Pi Network developers issue a crucial mainnet launch update

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As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the latest update from Pi Network regarding their mainnet launch and KYC progress. Having closely followed this project since its inception in 2018, it’s fascinating to see how far they’ve come, yet also understand the challenges they face.

The Pi Network team has provided a significant announcement regarding the advancements in their Know Your Customer (KYC) process and the estimated date for the mainnet release.

In a recent update about X, it was shared that more than 18 million users have successfully gone through the Know Your Customer (KYC) verification, and this number is increasing at a fast pace.

As per the latest report, approximately 200,000 pioneers are finishing Know Your Customer (KYC) verifications every day. The developers have prolonged the due date for this grace period, shifting it from December 31st to January 31st. This is actually the second time they’ve extended the deadline, following a previous change made on November 31st.

As a proud member of the Pi Network community, I understand the importance of the Know Your Customer (KYC) verification process. This crucial step helps us weed out bots and verify that only authentic users who’ve legitimately mined the coins receive their fair share of the rewards.

It’s been announced by the developers that the Open Network launch is expected in the first quarter of the coming year. This is a notable change since the initial plan indicated the transition from the closed mainnet was due this month. The postponement might be the reason behind the drop in value for the Pi Coin IOU token listed on HTX, which has fallen to $44, significantly lower than its October peak of almost $100.

Friends, we’ve successfully verified over 18 million users (KYC) and transitioned more than 8 million of those users to our main network (Mainnet)! Thanks to recent significant improvements in speed, KYC verifications and Mainnet transitions are now quicker than before, with approximately 200,000 users moving to the Mainnet just yesterday. This rapid progress is leading us towards an open…

— Pi Network (@PiCoreTeam) December 20, 2024

As a researcher, I’m excited to share that the launch of the Open Network marks a significant stepping stone for Pi Network, a groundbreaking initiative I’ve been following since 2018. Since December 2021, this project has operated within a closed mainnet, but with the Open Network launch, it’s now ready to expand its reach and potential impact on the crypto landscape.

During the confined mainnet stage, trailblazers were permitted to carry on mining, giving developers the time needed to construct decentralized applications (dApps) within the system. However, these Pi coins were not transferable during this period; this limitation will be lifted following the mainnet release.

Although a Q1 mainnet launch is suggested in some posts, it’s important to note that it isn’t definitively assured, as the language used is “can” instead of “will.” This is because, while 15 million pioneers have completed their KYC process, only eight million of them have transferred to the mainnet. As stated by the developers, the current number hasn’t hit the target of 10 million pioneers for launch, and they can’t leave so many pioneers out of the initial deployment.

A significant factor likely delaying the mainnet launch is the volatility of the crypto market. The developers have stated that they will only proceed with the mainnet launch when external conditions are favorable and there is a sufficient number of applications within the ecosystem. Therefore, it’s possible that the Pi coin may not be listed if the current Bitcoin and altcoin price drop continues at an accelerated pace.

“A potential issue with the upcoming Pi Network mainnet launch is the lack of sufficient applications within their ecosystem. Originally, it was intended that there would be at least 100 apps ready for the mainnet at launch, but currently, we only have 80. This means an additional 20 apps are needed to proceed with the mainnet, which seems improbable to achieve by next March.

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2024-12-20 17:48