Pi shopping

What does Pi Network need to launch its mainnet?

524 Views

With over 10 million users having completed their mandatory Know Your Customer (KYC) verification process, Pi Network is getting closer to launching its mainnet…

Recently, Pi Network’s social media pages announced that 10 million users, referred to as “Pi pioneers,” have completed identity verification through the successful Pi KYC verification solution. The announcement states that this solution provides “a unique and exclusive approach, combining automation to verify users, ensuring accuracy, safety, and efficiency.”

Dr. Nicolas Kokkalis, co-founder and CTO of Pi Network, declared that this milestone “demonstrates that this field does not need to rely on traditional financial services to succeed.” He also stated that the new KYC system will “allow other Web3 services related to asset ownership to meet identity verification needs through Pi Network.”

The Pi Core team stated that Pi has achieved many goals since its launch, including creating “the Pi mobile mining app, the Pi Browser mobile app as the interface of the Web3 ecosystem, Node app, Testnet and Mainnet blockchain, Wallet, developer platform, a KYC solution novel” and more.

The Pi core team argues that the decision not to launch the mainnet immediately is worthwhile, emphasizing, “We believe that anything worthwhile takes time and patience, and these ingredients are necessary to launch the Mainnet in a healthy manner.”

The project was launched in 2019 as a centralized app, where users were required to click a button to mine daily. Although Pi has not yet entered the mainnet phase, users can transfer assets within their own ecosystem. However, they need to complete the required KYC (know your customer) and ensure that their token is reflected in the transferable balance area of the wallet.

NEED TO ADD 5 MILLION KYC-VERIFIED USERS TO LAUNCH PI NETWORK MAINNET

In December 2023, the Pi Core team announced plans to launch the “Open Network” or mainnet in mid-2024, provided certain conditions are met. These conditions include developing 100 Pi apps, alongside 15 million Pi users who have passed KYC.

Additionally, the team must complete all necessary “technology, product, business, and legal work” to launch the network and must not have “unfavorable external conditions” that could hinder success. However, the team has not yet announced a specific date for the mainnet launch.

For Pi Network to successfully launch its mainnet, it needs a significant number of pioneers to complete the KYC process. These pioneers are crucial to securing the network and maintaining its decentralized nature. However, if the number of pioneers who have completed the KYC process remains low and needs to be increased, this will challenge the launch of the network.

With this important milestone, the network needs over 5 million users to complete their KYC to move it onto the mainnet.

Despite this significant achievement, there are still many doubts surrounding the project and its Pi token. Analyst Cem Dilmegani of AI Multiple shares that Pi Network could bring significant benefits to users. He says, “I expect anyone and the founders to benefit significantly from the PI Network. This is because the project operates like an affiliate marketing or direct sales system, promising future rewards for users as they attract new users.”

Dilmegani shares that the affiliate marketing system is used to increase app traffic, so this system is used to sell ads for the benefit of app developers. “The founders have benefited from the app, they introduced optional video ads at launch to make money from active user base,” he says.

Predicting the future of Pi Network, Dilmegani still believes that the Pi project will eventually be able to launch its mainnet Blockchain. However, he also notes that this is unlikely to happen because it would quickly devalue the token as users sell it on the market.

If the Pi Core team can address the remaining barriers to unlocking the mainnet in the coming year as expected, Pi may have the opportunity to be widely adopted. The innovative approach to mining cryptocurrencies on smartphones has already created an interactive community of over 10 million members. This user base alone has given Pi an advantage that many other projects can only dream of.

If Pi mainnet open, a lot of Pi shopping will be opened thanks Pi coreteam

Leave a Reply

Your email address will not be published. Required fields are marked *