As a seasoned analyst with years of experience in the volatile and ever-evolving world of cryptocurrencies, I find myself intrigued by the ongoing saga of Pi Network. With its unique mobile mining concept, it has certainly managed to garner attention, albeit not always for the right reasons.
TL;DR
- Pi Network users must complete KYC, set up wallets, sign agreements, and finish other tasks by a previously set deadline, or risk losing access to their tokens.
- The Pi Core Team plans to unveil the open mainnet roadmap in December, sparking mixed reactions over potential delays.
Complete These Vital Steps
Although Pi Network, a contentious cryptocurrency initiative that’s been active for more than five years, has not yet released its own token or launched its main network, mobile users can still potentially mine digital assets on their phones.
Back in January, the team mentioned that significant advancements could be expected once every user had completed the required Know-Your-Customer (KYC) processes. Initially, we all were given until September 30 to get our verifications done, but later, the deadline was pushed back to November 30. As a crypto investor, I’m eagerly waiting for these developments.
Furthermore, developers mentioned that the Open Network will go live when approximately 15 million users have completed KYC processes. Interestingly, Pi News recently revealed that only about 1 million people are left to meet this goal.
Recently, I have provided crucial advice to those transitioning to the mainnet, emphasizing that completing Know Your Customer (KYC) verifications is merely one step in the comprehensive process.
In addition, users must complete and verify their wallet setup, sign the token approval contract, and perform all necessary verification steps on their checklist.
The team advises that you can finish these tasks prior to Know Your Customer (KYC) verification. There’s no need to delay, as you should complete the migration during the given timeframe. Failure to do so might result in your Pi being deemed abandoned and rendered unusable.
One Week Left Before a Major Announcement?
At the tail end of August, I, as a researcher, found myself participating in a talk show hosted by PiBridge – a decentralized finance platform that bridges the Pi Network with other blockchains. While there was much excitement surrounding potential updates on the mainnet launch, unfortunately, the team chose not to disclose any new details during this event.
Immediately following this, the Pi Core Team announced their plan to unveil the open mainnet roadmap, enabling official Pi token transactions, set for December of this year.
This revelation sparked a variety of responses within the community, with some expressing enthusiasm for the prospective action, while others saw it as an additional postponement.
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2024-11-22 14:46