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Will The Pi Network Mainnet Ever Launch?
Last updated Aug 15, 2024 | 10:06 AM UTC
Since it began in 2018, the Pi Network project has become one of the crypto community's biggest mysteries.
The highly anticipated launch of its controversial Pi Network Open Mainnet has been the topic of discussion for years, notably ever since the project entered into its second phase of production and launched a live testnet in March 2020.
What is Pi Network?
Initially launched a mobile crypto mining app, where users could ‘mine’ and earn Pi Coin (PI) tokens by simply pressing a button once every 24 hours.
Despite coming under criticism for not actually mining crypto – as there’s no mining taking place, let alone transaction verification – it has nonetheless attracted tens of millions of users worldwide. Through a referral scheme that promises future rewards to current users who bring in new users, it uses tactics that could be described as akin to that of a multi-level marketing (MLM) scheme.
The platform’s native token, PI, is currently worthless as there is no place to cash them out anywhere. This has only drawn further confusion and disappointment from market observers and app users who are wondering if the project is legitimate or not. Arguments have been made that the app is basically a data scraper with advertisements, as well as being a pyramid scheme.
But with the recent announcement that it could go fully live in 2024, Pi users and its skeptics alike are watching Pi Network with a renewed interest.
Enclosed network period
Since 28 December 2021, the Pi Network mainnet has been live in an enclosed state, meaning that whilst it is ‘live’, it has a firewall preventing any undesired external connections. Certain users, or 'Pioneers' are able to use their PI tokens within apps on the mainnet.
This phase is focused on transferring Pi user data from the app to the blockchain, completing know-your-customer (KYC) procedures for users, as well as building out the network’s apps and utilities so that the network can launch with a robust ecosystem, giving PI token holders use cases and utility for their tokens.
Conditions for launch
As per an official blog post from the team on 27 December 2023, the Pi Open Network mainnet could launch in 2024, but only if certain targets and conditions have been met.
Firstly, Pi needs to wrap up work in areas such as business and legal, technology, or the product itself. Secondly, in terms of goals, the team is aiming to onboard 15 million KYC verified users and 10 million Pioneers to the mainnet blockchain.
In addition, Pi is fleshing out a ready-to-use ecosystem of over 100 quality applications and utilities already launched by developers, giving the PI token numerous and tangible use cases as a legitimate currency.
Furthermore, it seems as though the team is looking for the “right time” to launch, as the third and final condition for the mainnet launch is an “absence of an unfavorable external environment that would hinder the success of Open Network”. By this, they are referring to far-reaching events that are outside of the team’s control, such as industry uncertainty, war, pandemics, macroeconomic troubles, legal or regulatory developments, and so on.
Will Pi Network launch in 2024?
The bottom line is that Pi Network is progressing strongly towards its mainnet launch in 2024. As current progress and recent milestones suggest, the network has made substantial progress towards its pre-defined criteria of launching the mainnet by the end of this year.
Let’s take a detailed look at the recent progress and accomplishments.
Latest progress in Pi Network's mainnet launch
As of the latest updates, Pi Network has made substantial progress toward meeting these initial criteria:
- KYC milestones: The network has surpassed 13 million KYC-verified users, reflecting strong user engagement and adherence to the verification process. This figure brings the project closer to its 15 million target.
- Mainnet migration: Out of the verified users, approximately 5.79 million have already been migrated to the mainnet, marking a significant step forward. While this is still short of the 10 million target, the ongoing KYC process and recent initiatives are expected to accelerate migration.
- Development of applications: Currently, there are 70 operational applications on the mainnet or in advanced stages of readiness. These applications are designed to solve real-world problems, enhancing the network’s utility and supporting its growth. The development progress continues, with efforts focused on reaching the 100-app milestone.
- External factors: The team remains vigilant regarding global conditions that could impact the launch. While specific details on these conditions have not been fully disclosed, the Pi Network continues to monitor the broader environment to ensure a smooth and successful transition to the Open Network period.
The network has reached over 13 million Pioneers who have passed KYC and over 6 million Pioneers who have migrated to Mainnet! Through our collective efforts, we’re progressing towards the Open Network goals. Keep in mind that the progress is not linear and has been accelerating… pic.twitter.com/fXad6mpe59
— Pi Network (@PiCoreTeam) August 8, 2024
What is the Open Network period?
The Open Network period represents a significant phase in Pi Network's journey. During this period, the network will fully transition to an open mainnet, allowing users to exchange Pi Coins with other cryptocurrencies and fiat currencies. It will also enable developers to innovate and create utilities and applications on the network’s robust framework. This phase is critical for Pi Network’s long-term success, as it will unlock the full potential of the Pi ecosystem, allowing for greater adoption, transaction capability, and economic activity within the network.
However, the Pi team has expressed caution in rushing into this phase. The importance of meeting all prerequisites — technological, product, business, and legal preparations — cannot be overstated. A premature transition could undermine the achievements made so far, so the team is focused on ensuring a secure, stable, and scalable launch.
Bot-mined and Inactive Pi Coins to be excluded from mainnet
Amid the excitement surrounding the mainnet launch, reports have emerged that Pi Network may take action against Pi Coins mined by bots, scripts, or inactive accounts. Unverified sources indicate that these coins may not be transferred to the mainnet, a move designed to maintain the integrity of the network.
This potential policy could have significant implications. By excluding bot-mined and inactive Pi Coins from the mainnet migration, Pi Network aims to reward genuine users who have actively participated in the community. This strategy would also prevent the misuse of the network and ensure that only legitimate activity is rewarded.
The implications of this move could be substantial. Pi Coins from these ineligible accounts would likely be reintroduced into the mining pool, providing active users with more opportunities to increase their Pi balance. This policy could further motivate Pioneers to remain engaged and contribute to the network, fostering a more vibrant and equitable community.
While these reports have sparked considerable interest, it’s important to note that they remain unconfirmed by official Pi Network sources. Pioneers are advised to wait for formal announcements before making any decisions based on this information.
Latest accomplishments of Pi Network
Pi Network continues to demonstrate its rapid growth and strong community support. The project’s official X account has surpassed 3.3 million followers, outpacing established cryptocurrencies like Solana and Cardano. This milestone reflects the increasing interest and confidence in Pi Network as it advances toward its mainnet launch.
The Pi ecosystem is also expanding, with 70 operational applications on mainnet or in advanced stages of readiness. These applications contribute to the network's utility and provide real-world value, enhancing the overall ecosystem. As the network gears up for the Open Mainnet, these accomplishments underline Pi Network’s potential as a major player in the cryptocurrency space.
How users should prepare for the mainnet launch ahead
As Pi Network inches closer to its Open Mainnet launch, users must take proactive steps to ensure they are ready. Here are some key steps that users and miners should consider:
- Complete KYC process: Finalize your Know Your Customer verification to ensure you can participate in the mainnet. The grace period began on 1 July 2024, and provides a six-month window for completion.
- Migrate to mainnet: If you’ve completed KYC, proceed with the mainnet migration to unlock full access to the network’s features and potential rewards.
- Stay active in the network: Continue participating in the Pi Network to maximize your mining rewards and maintain your engagement within the community.
- Monitor official announcements: Keep an eye on official communications from Pi Network for updates on the mainnet launch and any new policies or opportunities.
- Maximize rewards: Take full advantage of Pi’s referral and security circle bonuses by completing KYC and migration, allowing you to benefit from your efforts within the network.
Further reading:
What Is Pi Coin?
How To Sell Pi Coin
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