Pi mainnet launch of Pi Network, the mobile-first cryptocurrency initiative, is anticipated to occur by the end of 2024. The announcement by Coin Telegraph has sparked new debates regarding the project’s legitimacy and viability in the cryptocurrency world. The Pi Network project has grown to be one of the greatest mysteries in the crypto world since it started in 2018. The contentious Pi Network Open Mainnet launch has been a hot issue for years, especially after the project’s second phase of construction began and a live testnet was deployed in March 2020.
According to Pi Network, it has over 55 million users around the world, including 13 million “pioneers” who have been KYC-verified. It has long pushed usability as a key feature. The project’s ability to “mine” Bitcoin using cell phones is a significant improvement over the energy-intensive mining procedures used by Bitcoin and other well-established cryptocurrencies.
Period of the enclosed network
The Pi Network mainnet has been in an enclosed state since December 28, 2021, which means that even though it is “live,” a firewall is in place to block any unwanted external connections. Some users, known as “Pioneers,” may utilize their PI tokens in mainnet applications.
In order for the network to launch with a strong ecosystem and provide PI token holders with use cases and usefulness for their tokens, this phase is focused on moving Pi user data from the app to the blockchain, finishing user KYC processes, and developing the network’s applications and utilities.
Extension of KYC deadline
Before launching the pi mainnet, the network will need to verify 15 million KYC users, move at least 10 million of those users to the beta mainnet, and make sure 100 top-notch decentralized apps (dApps) have been developed on the platform.
Many customers attempting to switch to the pi mainnet have experienced difficulties as a result of Pi Network’s recent KYC process problems. Over 1.5 million KYC applications were stalled because of inaccurate or missing information, which was one of the main bottlenecks.
Pi Network fixed the issue by using new algorithms and human validation procedures, which have already successfully settled more than 750,000 cases. Nevertheless, while they clear the remaining backlog, many customers continue to face delays.
Furthermore, the ultimate mainnet migration date has been moved to December 31, 2024, while the KYC deadline has been extended to November 30, 2024. The community has responded to this in a variety of ways, with some people being suspicious that any delays would harm the project’s reputation. The Grace Period’s first KYC application submission date has been extended to November 30, 2024.
How many users hold Pi Coin?
More than 13 million of the more than 55 million members on Pi Network as of October 2024 have completed the KYC verification. More than six million of these users have successfully switched to the mainnet and are in possession of Pi coins. Prior to the complete open mainnet launch, Pi Network’s primary objective was to hit 15 million verified users. A CoinMarketCap study indicates that 93% of the community has a favorable opinion of Pi Coin.
Conditions for Pi Mainnet launch
The Pi Open Network mainnet may launch in 2024. Still, only once certain goals and requirements have been fulfilled, the team said in an official blog post published on December 27, 2023.
First, Pi has to finish up projects related to technology, business law, or the actual product. Second, the team wants to onboard 10 million Pioneers and 15 million KYC-verified users to the mainnet blockchain.
Furthermore, Pi is completing an ecosystem of more than 100 high-quality apps and services that developers have already released, providing the PI token with a wide range of real-world uses and establishing it as a valid currency.
Additionally, it seems that the team is trying to determine the “correct time” to launch the pi mainnet, as the lack of an adverse external environment that might limit Open Network’s success is the third and last need. This refers to broad occurrences that are outside the team’s control, such as macroeconomic issues, pandemics, war, industry uncertainties, legal or regulatory changes, and so on
Updates on the mainnet launch of Pi Network
According to the most recent releases, Pi Network has significantly advanced in fulfilling these fundamental requirements:
- KYC milestones: With over 13 million KYC-verified members, the network demonstrates high user engagement and verification procedure adherence. With this amount, the initiative is getting closer to its goal of 15 million.
- Mainnet migration: A major advancement has been made with the movement of around 5.79 million verified users to the pi mainnet. The current KYC procedure and new measures are anticipated to speed up migration, even if this still falls short of the 10 million objectives.
- Application development: At the moment, 70 apps are either in advanced stages of preparation or are operating on the mainnet. These apps are designed to address practical issues, increasing the network’s usefulness and fostering its expansion. The development process is still ongoing, and the goal is to attain the 100-app milestone.
- External factors: The team keeps an eye on world events that can affect the launch. The Pi Network continues to keep an eye on the larger environment to guarantee a successful and seamless transition to the Open Network era, even if specifics about these circumstances have not been completely revealed.
More than 6 million Pioneers have moved to Pi Mainnet, and more than 13 million Pioneers have completed KYC! We’re moving closer to the Open Network objectives thanks to our combined efforts.
