Pi Network has gained massive attention within the cryptocurrency community. With its unique approach to mining directly from a phone and its potential as a legitimate payment project, Pi Network has accumulated a substantial following.
Yet, 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 over 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) 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.
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.
In a sign of progress, Pi Network recently revealed a significant milestone in mid-October, giving utility to network native $PI coin-staked direct messages.
The primary feature release now allows Pi Network members, known as pioneers, to interact with any individual in the ecosystem through direct messages.
Direct P2P messages are sent by users staking their Pi coin, thus delivering the cryptocurrency’s first significant utility.
When is the Pi Network Mainnet Launch?
After successfully passing the Beta and Testnet phases, 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 complications.
As of now, Pi Network is still in the enclosed Mainnet phase. During this phase, Pi holders cannot 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 primary goals set by the Pi Network initiative. KYC verification holds significant importance in this process.
Notably, of the 47 million Pioneers within the Pi Network ecosystem, only 5.6 million (11.9%) have 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.”
Fireside Forum uses tokenomics to foster authenticity and constructive conversations while rewarding the users who have them.
— Pi Network (@PiCoreTeam) September 19, 2023
In another update, the project has initiated a Dev Ambassador Campaign on Twitter to foster engagement with its followers. “The Developer Ambassador Program has made considerable progress in onboarding new developers to build Pi apps on the Mainnet Ecosystem,” the team said in a recent tweet.
Perhaps most telling has been a recent development in late October, in which an article stating that the Pi Mainnet is expected to launch between March and June 2024 was shared by the Pi ecosystem news channel (@PiNewsMedia).
Pi Network: March-June 2024, the beginning of an exciting new era https://t.co/oryq7KZ5i5
— ℙ𝕚 𝔹𝕝𝕠𝕔𝕜𝕔𝕙𝕒𝕚𝕟 (@mstor168) October 11, 2023
While the article hasn’t been shared by the official Pi Network developer’s account, the move to share on PiNewsMedia offers a degree of clarity after an expected late October launch went silent.
Despite the anticipation surrounding the mainnet launch of Pi Network, the exact launch date remains uncertain – and in a confident move, this is a reflection of a team unwilling to mainnet a less-than-perfect product.