However, the question that lingers in the minds of many is the launch date of Pi Network’s long-awaited open Mainnet. The project has been under development for more than four years, but the core team has not yet released any solid plans or schedules for the public Mainnet launch.
Pi Network Gains 2.6M Followers on X
Pi Network has gained significant popularity, boasting an impressive 2.6 million followers on X (formerly Twitter) even before its mainnet launch. Furthermore, the project claimed that there were more than 35 million Pioneers – people who mine the project’s native token – as of earlier this year.
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Pi Network is a blockchain project that aims to democratize mining by making it accessible to anyone with a desktop or mobile device. The project’s native token is Pi Coin, which the team expects to be utilized for everyday transactions.
Users can mine Pi coins using their smartphones. All they need to do is click on a button within the Pi Network app every 24 hours to show their active participation within the network.
Notably, unlike traditional digital currencies such as Bitcoin (BTC) and other proof-of-work (PoW) cryptocurrencies, Pi coin does not require energy-intensive hardware to mine it. This explains why the token has been exceptionally successful in attracting a vast network of miners.
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When is Pi Network Mainnet Launch?
After successfully passing the Beta and Testnetphases, Pi Network entered the Mainnet phase in December 2021. However, instead of launching the open Mainnet, the team remained in the enclosed Mainnet period.
The move was intended to allow developers to test different Pi features and build Pi-based utility apps while giving mass users ample time to complete their Know Your Customer (KYC) verification process without any complications.
As of now, Pi Network is still in the enclosed Mainnet phase. During this phase, Pi holders are unable to interact with other blockchains using Pi. This means they 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. These include the overall maturity of the project, the progress of KYC verification, and the achievement of major goals set by the Pi Network initiative. KYC verification holds significant importance in this process.
Notably, out of the 47 million Pioneers within the Pi Network ecosystem, only 5.6 million (11.9%) have successfully completed the KYC process. As the team awaits more users to complete the KYC process, they continue releasing new features to enhance user experience.
For one, On May 30, the protocol unveiled the Fireside Forum. According to the announcement, Fireside Forum is “a true Web3 social platform that fosters authenticity, constructive conversations, and healthier online social interactions by integrating tokenomics into the core of social interactions.”
