As a seasoned researcher who has been closely observing the crypto landscape for over two decades, I must admit that my enthusiasm for Pi Network’s mainnet launch has waned significantly. Having witnessed numerous projects promising the moon only to crash and burn, I find myself approaching this situation with a healthy dose of skepticism.
As a researcher involved with Pi Network, I am voicing my concerns about the delayed mainnet launch and its possible effects on the token value. The pioneers are growing increasingly anxious as we approach this significant milestone in the network’s development
Pi Network has just turned 5 years
A verified user who has mined Pi tokens for over five years took to X to voice frustration over the delayed mainnet launch and the slow pace of development. Pi Network, known as the first tap-to-earn platform, remains popular, especially in emerging markets like China, Brazil, and India.
Back in 2019, the initiative for Pi Network originated from two researchers at Stanford University, Nicholas Kokkalis and Chengdiao Fan. Their ambition was to develop a cryptocurrency that could be mined and utilized effortlessly by people worldwide
Users of Pi Network, often referred to as pioneers, have the ability to “mine” tokens within the mobile application by just clicking a button. At present, these mined tokens hold no monetary value, however, it’s anticipated that they will increase in worth upon the launch of the open mainnet
In line with its strategic plan, Pi Network transitioned to a closed-off mainnet in December 2021. This phase is intended for fine-tuning the token system prior to the mainnet’s official debut. Additionally, it provides developers an opportunity to construct applications that will provide functionality to the Pi Coin following its launch
Pi Network marks 2000 days since its debut on March 14, 2019! This significant milestone highlights the consistent work put in by our dedicated community, as we continue to strive towards our goal of creating a globally accessible peer-to-peer platform and digital environment, powered by
— Pi Network (@PiCoreTeam) September 4, 2024
Odds of Pi Network mainnet launch in 2024 fall
Despite initial enthusiasm, some users have found themselves disillusioned due to delays in the mainnet launch, leading a significant number of them to leave the project permanently
Some experts suggest that Pi Network stays on its mainnet for an extended period due to the revenue it generates. The platform’s income model involves developers earning money by displaying ads whenever a user mines a coin, making them motivated to keep the network in a closed mainnet as long as there are users engaged in mining activities
The same argument has been made about Telegram’s tap-to-earn tokens like Hamster Kombat and TapSwap. These platforms are generating huge sums of money, especially on YouTube, where they have accumulated millions of followers. A concern is that their YouTube videos will not generate these views when the tokens start to trade.
Pi Network’s creators anticipate transitioning to the main network later this year, yet some experts express concerns about its feasibility. However, for this transition to occur, they must verify a significant number of pioneers, an action the developers justify as essential to deter bots. Users who fail to complete KYC (Know Your Customer) procedures will see their accumulated tokens destroyed and removed from circulation
🔊 Urgent Alert for Pi Network Users: Billions of Pi Coins Might Be Destroyed! 🔊
Pi Network Pioneers, take note: ⏳ We have only five weeks left before billions of Pi coins could be in danger of being destroyed! 🔥 This is a crucial time for the Pi Network community, as…
— Huynh Thanh Lin ⚡️π 🚀 (@HuynhThanhLin) August 25, 2024
To successfully launch the mainnet, the requirements set by the developers are more challenging due to factors like needing at least 100 decentralized applications (dApps) within the ecosystem. However, this is a tough objective given that only about 50 dApps have been developed so far
Additionally, they prefer the release to take place when the market conditions are favorable. However, it remains uncertain if cryptocurrency values will rise significantly by the end of this year
Previously mentioned, it appears quite likely that the Pi coin will experience a decline following its listing due to many pioneers choosing to sell their holdings. More recently, similar tap-to-earn tokens such as Notcoin (NOT) and Pixelverse (PIXFI), after initial excitement, have all plummeted in value once trading commenced
Similar events occurred in other well-known sectors such as ‘earn-to-move’ and ‘earn-to-play’, which saw drops in their respective tokens, for example, Decentraland’s MANA and Sweatcoin’s SWEAT
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2024-09-04 18:40