Pi Network, a Web3 app ecosystem and developer platform with a community of tens of millions of Pi miners, is currently garnering significant attention. Although the mainnet launch date for Pi Network has not been set, rumors surrounding it are abuzz on social media.
About Pi Network
Pi Network is a combination of technology and simplification of digital currencies, mobile applications and introduction -based models. Unlike other digital currencies like Bitcoin, which require substantial computing power to mine, Pi Network makes it much easier as users mine coins directly from their smartphones, democratizing participation in cryptocurrency.
Mining on Pi Network involves users simply tapping a button on their mobile devices once every 24 hours to earn PI coin vouchers for daily interaction with the app. Unlike traditional cryptocurrency mining, where transactions are verified, at this stage, Pi does not process computational validation but relies solely on user interaction.
Currently, the Pi coins mined from the app are stored within the app itself and cannot be transferred to other users, sold, or exchanged for any other cryptocurrency. The project has outlined in its roadmap that transaction and withdrawal functionalities will be available during the future mainnet launch of Pi; however, no exact launch date has been set.
Current Status of PI
At present, PI has no monetary value and is not traded on any exchanges. Additionally, no direct blockchain infrastructure or wallet is available, even after five years of existence.
Since its launch on March 14, 2019, many people worldwide have joined Pi Network. The circulating coin supply is yet to be determined, although the maximum supply will depend on the creators’ decisions.
On December 29, 2022, one of the largest cryptocurrency exchanges listed Pi. Shortly after, the price soared to over $230 within the first 24 hours of listing, according to CoinGecko. During the time the main network was not launched, Pi Network coin started virtual listing exchanges with very high prices such as on XT.com and BitMart.
However, Pi Network responded to the token listing on Huobi and other exchanges without listing authorization. The team took to Twitter to clarify that, as of December 29, 2022, no exchanges were authorized to list.
In September 2022, Pi Network announced a new platform, Pi Connect, to address the current limitations of the Pi Network ecosystem. Pi Connect is designed for transactions that can interact seamlessly and securely with other blockchain networks like Binance Smart Chain, Ethereum, and Polygon. It also allows any user at any time to know the price of Pi and its exchange rates against various other cryptocurrencies.
Pi Connect’s Vision
Beyond advanced blockchain interoperability, Pi Connect’s vision includes options such as farming, staking, launchpad platform, lending services, auctions, marketplaces, and more.
Current Status of Pi Network
Major Achievements and Updates
On March 14, 2022, Pi Network co-founder Nicolas Kokkalis announced plans to migrate verified KYC accounts to the mainnet. This migration process is underway. Users who are mining Pi were able to complete and check KYC verification and successfully transfer their Pi coins to the mainnet. Millions of Pioneers are expected to go through this migration during the current Enclosed Network phase.
While impressive, these developments have caused some frustration within the community regarding Pi Network’s roadmap. Notably, this update does not provide clear information about the launch of the Open Mainnet phase. The team has indicated that once the Enclosed Network and KYC processes are sufficiently prepared, Pi Network will transition to Open Mainnet, but no specific timeline has been proposed for this.
In September 2022, Pi Network introduced Pi Bridge, a tool that connects Pi Network with other blockchains, starting with Binance Smart Chain. Pi Bridge is a decentralized gateway designed to bridge the gap between Pi Network and other chains, making them more accessible and providing users with a new, transparent financial tool.
This development facilitates easier, more manageable, and cost-effective transfer of data and assets across networks for Pi holders, promising to unlock value in their respective holdings.
Pi Network User Base Statistics
Pi Network has garnered immense love and attention in the cryptocurrency community and has since built a vibrant community of over 55 million users actively mining Pi coins worldwide. Of those, 11.1 millionhave passed the KYC phase and are thus referred to as “Pioneers.” The project has a strong presence on social media.
Regarding social media influence, the Pi Core Team’s account has 3.3 million followers on X, placing this cryptocurrency network on par with the Ethereum Foundation. Essentially, this gives Pi Network a higher ranking on social media platforms than popular cryptocurrencies like Cardano, Solana, Tron, and Avalanche. All have less than 2.5 million followers on X.
Users who have exploited Pi Coin were transferred to Mainnet reaching 5.58 million, up from 3 million in December 2023.December. The team recently announced technical improvements to the mainnet migration process, seemingly accelerating the transition of Pioneers to the mainnet.
When Will Pi Network Mainnet Launch?
