Date: Fri, Dec 20, 2024, 06:29 AM GMT
Pi Network, the pioneering crypto-mining platform since its inception in March 2019, has shared today an eagerly-awaited update concerning its mainnet launch. After over a year of anticipation, Pioneers have new developments and a revised timeline to consider.
Open Network Updates
The Founders of Pi Network, Chengdiao Fan and Nicolas Kokkalis, have announced in an official blog remarkable progress in both the KYC (Know Your Customer) and mainnet migration processes. To date, over 18 million Pioneers have completed KYC, and 8 million have migrated their balances to the mainnet. This progress signifies the network’s readiness to transition to an Open Network, with a target launch by Q1 2025.
The team has noted that recent system enhancements have dramatically increased the speed of both KYC and migration processes. An average of 200,000 Pioneers are migrating last day, with a significant leap of over 500,000 migrations in the last week. This acceleration is key to ensuring an inclusive and stable Open Network.
Achievements and Milestones
- KYC Milestone: Pi Network has exceeded its initial goal of 15 million KYC verifications, now boasting 18 million KYC’d Pioneers. This milestone reflects the platform’s commitment to expanding its global footprint while refining the KYC process to handle tentative applications and streamline resubmissions.
- Mainnet Migration: With 8 million Pioneers already on the mainnet, the team is working towards surpassing the 10 million migration target by January or February 2025. Ongoing improvements continue to unlock more user migrations, enhancing the process’s efficiency.
New Feature for Mainnet Migrants
A significant update for those already on the mainnet includes a forthcoming feature allowing secondary migrations. This will enable users to move additional Pi balances to the mainnet, reinforcing the ecosystem’s strength and user engagement.
Open Network Timeline and Grace Period
The conditions for launching the Open Network, set forth in December 2023, are being met with great success. In support of a wider user inclusion, the grace period for KYC and migration has been extended to January 31, 2025. This extension is designed to maximize participation and ensure a stable network at launch.
Conclusion
Pi Network’s latest update marks a significant step toward the long-awaited Open Network launch, promising inclusivity and stability for its growing community of Pioneers. With accelerated KYC processing, faster migrations, and a robust ecosystem of apps, the platform is on track to achieve its ambitious goals.
As Pi Network moves closer to its Q1 2025 Open Network launch, Pioneers have a golden opportunity to finalize their migration processes and prepare for the next chapter of this decentralized journey. The countdown has officially begun, and the future of Pi Network looks more promising than ever.
Disclaimer: This article is intended for informational purposes only and does not constitute financial advice. Always conduct your own research before making any investment in cryptocurrencies.