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.
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.
Advertisements
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.
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.
Learn more about the Pi Network QR Code feature! It’s perfect for making secure transactions on the blockchain while being very convenient for businesses to integrate Pi payments. https://t.co/OMAyJdGHLX
— Pi Network (@PiCoreTeam) December 2, 2023
Pi Network’s X Account Surpasses 3.1 Million Followers
Pi Network’s X account has achieved yet another milestone by surpassing 3.1 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 have reached the 3 million follower milestone on X. Within a couple of days, the project onboarded another 100,000 users, bringing its total number of followers to 3.1 million.
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 project is now on the verge of surpassing Ethereum, which currently boasts around 3.2 million followers on X.
The growing number of followers on Pi Network’s X account reflects the increasing interest and support for the project. This is despite the fact that the project has yet to officially launch its Open Mainnet.
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.
In a sign of progress, Pi Network recently revealed a significant milestone in mid-October, giving utility to network native $PI coin-staked direct messages.
The primary feature release now allows Pi Network members, known as pioneers, to interact with any individual in the ecosystem through direct messages.
Pi Staked Direct Messages
Direct P2P messages are sent by users staking their Pi coin, thus delivering the cryptocurrency’s first significant utility.
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.”
Fireside Forum uses tokenomics to foster authenticity and constructive conversations while rewarding the users who have them.
Want to see what a human-led, Pioneer-led social media platform looks like on Web3? Join today by clicking here: https://t.co/JjApHNQThK pic.twitter.com/zvOuje8DeM
— Pi Network (@PiCoreTeam) September 19, 2023
In another update, the project has initiated a Dev Ambassador Campaign on Twitter to foster engagement with its followers. “The Developer Ambassador Program has made considerable progress in onboarding new developers to build Pi apps on the Mainnet Ecosystem,” the team said in a recent tweet.
When is the Pi Network Mainnet Launch?
The Pi Network Mainnet launch is expected for the second quarter of 2024. This tentative date comes from a development in late October, in which an article stating that the Pi Mainnet is poised to launch between March and June 2024 was shared by the Pi ecosystem news channel (@PiNewsMedia).
Pi Network: March-June 2024, the beginning of an exciting new era https://t.co/oryq7KZ5i5
— ℙ? ?????????? (@mstor168) October 11, 2023
Notably, the article hasn’t been shared by the official Pi Network developer’s account. However, the move to share on PiNewsMedia offers a degree of clarity after an expected late October launch date was missed.
Despite the anticipation surrounding the mainnet launch of Pi Network, the exact launch date remains uncertain – and in a confident move, this is a reflection of a team unwilling to mainnet a less-than-perfect product.
Editorial note (February 14, 9 PM EST): The article was updated to include Pi Network’s number of Twitter followers, along with minor updates.
Editorial note (January 11, 8 AM EST): The article was updated to include Pi Network’s Open Mainnet launch window.
Editorial note (December 5, 4 AM EST): This article was updated to include recent developments surrounding Pi Network, including PiFest and the launch of QR scanner.
Advertisements
Related Reading
10 Best Practices for Encryption Key Management and Data Security
10 Biggest Crypto Heists of All Time – How Much Money Was Stolen?
10 Biggest Data Breaches of All Time – And How to Prevent Them
10 Best Cryptocurrency APIs for Developers
12 Best Blockchain Protocols To Know
5 Industries That Will Be Using Blockchain Sooner Rather Than Later
Related Terms
Bitcoin
Airdrop
Altcoin (Alt Coin)
Blockchain (Distributed Ledger)
Blockchain Bloat (State Bloat or Chain Bloat)
Blockchain as a Service
Related Questions
Crypto Coins vs. Tokens: What’s the Difference?
About Techopedia’s Editorial Process
Techopedia’s editorial policy is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
TAGS
BLOCKCHAINCRYPTOCURRENCY
Advertisements
Ruholamin Haqshanas
Ruholamin is a crypto and financial journalist with over three years of experience. Apart from Techopedia, he has been featured in major news outlets, including Cryptonews, Investing.com, 24/7 Wall St, The Tokenist, Business2Community, and has also worked with some prominent crypto and DeFi projects. He holds a Bachelor's degree in Mechatronics. Ruholamin enjoys reading about tech developments, writing, and nature-watching
All Posts by Ruholamin Haqshanas
Most Popular Term zap
CRYPTOCURRENCY
Merged Mining
What is Merged Mining? Merged mining, sometimes called combined mining, refers to the process of mining multiple proof-of-work (PoW) cryptocurrencies...