Rumors Circulating in the Community
In December 2023, the Pi Network core team unveiled an updated roadmap, outlining the future of the Pi Network ecosystem as it nears the Open Mainnet launch. With 2024 being a pivotal year, the team has named this phase the “Pi Open Network 2024 Countdown,” indicating a significant milestone for the global Pioneer community.
Some reports, even from news sources, speculated that the launch date would be June 28, but this has proven to be inaccurate. The official Pi account, to date, only displays the target launch year as 2024, without specifying a precise date for the Pi mainnet launch.
Although, the Pi coreteam aims to open its mainnet in the fourth quarter or the end of 2024, the previous delay suggests that the actual launch could take place next year i.e. 2025 or possibly even later. .As Pi Network continues to evolve, the community remains hopeful and prepares for the upcoming milestones.
What Should Users Do to Prepare for the Mainnet Launch?
One of the crucial steps users must take as Pi Network gears up for the mainnet launch is to complete the KYC verification process. This will allow users who are mining Pi to fully participate and complete identity verification as the transition to mainnet phase takes place.
In this regard, the Pi core team has prepared various resources and guides to assist users in this process. The materials provide information for users to complete the KYC process and maximize the benefits from the Pi Network mainnet launch. Additionally, the team has organized numerous training sessions and webinars to answer questions and support the community.
A tweet from the Pi team confirmed that millions of Pioneers have completed their KYC, indicating that things are on track. Furthermore, several new Pi apps previously running on the testnet have successfully migrated to the mainnet, showing that the migration process is smooth and “on the way.”
Furthermore, according to the roadmap, there are only two main milestones left: the successful completion of KYC and the Enclosed Network status, leading up to the launch. Considering both, it can be said that the mainnet launch of Pi Network is imminent.
Why is the Pi Network Mainnet Launch a Big Deal?
The launch of the Pi Network mainnet is a significant milestone in the development of the Pi cryptocurrency, as it will enable users to exchange their Pi coins for other cryptocurrencies and fiat money. This will enhance the liquidity of Pi coins and stimulate innovation by providing a solid framework for developers to create utilities and applications on the network.
Future Development Plans and Key Milestones for Pi Network
Pi Network’s Objectives
In light of this, Pi Network has set out several crucial milestones to prepare for the Open Mainnet launch under its “mainnet2024” initiative. These are important for establishing a launch date, and the following goals provide more clarity:
- KYC Verification: Ensure at least 15 million Pioneers pass identity verification checks.
- Migration to OPEN (Beta) Mainnet Phase: Aim to migrate over 10 million Pioneers to beta mainnet phase.
- Application Development: Reach a milestone of 100 applications ready to be deployed on the mainnet.
If these milestones are achieved soon, the Pi Network mainnet launch could happen in the near future.
Insights into the Investment Potential of Pi Network Post-Mainnet Launch
The success of cryptocurrencies is closely tied to their adoption and practical applications. With an increasing user base, Pi Network faces the challenge of proving its existence as a digital currency that can be practically used in real life, if at all.
The mainnet launch of Pi Network currently does not represent any value for PI, stating that it is non-tradable. Conversely, its ecosystem is working on refining and developing decentralized applications on the testnet, foreshadowing potential use cases.
The digital cryptocurrency market itself is highly volatile, heavily dependent on changes in market sentiment, regulatory changes, and technological advancements. Each of these variables interacts, making it really difficult to predict any kind of future price movements for any cryptocurrency, including Pi.
Pi Network Price Prediction
The native token of Pi Network, PI, has yet to be listed on any cryptocurrency exchange despite widespread interest. With the mainnet still in its early developmental stages, it is very difficult to make accurate price predictions for PI in the future. In fact, despite its widespread popularity and large user base, determining Pi Network’s position in the cryptocurrency space remains challenging.
Currently, Pi money does not allow conversion to fiat money or trading on exchanges, but only allows the exchange of commodity services, while some exchanges such as Huobi and Bitmart are providing IOU which is incorrect.. Essentially, these are promises for future PI coins when the mainnet becomes operational. The significant distrust it faces due to controversies surrounding its development continues to haunt the actual value and trading dynamics of the PI token.
Of course, making future price predictions for PI at this time, as is the consensus among many Pioeers, is only the GCV consensus. The real value at that point will be reflected by the level of utility, user adoption rate, development team, and overall market conditions it has built up to that point.
In summary, the future trajectory of Pi Network, amidst growing debates, is closely tied to the successful transition to the open mainnet and the development of compelling use cases for its digital currency. The strong commitment level of Pi Network lies at the center of the current heated debate, and the final outcome will answer the question once and for all. If the mainnet officially launches, it may usher in a new era for cryptocurrency.