An important update about the mainnet launch timeframe and the ongoing Know Pi Network engineers have released Your Customer development.
The developers revealed in an X post that more than 18 million pioneers had successfully finished the KYC verification process and that the figure was steadily increasing.
The statement states that more than 200,000 pioneers complete KYC verification daily. However, the developers have moved the grace period from December 31 to January 31.
This is the second deadline extension after an earlier extension on November 31. In order to prevent bots and guarantee that only legitimate users who mined the coins receive their due part, the KYC procedure is essential to Pi Network.
According to the creators, the Open Network debut is anticipated to take place in the first quarter of next year.
Given that the initial timeline indicated the migration from the contained mainnet would occur this month, this represents a substantial update.
The Pi Coin IoU coin listed on HTX has plummeted to $44 from its October peak of around $100, which the delay could explain.
For Pi Network, a project that has been underway since 2018 and has been operating in an enclosed mainnet since December 2021, the Open Network debut marks a significant turning point.
While developers worked on creating decentralized applications (dApps) for the ecosystem, pioneers were able to continue mining during the enclosed mainnet era.
The inability to sell Pi coins during this phase will be lifted following the mainnet launch. However, as the X post above refers to can rather than will, a Q1 mainnet launch is not assured.
For starters, just eight million of the 15 million pioneers who finished their KYC process have moved to the mainnet.
Additionally, the creators claim that the number has fallen short of the 10 million target and that they are unable to leave this many pioneers off the launch.
The performance of the cryptocurrency market will probably be the second obstacle to a mainnet launch.
The developers state that when the ecosystem has enough applications and supportive external elements, the mainnet launch will also take place.
Therefore, if the current sell-off of Bitcoin and other altcoins picks up speed, the Pi coin will likely not be listed.
The ecosystem’s lack of applications is the other concern associated with the Pi Network mainnet launch.
At launch, the initial target was to have at least 100 mainnet-ready apps; presently, that number is 80. For the mainnet to launch, they must have an additional 20 apps, which is unlikely to happen by March of the next year.
