Pi Network 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.

Yet, the question that lingers in the minds of many is the launch date of Pi Network’s long-awaited Open Mainnet. The project has been under development for over four years, but the core team has not yet released any solid plans or schedules for the public Mainnet launch.

However, developments continue, including merchant integration, a continued growth in supporters, and suggestions for the incoming mainnet launch.

Pi Network’s X account has seen a sharp increase in the number of followers, reaching 3.1 million followers, a substantial increase from 2.6m followers in December.

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, slated for 2024 between March and June, the project aims to unlock its full blockchain potential.

• The team has three prerequisites: comprehensive preparations, decentralization milestones, and optimal external conditions.

• Recent developments include PiFest, a commerce event promoting Pi usage, and a QR scanner feature for mobile wallet transactions.

• The network boasts 3.1 million followers on Twitter/X.

                                    START

Pi’s Open Mainnet Will Launch in 2024

The Pi Network team has officially declared their plans to initiate the Open Mainnet phase in 2024, and is expected between March and June. In a December 27 blog post, the team added that the Open Mainnet phase is poised to unlock the Pi blockchain’s full potential.

They said that this stage will empower Pi users to seamlessly exchange their Pi coins with other cryptocurrencies and fiat currencies. Furthermore, it opens the door for developers to innovate, creating utilities and applications atop the network’s robust framework.

Cick Here

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 platform’s readiness for this phase. Here are the three prerequisites that should be met before the transition happens:

• Comprehensive Preparations: The team underscored the need for completing 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.

•      Launch Date            

• Decentralization Milestones: A central goal is the acquisition of 15 million KYC-verified users and the migration of 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 Mainnet launch.

Pi Announces First Commerce Event, Launches QR Scanner

In early December, Pi unveiled PiFest, the project’s first commerce event. In the announcement, Pi said the event will feature local businesses and merchants that integrate Pi from around the globe.

“The primary purpose of PiFest is to boost the utility of Pi and demonstrate the power of the Pi community through local commerce,” the announcement read.

Firstly, this initiative aims to empower local businesses and merchants who have integrated Pi into their operations, facilitating their interaction with the extensive community of Pioneers.

Secondly, PiFest enables Pioneers to explore and engage with local businesses in their respective regions that accept or utilize Pi, shedding light on the tangible applications of Pi in everyday commercial transactions, the project said.

More recently, Pi Network has also launched a QR code feature in its mobile wallet app to simplify peer-to-peer and business transactions. Using this new functionality, users can easily scan codes to send or request payments rather than manually entering addresses

Pi Network Continues to Offer New Features

After successfully passing the Beta and Testnet phases, Pi Network entered the Mainnet phase in December 2021. However, instead of launching the open Mainnet, the team remained in the enclosed Mainnet period.

The move was intended to allow developers to test different Pi features and build Pi-based utility apps while giving mass users ample time to complete their Know Your Customer (KYC) verification process without complications.

As of now, Pi Network is still in the enclosed Mainnet phase. During this phase, Pi holders cannot interact with other blockchains using Pi. This means they cannot trade or exchange Pi coins for other cryptocurrencies or fiat currencies.

The Pi Network core team has emphasized that the release of the open Mainnet depends on various factors. These include the overall maturity of the project, the progress of KYC verification, and the achievement of primary goals set by the Pi Network initiative. KYC verification holds significant importance in this process.

Notably, of the 47 million Pioneers within the Pi Network ecosystem, only 5.6 million (11.9%) have completed the KYC process. As the team awaits more users to complete the KYC process, they continue releasing new features to enhance user experience.

For one, On May 30, the protocol unveiled the Fireside Forum. According to the announcement, Fireside Forum is “a true Web3 social platform that fosters authenticity, constructive conversations, and healthier online social interactions by integrating tokenomics into the core of social interactions.”