As a seasoned crypto investor with over a decade of experience under my belt, I’ve seen my fair share of hype cycles and projects that promise the moon but deliver pebbles. When it comes to Pi Network, my skepticism has always been present, given its controversial origins and lack of concrete deliverables thus far.
TL;DR
- Pi Network reported 18 million KYC completions and hinted at an open mainnet launch by Q1 2025, sparking mixed reactions.
- Users were cautioned to rely on official channels and use the authentic Pi Wallet to avoid scams.
The Latest Update
Pi Network – a debatable cryptocurrency initiative that enables individuals to mine digital assets straight from their smartphones continues to be a hot topic. Although it was launched in 2019, its native token and open mainnet are still not available. The team asserts that the project’s advancement hinges on factors like community participation and completing necessary authentication processes.
In a recent announcement, Pi Network stated that approximately 18 million individuals have successfully completed Know-Your-Customer (KYC) procedures, and among these, around 8 million have transitioned to the main network.
Due to significant speed improvements, KYC applications and Mainnet transitions are now being handled more swiftly than before, with approximately 200,000 Pioneers completing their migrations within the past day, as stated.
That said, the developers claimed they could launch the Open Network as early as Q1 2025. Many community members thanked Pi Network for the announcement. Some, on the other hand, expected an earlier launch and remained rather disappointed.
One X user described the latest disclosure as a joke. They assumed that the community will lose trust in the project due to the constant delays and lack of clear information regarding the upcoming developments.
The Pi community user expressed frustration, stating that they no longer accept “may” or “can” regarding timelines. Instead, there should be a definite date or countdown, as anything promised beyond six years holds no value in their opinion. They regret the bluntness of their words but make it clear that an open mainnet launch in Q1 2025 is not feasible if the Pi Council Team continues to use “can” instead of setting a fixed date.
Pi Network Warnings
Over time, the project has built a massive user community, and just recently, it surpassed the landmark of 100 million app downloads. Given this popularity, it’s not surprising that some users occasionally become targets for scammers.
To safeguard its users from potential threats, the Pi Network team issued two crucial warnings. Initially, they advised “pioneers” to trust only information coming from authorized channels. Additionally, they created a dedicated safety page, listing all credible sources and URL links for the community’s reference.
Pi Network advises users to exclusively utilize their Pi Wallets within the specified Pi Browser for security reasons. Make sure you’re using the genuine Pi Wallet, not a fake one, to protect your Pi. The real Pi Wallet can be identified by its purple color in the navigation bar of the Pi Browser and a Pi logo that includes the Core Team apps emblem. This caution is given in the warning.
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2024-12-20 16:10