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Pi Network — and the launch of its long-awaited mainnet — comes closer every day, still on track for 2024.
The mining project 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.
The project currently has 55 million active community members — a population size that beats many countries — including 11.1 million KYC‘d ‘Pioneers’ and 3.3 million followers on X.
If Twitter metrics alone were the important thing, it would place the Pi Core Team account effectively neck-and-neck with the Ethereum Foundation account, which boasts 3.4 million followers on X, as of July 2024.
However, Pi is much more than that. It aims to create a Web3 ecosystem with real-world apps and utilities used by tens of millions of users.
Yet, the question that lingers in the minds of many is the predicted Pi Network launch date, which is when the ecosystem moves from a closed, beta ecosystem into an open network that can be used across exchanges and other blockchains.
Key Takeaways
- Pi Network continues to catch attention for its phone-based mining approach and potential as a payment platform.
- With anticipation growing for its Open Mainnet launch, suggested to happen in 2024, the project aims to unlock its full blockchain potential.
- The team has highlighted some milestones that will lead to the full mainnet launch.
- 11.1 million ‘Pioneers’ have KYC’d into the project, and the network boasts 3.3 million followers on Twitter/X.
When is the Pi Network Mainnet Launch?
2024 seems to be the year for the army of ‘Pioneers’ around the world, with just a few key milestones to go. The team calls it “The Countdown to Pi Open Network 2024”, which is suggestive in its own right.
A recent tweet also tells us we are close:
Happy Pi2Day 2024! This is the LAST Pi2Day before Open Network, and we’re still on track to reach Open Network by the end of 2024.
Read the Pi2Day announcement on the Pi mining app home screen to learn more about the community's progress in the Open Network conditions and all… pic.twitter.com/7Wh8iu2F0b
— Pi Network (@PiCoreTeam) June 28, 2024
In July, Pi Network announced a six-month KYC (Know Your Customer) grace period as part of its progress towards the open network phase, allowing more Pioneers to complete their KYC and migrate to the Mainnet.
The team also announced the introduction of a new Pi Wallet on-chain lockup feature, which effectively boosts the mining rate for Pioneers who successfully migrate to the Mainnet and lock up their Pi.
This coincided with ‘Pi2Day’ celebrations aimed at taking more users across the thresholds (see below) to launch mainnet.
Read the full Pi2Day announcement to learn more about the community's progress in the Open Network conditions and all the products, tech, and community initiatives facilitating it! https://t.co/XEjyQSN1w0 pic.twitter.com/fEDXWR5YHn
— Pi Network (@PiCoreTeam) July 2, 2024
The team has previously suggested goals — on a page cunningly called “mainnet2024” — that they wish to pass before launching Open Mainnet, including:
- 15 million Pioneers passing Know Your Customer checks
- 10 million Pioneers migrating to beta mainnet.
- 100 mainnet-ready apps.
If Mainnet’s date is dependent on reaching those milestones, the wait is predicted to end shortly.
11.1 million ‘Pioneers’ have carried out KYC checks — an increase of 2.55 million between December 2023 and June 2024, and around 50 apps — from chats to forums to browsers — are thought to be mainnet-ready.
Furthermore, there have been 5.58 million mainnet migrations by users — up from three million in December.
Notably, the project recently announced a technical upgrade in the mainnet migration mechanism, which reportedly increased the speed at which Pioneers migrate to the mainnet by more than double.
🎉 Major technical upgrade in the Mainnet migration mechanism DOUBLED the speed at which Pioneers migrate to Mainnet! Complete the Mainnet Checklist to use your Pi too. Go to the Pi mining app announcement to learn more! pic.twitter.com/2fp7mkdsM9
— Pi Network (@PiCoreTeam) May 20, 2024
Why Pi Matters
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.
Why is Pi’s Open Mainnet A Big Deal?
The Open Mainnet stage will allow Pi users to exchange their Pi coins with other cryptocurrencies and fiat currencies. Furthermore, it will allow developers to innovate, creating utilities and applications atop the network’s robust framework.
Despite the excitement surrounding this announcement, the Pi Network team is proceeding with caution. They claimed that a hasty transition could undermine the community’s achievements to date.
In light of this, they have determined three conditions that must be met to ensure the Pi coin launch date. Here are the three prerequisites that should be met before the transition happens:
- Comprehensive Preparations: The team underscored the need to complete all crucial technological, product, business, and legal preparations. While the technical roadmap is largely in place, efforts are ongoing to enhance network security, stability, and scalability.
- Decentralization Milestones: A central goal is to acquire 15 million KYC-verified users and migrate over 10 million Pioneers to the Mainnet blockchain. Additionally, the development of at least 100 high-quality, diverse utilities and applications is critical for establishing Pi’s viability as a currency.
- Optimal External Conditions: As a global cryptocurrency initiative, Pi’s success is intertwined with the broader world context. Therefore, the team said factors such as geopolitical stability, regulatory developments, industry trends, and the absence of global crises are pivotal in determining the timing of the Pi mainnet launch date.
Pi Network’s X Account Surpasses 3.3 Million Followers
Earlier this year, Pi Network’s X account achieved yet another milestone by surpassing 3.3 million followers. The achievement solidifies Pi Network’s position as one of the fastest-growing projects with a massive community in the blockchain space.
On February 9, Pi Network announced that they had reached the 3 million follower milestone on X. At the time of writing, the project has onboarded another 300,000 users.
We did it! Pi Network has hit an amazing 3 MILLION followers! Congrats to every Pioneer who helped make this possible.
We're so excited to reach this milestone, as the Pi community continues its journey to Open Network. pic.twitter.com/giV1GrXQ8l
— Pi Network (@PiCoreTeam) February 9, 2024
It is worth noting that Pi Network has outpaced other established cryptocurrencies like Solana, Cardano, Avalanche, and Tron, all of which have less than 2.5 million followers on X.
The growing number of followers on Pi Network’s X account reflects the increasing interest and support for the project. And in crypto, community is one of the key strengths that every project needs.
We predict a fascinating year for Pioneers.
