Major Pi Network (PI) Update Affecting All Users: Details

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As a seasoned crypto investor with a decade of experience under my belt, I have seen more than my fair share of projects promising the moon and delivering nothing but disappointment. However, I must admit that Pi Network initially caught my attention due to its innovative concept of mobile mining.

TL;DR

  • Pi Network has extended “the first Grace Period” for KYC submissions to December 31, 2024, causing mixed reactions from users.
  • The team claims the Open Network launch is close, with only 1 million more KYC completions needed to hit the 15 million target, though skepticism persists about further delays.

Another Extension

A mobile-based cryptocurrency venture named Pi Network debuted in 2019 with the goal of enabling users to mine digital assets right from their smartphones. Over time, it attracted millions of participants, yet there are growing concerns among some members about its authenticity.

Firstly, it’s important to note that Pi Network has yet to release its native token and open its mainnet. Earlier this year, the team promised that these developments would take place once all users completed Know-Your-Customer (KYC) processes. Originally, they had until late September to complete these procedures, but the deadline was later extended to November 30.

Lately, Pi News – a prominent blockchain media platform associated with Pi Network – announced that they’ve extended the deadline for KYC applications (originally referred to as “the first Grace Period”) to December 31.

As a crypto investor eagerly awaiting the opportunity to secure my Pi, I want to remind everyone that the Grace Period deadline remains unaltered and is set for December 31, 2024. This extension is designed to offer all Pioneers sufficient time to complete their respective processes. To ensure you don’t miss out, make sure your KYC application is submitted and your Mainnet Checklist is completed by the aforementioned date. Don’t delay – take action now!

It’s no surprise that the recent expansion elicited a variety of responses. While some X users appreciatively acknowledged the shared information in the post, others accused the project of being a fraud, citing persistent delays and unfulfilled commitments.

What About the Open Network?

The Pi Network team has hinted that the launch of their Open Network is drawing close. They mentioned that once approximately 15 million people finish the required Know Your Customer (KYC) verification, the development will be made public. However, as reported by Pi News this month, only 1 million individuals are now needed to meet the target.

As a researcher, I’d like to share some recent insights we’ve gathered regarding our transition to mainnet. While completing KYC procedures is indeed a crucial step, it’s essential to remember that it only forms part of the process. To ensure a smooth migration, I strongly advise users to take additional steps. These include setting up and verifying your wallets, signing the token confirmation agreement, and following through with any other items on our checklist.

As an analyst, I’m advising you to take care of these steps prior to Know Your Customer (KYC) process. There’s no need to delay as the migration should be done within the given grace period. Failing to do so might lead to your Pi being labeled as abandoned and rendered unusable.

In the meantime, the community eagerly anticipates December when the Pi Core Team plans to disclose details about their open mainnet roadmap, allowing for official Pi token transactions. It remains to be seen if the timeline will hold or if there may be further delays.

 

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2024-11-28 12:15