The Cryptocurrency World Has Taken a Huge Interest in Pi Network. Pi Network has gained significant popularity due to its innovative mining method.
However, many people are curious about the anticipated launch date of the Pi Network, which will mark the transition of the ecosystem from a closed, beta network to an open network that is compatible with other blockchains and exchanges.
When is the Pi Network Mainnet Launch?
Some news sites have reported a June 28th launch for the Pi, which seems to be fake news.
The team has just stated that 2024 will be the year of the mainnet debut on their official Pi Network account.
On a page cryptically named “mainnet2024,” the team proposed a few objectives they hope to accomplish before opening Open Mainnet such as:
- 15 million Pioneers are being checked by Know Your Customer (KYC)
- Ten million Pioneers are migrated to the beta mainnet
- 100 mainnet-ready apps
Why Pi Matters?
Pi Network aims to bring mining to the mainstream, where anyone with a desktop or a mobile device can do it. Pi Coin, the project’s native cryptocurrency, is anticipated to be used for regular transactions by the team.
Users can use their smartphones to mine Pi currencies. To demonstrate their active engagement in the network, all they have to do is click on a button within the Pi Network app once every 24 hours.
Miners do not have to wait for years to mine Pi coins as it does not rely on complex hardware and massive energy consumption as opposed to traditional PoW coins such as BTC or other cryptocurrencies. This is why a large network of miners has been attracted to this coin.
Why Does Pi’s Open Mainnet Matter So Much?
During the Open Mainnet stage, Pi users will be able to exchange Pi tokens for fiat money and other cryptocurrencies. Also, it will allow developers to be innovative and create services and applications based on a stable network foundation.
The Pi Network team is being cautious despite the excitement around this announcement. They claimed that the community’s accomplishments to date could be compromised by a rapid change.
Because of this, they have established three conditions that need to be satisfied to guarantee the launch date of the Pi coin. The following three conditions must be satisfied before the transition occurs:
- Complete Preparations: The group has stressed the importance of completing all outstanding commercial, legal, product, and technology requirements. Still, there are ongoing works in the technical roadmap’s implementation about the network stability, scalability, and security.
- Decentralized Milestones: The first goal is to attract 15 million KYC-verified users and migrate more than 10 million Pioneers to the Mainnet blockchain. Secondly, the Pi can only be a viable currency if at least 100 exceptional, and diverse use cases and purposes are developed.
- Ideal External Conditions: Pi’s success is connected with the larger global context, as it is a worldwide cryptocurrency movement. As a result, the team stated that the timing of the Pi mainnet launch date is heavily dependent on variables including geopolitical stability, legislative advancements, industry trends, and the lack of major world crises.
Is Pi Network Safe?
Pi Network is usually considered safe. There were no critical flaws found in the project after the experts in the field of security had reviewed the project. But it’s crucial to remember that Pi Network is still in its early stages and scams and frauds are a constant possibility. It’s crucial to remember to only download the Pi Network app from the official website and to keep your login information private at all times.
Conclusion
Pi Network has great potential due to the large number of users and a relatively simple design. However, the use cases of the network are still very limited and the launch of the open mainnet has been delayed. But we are hopeful that it will launch soon in 2024.
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