Pi Network has gained massive attention within the cryptocurrency community. With its unique approach to mining directly from a phone and its potential as a legitimate payment project, Pi Network has accumulated a substantial following.
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Yet, the question that lingers in the minds of many is the launch date of Pi Network’s long-awaited Open Mainnet. The project has been under development for over four years, but the core team has not yet released any solid plans or schedules for the public Mainnet launch.
However, developments continue, including merchant integration, a continued growth in supporters, and suggestions of the incoming mainnet launch.
Pi’s Open Mainnet Will Launch in 2024
The Pi Network team has officially declared their plans to initiate the Open Mainnet phase in 2024, and is expected between March and June. In a December 27 blog post, the team added that the Open Mainnet phase is poised to unlock the Pi blockchain’s full potential.
They said that this stage will empower Pi users to seamlessly exchange their Pi coins with other cryptocurrencies and fiat currencies. Furthermore, it opens the door for developers to innovate, creating utilities and applications atop the network’s robust framework.
Despite the excitement surrounding this announcement, the Pi Network team is proceeding with caution. They claimed that a hasty transition could undermine the community’s achievements to date.
In light of this, they have determined three conditions that must be met to ensure the platform’s readiness for this phase. Here are the three prerequisites that should be met before the transition happens:
Comprehensive Preparations: The team underscored the need for completing all crucial technological, product, business, and legal preparations. While the technical roadmap is largely in place, efforts are ongoing to enhance network security, stability, and scalability.
Decentralization Milestones: A central goal is the acquisition of 15 million KYC-verified users and the migration of over 10 million Pioneers to the Mainnet blockchain. Additionally, the development of at least 100 high-quality, diverse utilities and applications is critical for establishing Pi’s viability as a currency.
Optimal External Conditions: As a global cryptocurrency initiative, Pi’s success is intertwined with the broader world context. Therefore, the team said factors such as geopolitical stability, regulatory developments, industry trends, and the absence of global crises are pivotal in determining the timing of the Mainnet launch.
Pi Announces First Commerce Event, Launches QR Scanner
In early December, Pi unveiled PiFest, the project’s first commerce event. In the announcement, Pi said the event will feature local businesses and merchants that integrate Pi from around the globe.
“The primary purpose of PiFest is to boost the utility of Pi and demonstrate the power of the Pi community through local commerce,” the announcement read.
Firstly, this initiative aims to empower local businesses and merchants who have integrated Pi into their operations, facilitating their interaction with the extensive community of Pioneers.
Secondly, PiFest enables Pioneers to explore and engage with local businesses in their respective regions that accept or utilize Pi, shedding light on the tangible applications of Pi in everyday commercial transactions, the project said.
More recently, Pi Network has also launched a QR code feature in its mobile wallet app to simplify peer-to-peer and business transactions. Using this new functionality, users can easily scan codes to send or request payments rather than manually entering addresses.
Pi Network Gains 2.6M Followers on X
Pi Network has gained significant popularity, boasting an impressive 2.6 million followers on X (formerly Twitter) before its mainnet launch. Furthermore, the project claimed that there were more than 35 million Pioneers – people who mine the project’s native token – as of earlier this year.
Pi Network is a blockchain project that aims to democratize mining by making it accessible to anyone with a desktop or mobile device. The project’s native token is Pi Coin, which the team expects to be utilized for everyday transactions.
Users can mine Pi coins using their smartphones. All they need to do is click on a button within the Pi Network app every 24 hours to show their active participation within the network.
Notably, unlike traditional digital currencies such as Bitcoin (BTC) and other proof-of-work (PoW) cryptocurrencies, Pi coin does not require energy-intensive hardware to mine it. This explains why the token has been exceptionally successful in attracting a vast network of miners.
In a sign of progress, Pi Network recently revealed a significant milestone in mid-October, giving utility to network native $PI coin-staked direct messages.
The primary feature release now allows Pi Network members, known as pioneers, to interact with any individual in the ecosystem through direct messages.
Direct P2P messages are sent by users staking their Pi coin, thus delivering the cryptocurrency’s first significant utility.
Pi Network Continues to Offer New Features
After successfully passing the Beta and Testnet phases, Pi Network entered the Mainnet phase in December 2021. However, instead of launching the open Mainnet, the team remained in the enclosed Mainnet period.
The move was intended to allow developers to test different Pi features and build Pi-based utility apps while giving mass users ample time to complete their Know Your Customer (KYC) verification process without complications.
As of now, Pi Network is still in the enclosed Mainnet phase. During this phase, Pi holders cannot interact with other blockchains using Pi. This means they cannot trade or exchange Pi coins for other cryptocurrencies or fiat currencies.
The Pi Network core team has emphasized that the release of the open Mainnet depends on various factors. These include the overall maturity of the project, the progress of KYC verification, and the achievement of primary goals set by the Pi Network initiative. KYC verification holds significant importance in this process.
Notably, of the 47 million Pioneers within the Pi Network ecosystem, only 5.6 million (11.9%) have completed the KYC process. As the team awaits more users to complete the KYC process, they continue releasing new features to enhance user experience.
For one, On May 30, the protocol unveiled the Fireside Forum. According to the announcement, Fireside Forum is “a true Web3 social platform that fosters authenticity, constructive conversations, and healthier online social interactions by integrating tokenomics into the core of social interactions.”
In another update, the project has initiated a Dev Ambassador Campaign on Twitter to foster engagement with its followers. “The Developer Ambassador Program has made considerable progress in onboarding new developers to build Pi apps on the Mainnet Ecosystem,” the team said in a recent tweet.
When is the Pi Network Mainnet Launch?
The Pi Network Mainnet launch is expected for the second quarter of 2024. This tentative date comes from a development in late October, in which an article stating that the Pi Mainnet is poised to launch between March and June 2024 was shared by the Pi ecosystem news channel (@PiNewsMedia).
Notably, the article hasn’t been shared by the official Pi Network developer’s account. However, the move to share on PiNewsMedia offers a degree of clarity after an expected late October launch date was missed.
Despite the anticipation surrounding the mainnet launch of Pi Network, the exact launch date remains uncertain – and in a confident move, this is a reflection of a team unwilling to mainnet a less-than-perfect product.
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This content is informational and should not be considered financial advice. The views expressed in this post/article includes personal opinions. Readers are encouraged to do thorough research before making any investment decisions. Decrypted Labs is not responsible for any financial losses.
