniSwap, built on OmniSet, aggregates decentralized exchanges to find the best swap rates and execute fast, trustless cross-chain trades.
Roșu emphasized that Devnet 2.0 marks a step toward fulfilling Web3’s promise of peer-to-peer payments at internet speeds.
Frequently Asked Questions
Of course Here is a list of FAQs about the new Web3 Verifiable Settlement Protocol for highspeed payments designed to be clear helpful and accessible to everyone
Beginner Definition Questions
1 What is this new Web3 Verifiable Settlement Protocol in simple terms
Its a new system for digital payments that uses blockchain technology to make transactions extremely fast and provide undeniable public proof that a payment has been completed and settled
2 What does Verifiable Settlement actually mean
It means that once a payment is sent anyone with permission can instantly and independently check a permanent unchangeable record to confirm it was successful Theres no need to trust a middleman you can verify it yourself
3 I keep hearing Web3 How is this different from normal online banking
Traditional banking relies on a central authority to process and verify transactions This Web3 protocol is decentralized meaning it uses a shared network where transactions are verified by multiple computers making the process faster and the record tamperproof
Benefits Advantages
4 Whats the main benefit for me as a user
You get nearinstant payments that are secure and transparent You no longer have to wait for days for a transaction to clear or wonder if it went throughyou get immediate verifiable confirmation
5 How does this help businesses
Businesses can streamline their operations with faster access to funds reduced risk of fraud and chargebacks and lower transaction fees by cutting out traditional intermediaries
6 Is it more secure than my credit card
It offers a different kind of security While your credit card company protects you from fraud this protocol makes the transaction record itself immutable and publicly verifiable drastically reducing the possibility of disputes over whether a payment was settled
Common Problems Concerns
7 What happens if I send money to the wrong address
This is a critical point Transactions on a verifiable settlement protocol are typically irreversible Unlike a bank transfer you likely cannot cancel or reverse the payment once its settled so you must doublecheck the recipients address
8 Do I need to be a crypto expert to use this
Not necessarily The goal is for companies to build simple applications on top of this protocol You