TL;DR

Pi Network extended its KYC and mainnet migration deadlines to November 30 and December 31, 2024, frustrating some users who suspect further delays in launching the mainnet.

Despite community skepticism, the Pi Core Team announced that the mainnet open roadmap, enabling the official trading of Pi tokens, will be revealed in December 2024.

Most Important Recent Updates

Pi Network has been around for years, but it remains one of the most controversial projects in the cryptocurrency industry. While it aims to allow users to mine and earn digital assets directly from their smartphones, the uncertainty of when a native token and mainnet will be introduced keeps raising eyebrows across the community. 

Over the past month, the team behind Pi Network announced several updates and upcoming initiatives that could be interesting for users.

The working group argued that over 13 million people have already passed Know-Your-Customer (KYC) procedures, whereas more than six million have migrated to the mainnet. It also set September 30, 2024, as a deadline for users to complete their KYC verification and transition to the mainnet. 

“Make sure you don’t miss your deadlines to submit KYC or migrate your Pi. Ask your Security Circle and Referral Team to take actions before the Grace Period ends,” the disclosure reads.

In addition, PiBridge (a decentralized financial platform that acts as a bridge between the Pi Network and other blockchains) introduced an NFT Pool on its application. The team advised miners to deposit their non-fungible tokens to stake on the app before September 30, 2024. 

Earlier this week, though, Pi Network changed its deadlines. As CryptoPotato reported, Know-Your-Customer (KYC) verification procedures (known as the “Grace Period”) were extended to November 30, 2024, while the final deadline for users to migrate to the mainnet was moved to New Year’s Eve.

Many showed their dissatisfaction with the latest amendments. Some claimed the delay could be another sign that the project is a scam, while others started losing hope that the open mainnet will ever see the light of day.

The Talk Show and the Subsequent Effort

PiBridge hosted a special podcast at the end of August, promising to discuss the highly anticipated launch of the mainnet. The speakers of the talk show included Victor Nguyen (CEO of PiBridge), Woody Lightyear (Founder of Pi Revolution), Wesley Rocha (Marketing Manager of Teltlk International), and Vindicated Chidi (a prominent figure within the Pi Network community who often takes part in such community gatherings).

Shortly after the discussion, the Pi Core Team said the mainnet open roadmap, which should allow the official buying and selling of Pi tokens, will be announced in December 2024.

Many users praised the move, saying they eagerly await the upcoming disclosure. Others, though, were not so optimistic, claiming this is yet another delay tactic that will not be followed by an actual effort. 

The post Pi Network (PI) News Recap: Here’s What Happened in the Past 30 Days appeared first on CryptoPotato.

Pi Network is a unique project aimed at democratizing cryptocurrency by allowing users to mine Pi tokens directly from their mobile devices. It was launched by a team of Stanford graduates in 2019, aiming to address the barriers to entry posed by traditional cryptocurrencies that require expensive hardware and substantial energy consumption.
What is Pi Network?
Pi Network allows users to mine Pi tokens using the mobile app, which is available on both Android and iOS platforms. Unlike Bitcoin or Ethereum, where mining requires powerful GPUs or ASIC miners, Pi utilizes the Stellar Consensus Protocol (SCP), which is energy-efficient and accessible. Users are asked to log in daily and press a button to start the mining process, contributing to network security and consensus by engaging socially.
The project has grown significantly, with over 40 million users globally. Despite its massive user base, Pi tokens are not yet listed on major exchanges or tradable outside the ecosystem. The network is still in its "Enclosed Mainnet" phase, with plans to transition to the open mainnet where Pi tokens may be traded.
Should You Buy Pi?
At this stage, Pi tokens are not officially available for trading on any major exchanges. However, speculators and early adopters believe that its value could surge once Pi enters the open market, particularly if the project delivers on its promise of making cryptocurrency accessible to the masses. If you’re confident in the Pi Network’s long-term potential and ambitious goals, holding or acquiring Pi once it’s tradable may be a sound strategy.
Holding Pi: Patience Could Pay Off
If you’ve already accumulated Pi through mining, it may be worth holding onto your tokens. With the expected open mainnet launch, demand for Pi tokens could increase as they become tradable, increasing their potential value. The development team has emphasized that Pi’s value will depend on its utility, such as its use in real-world applications and as part of Pi's broader vision to create a decentralized ecosystem.
Mining Pi: Low Risk, High Potential
Mining Pi is one of the most compelling features of the network—it’s free and accessible to anyone with a smartphone. By logging in and tapping a button daily, users can accumulate Pi tokens with no upfront cost, making it an attractive, low-risk option for those interested in building a cryptocurrency portfolio without heavy financial investment. The downside is that Pi tokens are not yet tradable, so their true value will only be known once the open market begins.
Conclusion
The Pi Network is gaining momentum as the project nears its open mainnet launch. Whether you should buy, hold, or mine Pi largely depends on your belief in the project's future. While buying isn’t an option until the mainnet opens, holding or mining Pi offers low-risk exposure to a potentially revolutionary cryptocurrency. Keep in mind that the project is still in development, and as with all investments, there’s an element of risk. Always do thorough research and consider seeking professional financial advice.
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