Latest Pi Network Updates September 6th

TL;DR

• Pi Network celebrated 2,000 days since its launch but remains unclear about its native token and open mainnet, with a roadmap announcement expected in December 2024.
• The project aims to enable mobile mining using an energy-efficient consensus algorithm and grows primarily through community engagement.

What’s New?

Pi Network – a controversial crypto project that aims to allow users to mine and earn digital assets on their mobile devices – has witnessed some developments lately. Earlier this week, the team celebrated 2,000 days since the official launch in March 2019.

“This milestone reflects the steady, ongoing efforts of our community—as we move ever closer to our vision of building the world’s most inclusive peer-to-peer ecosystem and online experience, fueled by Pi. Each step forward is bringing us towards Open Network, where persistence and commitment shape our shared future,” it stated at the time.

However, Pi Network keeps raising some eyebrows across the community since there is no clear indication of when users can expect the launch of a native token and open mainnet. The team previously said that over 13 million people have already passed Know-Your-Customer (KYC) procedures, while more than six million have migrated to the mainnet. 

Shortly after, the developers behind the network set September 30, 2024, as a deadline for users to complete their KYC verification:

“Make sure you don’t miss your deadlines to submit KYC or migrate your Pi. Ask your Security Circle and Referral Team to take action before the Grace Period ends!”

Last month, PiBridge (a decentralized financial platform that acts as a bridge between the Pi Network and other blockchain networks) hosted a talk show, with the launch of mainnet being one of the main subjects of discussion. 

A few days later, the Pi Core Team said the mainnet open roadmap (“enabling official Pi buying and selling transaction”) will be announced in December.

Mainnet Opening Update

1. Pi Core Team has revealed that in December, they will announce the Mainnet open roadmap (Enabling official Pi buying and selling transactions).

SHARE OR RETWEET THIS! ♻️#PiNetwork pic.twitter.com/vatNfzg3Qk

— Pi Network News (@PiNetworkLap) September 5, 2024

The Specifics of Pi Network

The crypto project aims to be energy-efficient by using a consensus algorithm called Stellar Consensus Protocol (SCP). The mechanism is developed by the Stellar Development Foundation and is an alternative to Proof-of-Work (PoW), which is associated with high electricity consumption.

The network relies heavily on community engagement, and growth is driven by a referral-based system. Pi Network does not require users to invest any funds upfront to start mining. They can earn Pi tokens by simply participating in the ecosystem and building trust connections.