PI network

When will the Pi Network launch?

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THE MOST IMPORTANT OVERVIEW

Despite the anticipation surrounding the launch of Pi Network’s mainnet, the exact launch date remains unclear. According to some speculation, the Pi Network mainnet launch is scheduled for mid-2024, but there is no official announcement yet.

The Pi Network, a pioneer in blockchain innovations, has attracted significant attention in the crypto community.

With its unique approach to enabling mining via mobile and its potential as a legitimate payment project, Pi Network has gained a significant following.

Many are wondering when the long-awaited Pi Network open mainnet will launch. The project has been in development for more than four years.

However, the core team has not yet announced any specific plans or dates for the introduction of the public mainnet. Recent developments have seen improvements to the KYC process implemented, including new liveness checks to improve account identification.

However, developments continue progressing, including merchant integration, an ever-growing number of supporters, and hints of the impending mainnet launch.

In particular, the integration with Stellar and Soroban, which took place between December 12 and 18, 2023, is a crucial step in expanding the Pi Network ecosystem and improving its functionality, providing significant benefits for Pi users and token holders.

Pi’s open main net is scheduled to launch in 2024

The Pi Network team has officially announced its plans to launch the Open Mainnet phase in 2024, likely between March and June.

According to a blog post published by the team on December 27, the Open Mainnet phase will unlock the full potential of the Pi blockchain.

According to the company, this stage will enable Pi users to seamlessly exchange their Pi Coins for other cryptocurrencies and fiat currencies.

It also gives developers the opportunity to build innovative utilities and applications based on the network’s robust framework.

Despite the excitement surrounding this announcement, the Pi Network team is proceeding with caution.

A hasty change could undo the community’s previous achievements, it said.

With this in mind, three conditions have been established that must be met to prepare the platform for this phase. Here are the three requirements that should be met before the transition:

  • Comprehensive preparations: The team emphasized that all key technological, product, business, and legal steps must be completed. While the technical roadmap is largely in place, efforts are currently being made to improve network security, stability, and scalability.
  • Decentralization Milestones: A key goal is to acquire 15 million KYC-verified users and migrate over 10 million Pioneers to the mainnet blockchain. In addition, at least 100 high-quality, diverse utilities and applications are being developed that are critical to establishing Pi as a currency. Community speculation suggests that the official launch could take until June 2024, based on historical launch patterns and the completion of key milestones.
  • Optimal External Conditions: As a global cryptocurrency initiative, Pi’s success is intertwined with the global context. Therefore, according to the team, factors such as geopolitical stability, regulatory developments, industry trends, and the absence of global crises are crucial for the timing of the mainnet launch.

Pi announces first commerce event and introduces QR scanner

In early December, Pi introduced PiFest, the project’s first business event. The announcement said the event will feature local Pi-integrated companies and retailers from around the world.

“ The primary purpose of PiFest is to increase the utility of Pi and demonstrate the power of the Pi community through local commerce , ” the statement said.

First, this initiative aims to give local businesses and merchants who have integrated Pi into their operations the opportunity to interact with the large Pioneers community.

Second, PiFest allows pioneers to meet and interact with local companies that accept or use Pi in their respective regions, shedding light on the specific applications of Pi in everyday business life, according to the project.

Recently, Pi Network also launched a QR code feature in its mobile wallet app to facilitate peer-to-peer and business transactions.

With this new extension, users no longer need to enter addresses manually, but can simply scan codes to send or request payments.

Pi Network Gains 2.6 Million Followers on X

Pi Network already has an impressive fan base of 2.6 million followers on X (formerly Twitter) even before the official launch of the mainnet.

According to its own information, the project had more than 35 million pioneers (people who mine the project’s own token) at the beginning of the year.

The Pi Network is a blockchain project. Its goal is to democratize mining by making it accessible to anyone with a desktop or mobile device. The project’s token is Pi Coin. The team plans to use this for everyday transactions.

Users can mine Pi Coins via their smartphones. All they need to do is click a button in the Pi Network app every 24 hours to show their active participation in the network.

Unlike traditional digital currencies such as Bitcoin (BTC) and other Proof-of-Work (PoW) cryptocurrencies, Pi Coin does not require energy-intensive hardware for mining. This explains why the token has had such great success in attracting a large network of miners.

A sign of progress is the Pi Network milestone announced in mid-October: the introduction of Staked Direct Messages.

Thanks to the new feature, members of the Pi Network can interact with anyone in the ecosystem through direct messages.

Direct P2P messages are sent by users by staking their Pi Coins, creating the first significant utility for the cryptocurrency.

Pi Network continues to offer new features

After successfully passing through the beta and testnet phases, Pi Network entered the mainnet phase in December 2021. However, instead of launching the open mainnet, the team continued to remain in the closed network phase.

This move should allow developers to test various Pi features and develop Pi-based utilities while giving mass users enough time to complete their KYC (Know Your Customer) verification process without complications.

Currently, the Pi Network is still in the closed mainnet phase. During this time, it will not be possible for Pi holders to interact with other blockchains through Pi.

This means that you 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.

This includes the overall maturity of the project, the progress of KYC verification, and the achievement of the key goals of the Pi Network initiative. KYC verification is very important in this process.

Of the 47 million members of the Pi Network ecosystem, only 5.6 million (11.9%) have successfully completed the KYC process.

In anticipation of more users completing the KYC process, the team continues to release new features to improve the user experience.

On May 30, the Protocol introduced the Fireside Forum. According to the announcement, Fireside Forum is “a true Web3 social platform that promotes authenticity, constructive conversations, and healthier online social interactions by integrating tokenomics into the core of social interactions.”

Recently, the project launched a developer ambassador campaign on Twitter to encourage engagement with its followers.

“The Developer Ambassador Program has made significant progress in onboarding new developers to code Pi apps in the mainnet ecosystem,” the team said in a recent tweet.

However, the article was not published on the official account of the Pi Network developer.

However, the announcement on PiNewsMedia offers a degree of clarity after the expected launch date of late October could not be met.

Despite the anticipation for Pi Network’s mainnet launch, the exact launch date remains unknown. This reflects the team’s confidence in bringing a less-than-perfect product online.

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