Full Explanation
Photo of Eric Huffman
ERIC HUFFMAN Editor
Advertisements
CRYPTOCURRENCY
Farcaster
What is Farcaster? Farcaster is an Optimism-based protocol for building decentralized social networking applications. As of 5 February 2024, Farcaster...
Full Explanation
Photo of Mensholong Lepcha
MENSHOLONG LEPCHACrypto & Blockchain Writer
CRYPTOCURRENCY
Secure Asset Fund For Users (SAFU)
What is a Secure Asset Fund for Users (SAFU)? The Secure Asset Fund for Users is an insurance fund for...
Full Explanation
Photo of Eric Huffman
ERIC HUFFMAN Editor
Tech Dictionary
NETWORKING
WebSocket
What is a WebSocket? A WebSocket creates a persistent, bidirectional communication channel between a web browser and a server. This...
Full Explanation
Photo of Marshall Gunnell
MARSHALL GUNNELLIT & Cybersecurity Expert
Advertisements
Latest Q&A
MACHINE LEARNING
How Can AI Help The World Deal With Climate Change?
The headlines are typically overrun with stories about how artificial intelligence (AI) is taking everyone's jobs. But AI isn't as...
Full Answer
Photo of Nicholas Fearn
NICHOLAS FEARNTechnology & Business Journalist
Advertisements
Advertisements
Advertisements
Advertisements
Most Popular News
The Challenges Apple Face to Make Spatial Computing Mainstream
PS5 Pro: Expected Release Date, Specs, and New Features
Catch It If You Can: Techopedia’s Big Interview With Frank Abagnale
Cybersecurity for Small Businesses: Best Practices and Risks
Top 5 Problems Generative AI Can Solve for Businesses
Cyber Warfare: The Big Interview with Former Green Beret Greg Hatcher
3 Reasons Crypto Prices Are Going Parabolic And Which Tokens Could Explode Next?
Website Development Best Practices & Trends for 2024
Are Smart Security Systems Simply a Costly Way to Let Strangers Into Your Home?
2M Student Records Leaked Through LectureNotes App
Related News
dummy_img
BLOCKCHAIN
The Digital Pound CBDC Moves Closer to Reality – Why Should You Care?
SAM COOLING5 hours
dummy_img
BLOCKCHAIN
Crypto Headlines of the Week: Bitcoin Hits $64,000, ETF Mania
RUHOLAMIN HAQSHANAS2 days
dummy_img
ARTIFICIAL INTELLIGENCE
Tech Headlines of the Week: Crypto Frenzy and AI Everywhere
NEIL C. HUGHES3 days
dummy_img
BLOCKCHAIN
Crypto Analysts Predict Dogecoin To Hit $1 As Pepe, Bonk, New Meme Coins Explode
JAMES SPILLANE3 hours
dummy_img
BLOCKCHAIN
Bitcoin Price Prediction For March – Can BTC Hit A New All-Time High By The April Halving?
NIDHISH SHANKER6 days
dummy_img
CRYPTOCURRENCY
Anndy Lian: South Korea’s New Crypto Rules Bring Market Stability
EDDIE WRENN1 week
Popular Categories
Show All
Antivirus Antivirus
Artificial Intelligence Artificial Intelligence
Audio Audio
CRM CRM
Cryptocurrency Cryptocurrency
Gambling Gambling
Gaming Gaming
HR HR
Investing Investing
Laptops Laptops
Network Network
Password Managers Password Managers
Project Management Project Management
Spy Spy
VoIP VoIP
VPN VPN
Get Techopedia's Daily Newsletter in your inbox every Weekday.
Add your email
Trending NewsLatest GuidesReviewsTerm of the Day
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Techopedia
Popular Categories
Featured Content
About
Techopedia Terms
REGULATION & HIGH RISK INVESTMENT WARNING: Trading Forex, CFDs and Cryptocurrencies is highly speculative, carries a level of risk and may not be suitable for all investors. You may lose some or all of your invested capital, therefore you should not speculate with capital that you cannot afford to lose. The content on this site should not be considered investment advice. Investing is speculative. When investing your capital is at risk. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. Please note that we do receive advertising fees for directing users to open an account with the brokers/advertisers and/or for driving traffic to the advertiser website
Registered Address: Tower Financial Centre, 12th Floor, 50th Street & Corner of Elvira, Panama City, Panama. © Techopedia. All Rights Reserved.
