Authorities in Vietnam have launched an investigation into the Pi Network and cryptocurrency. The mining-incentivized crypto network has grown in popularity in the country as it provides an ‘easy way’ to mine and generate tokens, but the authorities are not convinced.

The Pi Network launched in March 2019 and grew in popularity in Vietnam and India during the 2021 bull market. This is because PI tokens can be ‘mined’ on a mobile phone, negating the costs of buying expensive crypto-mining hardware.

However, the network doesn’t appear to have any purpose other than acting as a medium of exchange for PI tokens.

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Nevertheless, co-founder Dr. Nicolas Kokkalis is a Stanford Ph.D. and instructor of Stanford’s first decentralized applications class. Stanford professor Dr. Chengdiao Fan, the other co-founder, has a Ph.D. in Anthropological Sciences.

The Pi Network Enclosed Mainnet is a period of time in which the Pi Mainnet blockchain is live but not yet connected to the outside world. This means that Pioneers can use Pi within the Pi Network ecosystem, but they cannot yet send or receive Pi to and from other blockchains or exchanges.
The Enclosed Mainnet period is designed to give the Pi Network team time to complete two important tasks:
1. Mass KYC verification: In order to protect the Pi Network ecosystem and prevent fraud, the Pi Network team is requiring all Pioneers to complete KYC verification before they can use Pi on the Mainnet. This process is underway, and the Pi Network team has reported that over 5 million Pioneers have already completed KYC.
2. Development of real utilities for Pi: The Pi Network team is also working on developing real utilities for Pi, including ecosystem infrastructure and platforms that enable utilities building by the community and external world. This will help to create a sustainable and thriving Pi Network ecosystem.
Once the Pi Network team has completed these two tasks, they will transition to the Open Mainnet period. During the Open Mainnet period, the Pi blockchain will be connected to the outside world, and Pioneers will be able to send and receive Pi to and from other blockchains and exchanges.
There are a few key benefits to the Enclosed Mainnet period:
Security: The Enclosed Mainnet period helps to protect the Pi Network ecosystem from fraud and other security threats.
Utility: The Pi Network team is using the Enclosed Mainnet period to develop real utilities for Pi. This will help to create a sustainable and thriving Pi Network ecosystem.
Community: The Enclosed Mainnet period is giving Pioneers a chance to learn more about the Pi Network and start using Pi in a safe and controlled environment.
The Pi Network Enclosed Mainnet is an important step in the development of the Pi Network ecosystem. The Pi Network team is working hard to complete the necessary tasks and transition to the Open Mainnet period as soon as possible.
For Pioneers:
The Enclosed Mainnet period is a good time to learn more about the Pi Network and start using Pi in a safe and controlled environment. You can do this by:
Completing KYC verification: If you have not already done so, please complete KYC verification as soon as possible. This will allow you to use Pi on the Mainnet.
Exploring the Pi Network ecosystem: There are a number of Pi Network apps and services that you can use during the Enclosed Mainnet period. These include Pi Browser, Pi Apps, and the Pi Wallet.
Providing feedback to the Pi Network team: The Pi Network team is always looking for feedback from Pioneers. You can provide feedback by visiting the Pi Network Discord server or by submitting a feedback form on the Pi Network website.
By participating in the Enclosed Mainnet period, you can help to build a stronger and more sustainable Pi Network ecosystem #pi #pinetwork #CryptocurrencyForecast

In a move that echoes the growing influence of cryptocurrency, a goat meat shop in Hanoi has taken a bold step by accepting payments in Pi, a digital currency gaining momentum. For as little as 0.29 Pi, patrons can indulge in delectable goat meat dishes, marking a significant stride in the adoption of the Pi Network.The goat meat shop, known for its culinary expertise, has become a symbol of innovation by integrating Pi into its payment system. This development underscores the versatility of cryptocurrencies beyond traditional financial transactions.Pi Network, a decentralized and eco-friendly cryptocurrency, has been gaining attention for its unique approach to mining and user-friendly accessibility. The acceptance of Pi as a means of payment at a local business signals the grassroots adoption of digital currencies, particularly in emerging markets.The affordable starting point of 0.29 Pi opens up opportunities for a wide range of customers to experience the culinary delights offered by the goat meat shop. This move aligns with the broader trend of businesses recognizing the practicality and efficiency of cryptocurrency transactions.The goat meat shop’s decision to embrace Pi not only provides a novel payment option for customers but also contributes to the normalization of digital currencies in everyday transactions. As crypto adoption continues to expand globally, this local initiative adds a flavorful touch to the evolving narrative of financial innovation.Pi Network enthusiasts see this as a testament to the cryptocurrency’s real-world utility, moving beyond speculative trading to practical, day-to-day applications. The goat meat shop’s embrace of Pi may well be a harbinger of similar integrations in diverse businesses, further solidifying the role of cryptocurrencies in the mainstream economy.As Hanoi’s goat meat shop pioneers this unique form of payment, eyes are on whether this trend will extend to other establishments, solidifying Pi’s position not just as a digital asset but as a viable means of exchange in the vibrant landscape of Vietnam’s culinary scene#pinetwork

The PI coin price prediction algorithm expects the positive price action for PI to continue over the coming weeks, with a $55.32 target in the next 90 days. Within this period, PI is expected to surge up to $77.81 before retracing, which would be a +124% gain from the current price level.PI has been one of the best performing digital assets in Web3 over the past 3 months. Its IOU price has climbed +39.21%, which would place it in the top 5 crypto assets during this time frame if it was available on the open market.Over the next 12 months, PI is expected to reach new all-time highs as the launch of its open mainnet draws closer. The algorithm recently predicted a +460% gain for PI by August 2024, and it now forecasts a move up to $285 by SeptemberPi Network has been on a positive run since the beginning of 2023 and the recent verification upgrade for its applications is just the tip of the iceberg for the project. A user-driven decentralized network at its core, Pi Network plans to create a buzzing ecosystem of mobile-first dApps as the launch of its open mainnet draws near.For now, the IOU price for the PI token is ranging between $38.64 and $33.74. The algorithm predicts that PI could break out of this range in the coming weeks as it targets a 2x gain within the next 3 months.#pi #pinetwork #BinanceSquare