Pi Network, a cryptocurrency project that allows users to mine Pi via mobile devices, has announced important updates regarding its development. The transition to the mainnet is scheduled to take place on December 31, 2024, which will allow Pi coins to be used in real-world transactions on decentralized applications (DApps) and may even become tradable on some decentralized exchanges. To participate in this phase, users must complete the identity verification (KYC) process by November 30, 2024, or risk losing their Pi balance.
This move towards the mainnet is a major step towards a community-driven digital economy. However, there are still concerns within the crypto community about the project’s transparency and long-term viability, due to the lack of available technical documentation, the multi-level referral structure, and the fact that Pi coins are not yet available for trading on major exchanges.