Important Pi Network (PI) Update

TL;DR

• Pi Network aims to make crypto mining more accessible but faces criticism for delays in launching its mainnet and token.
• The project is nearing its KYC milestone. At the same time, it launched a significant update to prepare for the mainnet.

Inching Closer to the Goal

The controversial crypto project Pi Network aims to enable individuals to mine Pi coins directly from their mobile devices without significant energy consumption. This method seeks to make digital currency more accessible to a broader group of people, especially those who lack the resources for traditional mining setups.

Despite being around for over five years, the project keeps raising eyebrows due to the fact that its native token or open mainnet are not live yet.

While the team has promised development on the matter in the following months, the community is divided. Some cheered the potential upcoming news, while others believe further advancement delays will occur. The biggest pessimists see Pi Network as a scam, claiming that the native token will never see the light of day.

Earlier this year, the team maintained that the launch of the Open Network will happen once 15 million people had completed necessary Know-Your-Customer (KYC) procedures. Most recently, the social media channel Pi News disclosed that completing the target needs just 1 million individuals since 14 million “KYC pioneers” have already been verified.

At first, the developers advised people to pass verifications by the end of September, later extending the deadline to November 30. The process is known as “the Grace Period.” 

Encouraging Validators

Shortly after announcing the deadline extension, Pi Network’s team endured an influx in KYC requests and urged users to join as validators. Participants who contribute accurately were promised Pi tokens as a reward for their efforts.

The developers also released Pi Node Version 0.5.0, a development described as “a major update preparing nodes for the mainnet blockchain.”

“This update transitions Nodes to the Testnet2 blockchain, simulating the Mainnet environment and testing the switch between Testnet and Mainnet blockchains. The original Testnet will remain active for now but will soon close for Node use. Original Testnet will continue functioning as normal for Pioneers and Pi app developers,” the disclosure from last month reads.