What is the Open Network period?
An important stage in Pi Network’s development is the Open Network era. The network will completely switch to an open mainnet at this time, enabling users to trade Pi Coins for fiat money and other cryptocurrencies. On the strong foundation of the network, it will also allow developers to innovate and provide tools and apps.
This stage is essential to the long-term viability of the Pi Network because it will unleash the ecosystem’s full potential, enabling increased network adoption, transaction capacity, and economic activity.
But the Pi team is being careful not to jump into this stage too soon. It is impossible to overestimate the significance of fulfilling all requirements, including those related to technology, products, business, and legal preparations. The team is focused on making sure that the launch is safe, reliable, and scalable since an early changeover might undo the progress that has been accomplished so far.
Bot-mined and Inactive Pi Coins to be excluded from mainnet
Reports have surfaced suggesting that Pi Network may address the issue of Pi Coins mined by automated programs or dormant user accounts in the midst of the hype around the mainnet launch. These coins may not be moved to the mainnet, a move intended to preserve the network’s integrity, according to unverified sources.
There might be serious repercussions from this proposed strategy. Pi Network hopes to reward real users who have taken an active role in the community by keeping bot-mined and dormant Pi Coins out of the mainnet migration. Additionally, this approach would guarantee that only legal activity is rewarded and that network abuse is stopped.
This action might have significant repercussions. The mining pool will probably reintroduce Pi Coins from these ineligible accounts, giving active users additional chances to boost their Pi balance. Encouraging Pioneers to stay involved and contribute to the network may help create a more lively and just community.
Although there has been a lot of interest in these claims, it’s crucial to remember that official Pi Network sources have not yet verified them. It is recommended that pioneers hold off on making any choices based on this information until official announcements are made.
Pi Network’s latest achievements
Pi Network has shown time and time again that it has a dedicated user base and is rapidly expanding. The 3.4 million followers have not exceeded established cryptocurrencies like Solana and Cardano that the project’s official X account has reached. As Pi Network moves closer to its mainnet debut, this milestone shows the growing confidence and interest in the network.
With 70 active apps on the mainnet or in advanced stages of preparation, the Pi ecosystem is also growing. These apps improve the ecosystem as a whole by adding to the network’s usefulness and offering practical value. These achievements highlight Pi Network’s potential as a significant participant in the cryptocurrency field as the network prepares for the Open Mainnet.
The Pi Node Version 0.5.0, a significant upgrade that gets nodes ready for the Mainnet blockchain, was made public on October 18.
Pi Node Version 0.5.0, a significant upgrade that gets Nodes ready for the Mainnet blockchain, has been made available. In order to test the switch between the Testnet and Mainnet blockchains and replicate the Mainnet environment, this update moves Nodes to the Testnet2 blockchain.
How users should prepare for the mainnet launch ahead
Users need to be proactive in making sure they are prepared as Pi Network gets closer to launching its Open Mainnet. The following are important actions that miners and users should think about:
- Complete KYC process: To make sure you can use the mainnet, complete your Know Your Customer verification.
- Mainnet migration: To get entire access to the network’s functionality and possible benefits, move to the mainnet after completing KYC.
- Remain engaged in the network: To optimize your mining rewards and sustain your community involvement, continue to engage in the Pi Network.
- Monitor official announcements: For information on the mainnet launch and any upcoming opportunities or policies, follow Pi Network’s official communications.
- Optimize benefits: Completing KYC and migration will enable you to reap the rewards of your network efforts and fully use Pi’s referral and security circle benefits.
FAQs
What is pi mainnet?
Pi Network created the Pi Mainnet, a blockchain that uses Pi as its native currency.
When will pi crypto launch?
Pi crypto launch date is not confirmed yet however it is expected to be launched in December 2024.
What is Pi network exchange listing date?
Pi cryptocurrency launch date is still unknown.
When will pi network launch?
Pi network launch date is not officially announced by the network however it is expected to be launched at the end of December 2024?
When is pi network going live?
It is expected in December 2024 or at the start of 2025.
Conclusion
The Pi community is becoming more optimistic about the network’s pre-announced mainnet launch in December as the network’s grace period deadline draws near and it receives a significant volume of Know-Your-Customer (KYC) requests. Users will be able to actively sell or trade their Pi Coins directly on-chain if the mainnet launch occurs. In summary, Pi Network is making good progress toward the 2024 pi mainnet launch. The network has significantly advanced toward its predetermined goal of releasing the mainnet by the end of this year, as shown by recent milestones and ongoing efforts.
