Pi Network Mainnet Launch Date: Potential for a Boom in Late 2024?
Pi Network is an extraordinary combination of digital currency, mobile application, and referral-based model. As one of the new crypto projects, it offers a unique approach compared to established digital currencies, such as Bitcoin, where huge computational power is required in mining. With the Pi Network, this becomes much easier, as users will mine coins straight from their smartphones. This approach democratizes participation in cryptocurrency, making it more accessible to a wider audience.
In return, the mining process on the Pi Network involves users only tapping a button on their mobile devices once every 24 hours to earn PI coin vouchers for daily engagement with the app. Unlike traditional crypto mining, where transactions are verified, at this stage, Pi does not deal with computational validation but solely depends on engagement.
The invitation code is necessary due to the referral scheme employed by Pi Network. Each participant earns more coins depending on the number of members invited.
Currently, PI coins mined from the application are stored within the app itself and cannot be transferred out to users, sold, or exchanged into any other cryptocurrency. Of course, this project has envisioned on the roadmap that trading and withdrawal-related functionalities will be made available in a future phase of Pi Network mainnet launch; however, there is no specification of the exact date.
The current status of PI is that it holds no monetary value and is not traded on any exchange; in addition, there is no live blockchain infrastructure or wallet infrastructure available as of yet, even after five years from its existence.
Read more: Pi Chain Mall: Platform to Support Optimizing the Best Experience of Pi Network Ecosystem
Since it launched on March 14, 2019, a lot of people worldwide have joined the Pi Network. The number of coins circulating is not yet known, although the maximum supply would remain at the discretion of the creators.
On the 29 of December 2022, one of the largest crypto exchanges listed Pi. Immediately after, the price blasted off more than $230 in the first 24 hours after listing, according to CoinGecko. During a similar period, the token for the Pi Network started trading on other platforms like XT.com and BitMart.
However, Pi Network has since reacted to the listing of its tokens on Huobi and other exchanges without an authorized listing. The team took to Twitter and made it clear that, as of December 29, 2022, no exchange listing had been authorized.
In September 2022, a new platform, Pi Connect, was announced by Pi Network in an effort to try to alleviate the current limitations of the Pi Network ecosystem. Pi Connect is for interoperable trades with other blockchain networks like Binance Smart Chain Ethereum and Polygon, among others, in a seamless and secure way. It also allows any user at any time the price of Pi and its conversion rate with respect to various other cryptocurrencies.
Besides advanced blockchain interoperability, the vision of Pi Connect includes options like farming, staking, launchpad platform, lending services, auctions, marketplace, and so on.
Pi Network is a project born at Stanford to build a user-friendly and eco-conscious digital money. Created in 2018, it rapidly gained favor due to its new form of mining divergent from the high-energy methods utilised by Bitcoin.
The founders of the Pi Network include Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, Vincent McPhillip, and Aurelien Schiltz. They bring their backgrounds in computer science, social computing, and community development to bear deeply on the span of the architecture, influencing participatory practice and ease of access.
On March 14, 2022, Pi Network co-founder Nicolas Kokkalis announced plans to migrate KYC-approved accounts to the mainnet. This migration process is underway. Users have been enabled to complete their KYC checks and successfully transfer their Pi coins to the mainnet blockchain. Millions of Pioneers are to be given time for this migration during the current Enclosed Network period.
Though quite impressive, these developments have also annoyed some members of the community concerning the Pi Network roadmap. First of all, this update is very suggestive; it does not give clear information on the launch of the Open Mainnet phase. The team specified that after the Enclosed Network and KYC processes are mature enough, Pi Network will move towards Open Mainnet but did not suggest a clear timeline for it.
In September 2022, the Pi Network presented Pi Bridge, which would connect the Pi Network to other blockchains, starting with Binance Smart Chain. Pi Bridge is a decentralized gateway acting to close the distance between the Pi Network and other chains, making them more accessible, and provides users with a new, transparent financial instrument.
The development allows for an easier, more manageable, and cost-effective transfer of data and assets across networks for holders of Pi, promising value unlocking in respective holdings.
Pi Network has received immense attention within the cryptocurrency circle and has built an active community of 55 million strong members. That is much larger than the population of many countries. Of these, 11.1 million are past the KYC stage and hence are called “Pioneers.” This project has a great social media presence of 3.3 million followers on X.
On the issue of influence in social media, the Pi Core Team’s account has almost 3.4 million followers on X, placing the network of this cryptocurrency almost at par with Ethereum Foundation. This essentially ranks the Pi Network superior to popular cryptos like Solana, Cardano, Avalanche, and Tron—all of which have less than 2.5 million followers on X.
Users switching to mainnet reached 5.58 million, up from 3 million in December. The team recently announced technical improvements to mainnet migration, which appear to have doubled the speed of Pioneer’s migration to mainnet.
In December 2023, the core team of the Pi Network revealed an updated roadmap, outlining the future of the Pi Network ecosystem as it approaches the launch of the Open Mainnet. With the year 2024 being pivotal, the team has dubbed this period “The Countdown to Pi Open Network 2024,” indicating a significant milestone for the global community of “Pioneers.”
