The Pi Mainnet launch has captured many people’s interest with it’s phone-based mining approach and potential as a mainstream cryptocurrency. As the year progresses, excitement for the Open Mainnet launch increase. This article will provide an update on Pi Network’s current status, key launch milestones and recent news.
From the beginning, the Pi Network has aimed to make cryptocurrency available to everyone via its mobile app. With the upcoming Pi mainnet launch, Pi will move from a closed network to a fully functional blockchain. This allows users to conduct transactions wiith their Pi coins. However, an exact launch date remains unknow.
Key Milestones for Pi Mainnet Launch
The Pi Network team has set specific goals that must be completed before the official Pi mainnet launch. Here are 2 most most important goals:
KYC Verification: To stop fraud accounts and maintain an authentic user base, Pi requires users to submit some documents through a Know Your Customer (KYC) verification process. As of December 2023, over 12 million users has completed KYC, which brings it closer to the 15 million target launch.
Mainnet Migration: Pi provides a beta mainnet where users can start migrating their Pi balance. This process involves completing a set of steps described in the Mainnet Checklist. Another important milestone is having 10 million users migrate to the beta mainnet.
Recent Developments and Considerations
Several Recent Developments shows a continuous progress toward the Pi mainnet launch:
Community Growth: The Pi Network User base continues to grow. Passing 12 million KYC’d users is an important step.
Ecosystem Building: The Pi Core team prioritizes developing an efficient applications network. Their goal of having 100 “mainnet or mainnnet-ready” apps by launch demonstrates their dedication to utility.
Unconfirmed Launch Date: While some sources suggest a June 2024 launch date, Pi network has not confirmed this. the official target date remains 2024.
KYC and Migration Grace Period
It is important to note the KYC Grace period, which began on 1st July, 2024. This 6-month window allows Pioneers to complete KYC verification and migrate their Pi to the Open Mainnet. Missing deadlines could result in losing the majority of your Pi balance, so taking action now is critical.
The Pi Network’s mainnet launch is a popular event in the cryptocurrency community. While there is no confirmed date, the project is moving forward. From the growing user base, a focus on the ecosystem development and an ongoing KYC Grace Period, we can expect the launch to occur in late 2024. Keep an eye on Pi Network’s Official channels for latest updates and make sure to complete KYC process before the deadline ends.
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