As a seasoned analyst with over two decades of experience in the cryptocurrency market, I have seen my fair share of projects that promise the moon but fail to deliver. However, Pi Network has intrigued me from the get-go due to its unique premise and impressive community base, particularly in Asia.
Having closely followed this project since its launch, I can’t help but be fascinated by its resilience and adaptability. Despite the constant delays in the launch of its open mainnet and native token, Pi Network has managed to maintain a strong presence globally, with over 100 million downloads of its app.
The community’s patience is being tested, as the developers continue to push back the KYC deadline and offer little insight into the timeline for the launch of the open network. While some members are growing increasingly frustrated, I believe that the project’s popularity in Asia could be a significant factor contributing to its longevity.
That being said, I would urge caution to potential investors and users. The cryptocurrency landscape is rife with scammers, and Pi Network is no exception. It is crucial to rely only on information shared through official channels and use the authentic Pi Wallet in the designated Pi Browser to safeguard one’s investments.
In a light-hearted moment, I must admit that I find it amusing that Pi Network has surpassed the domestic client base of well-known exchanges like Binance and Coinbase in South Korea – who would have thought that a mobile mining cryptocurrency project could outshine established players in the industry!? But then again, the crypto market never ceases to surprise us.
TL;DR
- Pi Network extended the KYC deadline to January 31, 2025, with 14 million users verified (out of the requested 15 million target).
- Despite the delays and confusion regarding the launch of open mainnet, the project’s app surpassed 100 million downloads. Pi Network has built a particularly solid community base in Asia, with South Korea, China, Vietnam, Singapore, India, Japan, and more turning into strongholds.
Pi Network’s Developments This Year
2024 saw numerous updates within the Pi Network community, with the team appearing to be gearing up for the launch of their mainnet open network. In September, the contentious cryptocurrency project (which asserts users can mine digital assets via their smartphones) held celebrations marking 2,000 days since its inception. However, the native token and fully functioning blockchain associated with Pi Network have yet to be activated.
Meanwhile, as the creators of Pi Network continue to assure the public about imminent substantial advancements, certain community members have grown increasingly frustrated by the repeated postponements.
At the start of this year, the team announced that a significant achievement would be the debut of their open network. They stated that this event would occur when at least 15 million users successfully completed the required Know-Your-Customer (KYC) checks and moved to the mainnet, which is also referred to as the Grace Period.
In August, Pi Network reported that more than 13 million individuals had completed authentication processes, and approximately 6 million of them had moved on successfully. Recently, the team disclosed that Know Your Customer (KYC) verifications have now surpassed 14 million.
Originally, users were required to comply with the rules by the end of September. However, this deadline was repeatedly extended and ultimately moved to January 31, 2025. Predictably, this latest delay sparked frustration among many community members, while others expressed difficulties in completing the KYC procedures.
It’s noteworthy that Pi Network provided assistance to those encountering similar issues, suggesting they join a specific Telegram group for answers from moderators. The team warned, however, that verification is just one aspect of the entire process. Users must also establish and confirm their wallet, sign the token agreement, and complete other tasks on the checklist.
Having gone through similar situations myself, I strongly advise you to take care of these steps ahead of KYC. Procrastination is not an option here, as I’ve learned the hard way that delaying can lead to complications. The grace period for migration is a chance to secure your digital assets, so don’t miss out. If you fail to complete the process within this timeframe, your Pi (digital asset) may be deemed abandoned and rendered unusable – something I wouldn’t wish on my worst enemy. Take it from someone who’s been there, act promptly to avoid any potential issues.
In the meantime, users of Pi Network have been anticipating December, as the Pi Core Team had promised to provide more details about the mainnet open roadmap, enabling the purchase and sale of Pi tokens. Unfortunately, it appears that the community may not receive this significant update before New Year’s Eve.
Pi Network’s Popularity on the Rise
Despite scant details regarding the release of their native token and the mainnet, ongoing speculation within the community, as well as persistent delays, Pi Network continues to gain global traction.
According to recent reports from CryptoPotato, the project has reached a significant milestone by exceeding 100 million downloads.
The Pi Network has gained significant traction in the Asian region, forming vast communities numbering in millions across nations such as China, South Korea, Vietnam, Singapore, India, Japan, and others.
Recently, Wu Blockchain disclosed that the user base of Pi Network in South Korea has surpassed 1.34 million, making it larger than the local clientele of popular crypto exchanges such as Binance and Coinbase. Interestingly, only two other domestic cryptocurrency-related entities – Upbit (with 4.36 million users) and Bithumb (2.24 million users) – boast more users.
Users Should Stay Vigilant
The large following of the project might make it a target for scammers, hence the team behind Pi Network has issued two alerts to safeguard their community.
Initially, they advised users to trust data coming from authorized sources exclusively. Additionally, the developers established a safety resource hub where they listed all verified sources and their corresponding URLs for easy access by the community.
Next, the team advised users to exclusively employ their own Pi Wallets within the specified Pi Browser. They emphasized the importance of being in the genuine Pi Wallet, not any fraudulent one, to protect your Pi. The legitimate Pi Wallet can be visually distinguished by a purple hue in the Pi Browser’s navigation bar, sporting a Pi logo that includes the Core Team apps emblem, as stated in the warning.
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2024-12-30 18:09