Some of the reports even from news sources have gone on to speculate that the launch date would be on June 28, though that seems not to be valid information, just like last year. The official account of Pi, to this day, only shows a target launch year of 2024 and doesn’t bear any specific date for Pi Network mainnet launch.
While the team aims to open the mainnet by the end of 2024, past delays suggest that the actual launch might occur in 2025 or even later. As the Pi Network continues to develop, the community remains hopeful and prepared for the forthcoming milestones.
Connected to this, one of the key steps users have to take as Pi Network gets ready for its mainnet launch is to complete the verification process for the KYC. This would actually enable the full participation of its users as the transition is being made to the mainnet stage.
On this very note, the Pi core team has prepared various resources and guides to help users through this process. The materials provide information to users for going through the KYC process and maximizing all benefits brought in by the Pi Network mainnet launch. Moreover, it has held a large number of trainings and webinars for answering questions and community support.
A tweet from the Pi team confirmed that millions of Pioneers have already completed their KYC, which shows things are in good hands. Moreover, a number of new Pi apps previously running on testnet now successfully migrated to mainnet, showing a very smooth and “on-the-way” migration process.
Further, according to the roadmap, there are only two major milestones: the successful completion of KYC and the Enclosed Network state, pointing towards the launch timing. Looking positively towards both, it can clearly be said that the Pi Network mainnet launch is at hand.
Pi Network is a project created to empower everybody with the possibility of mining cryptocurrency. Through the Pi Network mobile app, anyone could mine their native token, the Pi Coin. They want users to click a button once every 24 hours in their app to be counted as active contributors.
Unlike the old mining mechanisms—like Bitcoin’s Proof-of-Work or Ethereum’s Proof-of-Stake—Pi Network relies on a different mechanism called Proof of Access. It allows users to receive Pi Coins every day in exchange for merely opening the app and confirming their identity.
It has been considered a very strong community development strategy and has been able to raise a large, active user community. Tens of millions of members worldwide use the network not only as users but also for their potential partnership in future applications and services on the platform of the Pi Network. Put differently, Pi Coin is foreseen to be used as a means of everyday transactions, thus making the Pi Network practical and inclusive cryptocurrency solution.
The Pi Network mainnet launch is a major step in the development of the Pi cryptocurrency, as it allows users to exchange their Pi coins for other cryptocurrencies and fiat money. This would enhance the liquidity of the Pi coin and spur innovation by providing a solid framework for developers to create utilities and applications on top of the network.
Knowing this, the Pi Network has put forth some very important milestones in preparation for an Open Mainnet launch under its “mainnet2024” initiative. This is rather vital for establishing a launch date, and the following targets only pin down the concept further:
If these milestones are achieved soon, the Pi Network mainnet launch will likely happen soon.
The success of cryptocurrencies is deeply enmeshed in their adoption and practical applications. Having a growing number of users, Pi Network is racking its brains over the challenge of proving its existence as a digital currency that translates to actual use in real life, if there ever will be such.
The Pi Network mainnet launch is now representative of no value for this PI, claiming it’s not tradable. In contrast, its ecosystem works hard in refining and developing decentralized applications on the testnet, foreshadowing possible use cases.
Digital cryptocurrency itself; its market is very volatile, depending a lot on shifts in market sentiment, changes in regulations, and technological advancement. Each one of these variables is interactive and makes it really hard to come up with any kind of prediction regarding the future course of price movements within any cryptocurrency, including Pi.
Its native token, PI, has not been listed on any of the established cryptocurrency exchanges despite wide-reaching interest. With the mainnet still at a very nascent stage of development, it’s very much impossible to effectively give a prediction for the price of PI in the future. Effectively, despite huge publicity and a large user base, it is still hard to pinpoint a place for Pi Network in the cryptocurrency space.
At the moment, the PI coin is not tradable from the mainnet, while some exchanges like Huobi and Bitmart are providing IOUs. These are basically a promise for PI coins later when the mainnet goes live. The huge discredit it is facing because of controversies around the development process hauntingly stays over the real value and trading dynamics of the PI token.
Of course, predicting the future price of PI at this time, when there is no trading history and no formal launch status yet, is highly speculative. Where the value really goes at that time will be informed by how much utility, user adoption rate, development team, and, generally, market conditions it has built out up to that point.
The future course of the Pi Network, in the face of increasing debate, is pegged to the successful completion of its transition to an open mainnet and the development of compelling use cases for its digital currency. Just how aggressive the promises of Pi Network are lies at the heart of the present hot debate, the final result of which will answer the question once and for all. If mainnet becomes a reality, maybe it will be a new era of crypto.
The Pi Network mainnet launch date has not yet been officially announced. It is likely that when the milestones set by the Pi core team are completed, the mainnet date will be set.
Pi Network mainnet launch helps PI exchange and attract developers to the ecosystem.
You need to have a. KYC account and a certain amount of PI to be able to join the mainnet.
Pi coins have not been officially launched yet and it is uncertain whether the Pi Network mainnet launch will affect the price of PI or not.
| DISCLAIMER: The information. on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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