The opening event of the Pi Network mainnet did not take place in March as the cryptocurrency community had anticipated. Why has this project been continuously delayed?
Pi Network is one of the cryptocurrency mining applications introduced since 2019. According to statistics, by 2023, the app has garnered over 10 million downloads from the Play Store and approximately 12 million participants in mining. Many individuals hold hundreds, even thousands of Pi coins in their virtual wallets, awaiting the listing of this cryptocurrency. However, the total supply and daily transaction volume of Pi Coin have yet to be disclosed.
UNCERTAINTY SURROUNDING MAINNET LAUNCH DATE
March 14 holds special significance for the Pi Network community as it marks the anniversary of the project’s launch in 2019. Pi Day is celebrated globally to honor the mathematical constant π (pi), fitting with the nature of the Pi Network and its mission to make cryptocurrency accessible to everyone. While the Pi Core Team has not provided an exact launch date, the community had hoped for the mainnet to be released on March 14.
When any coin is issued on the main network, it has its own ecosystem independent of larger ecosystems like Bitcoin or Ethereum. The mainnet connects wallet software and facilitates regular transactions.
Previously at the end of 2023, the project team announced on the blog their intention to move to the Open Mainnet phase in 2024, provided three essential conditions are met.
“According to Hoka News, Korea, China and Vietnam are the three countries with the highest number of Pi Nodes (Pi network nodes – software on computers with the role of creating and storing Pi).
(1) Completing the Preparation Process: All crucial steps regarding technology, product, business, and legal aspects must be completed before opening the network to the public internet. Although most technical milestones have been outlined in the project’s update roadmap, additional work remains to optimize network security, stability, and scalability.
(2) Achieving Decentralized Goals: The team aims to attract 15 million KYC-verified users and migrate at least 10 million pioneers to the Mainnet blockchain. Additionally, developers need to release at least 100 high-quality, distinct utilities and applications to provide real use cases for Pi as a currency.
(3) Favorable External Environment: As a global cryptocurrency, Pi’s success and pi shopping heavily relies on real-world conditions. Factors such as wars, regulatory developments, industry trends, and the absence of crises will determine the optimal timing for Mainnet launch.
Read more: Exchange Pi network for gems, gold and silver jewelry in Vietnam
WHY HAS THE MAINNET LAUNCH PLAN BEEN CONTINUOUSLY DELAYED?
According to technical analysts, the delay in launching Pi Network’s mainnet is primarily due to low participation in the KYC process. This is crucial for network compliance and security, ensuring that all participants are verified and adhere to necessary regulations.
For Pi Network to successfully launch its main open network, there needs to be a significant number of pioneers completing the KYC process. These pioneers are vital for network security and maintaining decentralization. However, if the number of pioneers who have completed the KYC process remains low and needs to be increased, it poses a challenge to the launch of the network.
The KYC process aims to combat fraudulent activities, identity theft, and other illegal behaviors. It helps maintain the integrity of the network and protect the genuine interests of participants. Without a sufficient number of participants completing KYC, the security of the network may be vulnerable to attacks.
Another contributing factor to the delay in the Pi Network mainnet launch is the need for thorough testing and optimization. Launching a robust and efficient blockchain network requires extensive testing to identify and address errors, vulnerabilities, or potential performance issues.
The Pi Network team may prioritize thorough testing to ensure the stability and reliability of the mainnet. The Pi test network ecosystem, which includes various decentralized Pi applications (dApps) with enhanced utilities, is a prime example of the team’s efforts to develop a strong ecosystem.
IS PI COIN EXPERIENCING A SELL-OFF?
Recently, Pi Coin has caused a stir in the cryptocurrency community as it witnessed a steep decline in price across multiple exchanges. In trading sessions on April 4, on exchanges such as Binance, CoinMarketCap, and Onus, the price of the Pi Network cryptocurrency plummeted from $39.33 to $0.62 per coin, a decrease of 98.43%. However, during the same period, on HTX and BitMart – two exchanges that account for a significant portion of Pi Coin’s trading volume – the coin was listed at $38.
This has raised concerns that this digital currency is facing selling pressure.
Created in 2019 by a group of Stanford engineers, Pi Network provides a platform for users to earn the Pi cryptocurrency for free through daily check-ins on the app.
According to Hoka News, South Korea, China, and Vietnam are the top three countries with the highest number of Pi Nodes (Pi network nodes – software on computers responsible for creating and storing Pi).
South Korea leads globally with 26,691 Pi nodes, as its citizens show particular interest in blockchain and cryptocurrencies. China ranks second with 20,326 nodes, being dubbed as a “digital powerhouse” due to its large internet user base. Despite China’s strict regulations on cryptocurrencies, public interest in blockchain technology remains high.
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