As a seasoned crypto investor with a knack for spotting promising projects and navigating market volatility, I’ve seen my fair share of ups and downs. The Pi Network has been an intriguing journey, filled with hope and anticipation. However, the recent developments have me feeling somewhat like a pioneer stuck in quicksand – not moving forward, but sinking slowly.
2024’s expectation for the Pi coin launch is diminishing due to worries over the Know Your Customer (KYC) procedure, declining crypto market values, and the absence of a supportive environment or ecosystem.
The non-official Pi Network (PI) IOU token has plummeted by more than three-quarters from its peak this year, remaining close to its lowest point since July. This token is traded sparsely at only a few platforms.
The current market behavior largely revolves around speculation from experts and early adopters regarding the feasibility of the planned mainnet launch towards the end of this year, as initially proposed by developers back in 2023.
The programmers have established three vital prerequisites that need to be achieved for Pi to shift from a closed main network to an open public network.
To ensure authenticity and prevent spam, a crucial initial step is verifying the majority of pioneers. The development team has so far successfully verified more than 13 million users, many of whom have since transitioned to the main network.
To enhance the verification process, the developers implemented a “grace period” mechanism that adjusts pauses according to the system’s block patterns.
Starting from July, there’s a specified timeframe for pioneers: they need to present their initial identity verification documents within the first quarter, and finish the entire process within half a year. If pioneers don’t fulfill the KYC (Know Your Customer) process by the six-month mark, they risk forfeiting their accrued tokens.
We’ve unveiled the Grace Period algorithms to enhance the precision of timer halts based on system interruptions. Now, the timer will be more precise at pausing for Pioneers encountering legitimate system interruptions that justify pauses, minimizing unnecessary stops. Furthermore, we’ve incorporated a novel…
— Pi Network (@PiCoreTeam) September 6, 2024
Pi Network ecosystem growth challenges
Two additional requirements for the Pi Coin launch prove challenging: firstly, fostering a vibrant network of decentralized apps (dApps) to enhance the coin’s functionality; secondly, achieving a mainnet launch once these dApps have amassed 100 in number.
There seems to be some uncertainty about the number of decentralized applications (dApps) available in Pi Network’s ecosystem. Notable examples include the Pi Browser and Fireside Forum. Recently, the developers have introduced the Pi Ad Network, which is intended for displaying advertisements within their dApps.
The Pi coin launch will also depend on favorable market conditions or a cryptocurrency bull market.
The lack of clarity about the launch date for the main project is probably why the price of the PI coin IOU has decreased by more than 75% from its highest point this year. Although the IOU isn’t directly linked to the Pi Network, it would likely be doing better if there were greater certainty surrounding the launch of the mainnet.
One potential rephrasing could be: The primary question surrounding Pi Network revolves around the actual worth of the mined Pi tokens, as they currently hold no value because they cannot be traded for real-world currencies. Historically, numerous digital tokens similar to Pi have failed to meet investor expectations following their mainnet release.
In the past few days, the value of DOGS (a well-known cryptocurrency on Telegram) plummeted by more than 41% from its peak last week. Likewise, the Sweat Economy token has fallen by a staggering 95% from its highest point this year. Prior to its mainnet release, the Sweatcoin app had amassed over 50 million downloads worldwide.
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2024-09-10 18:11