Pi Network, the popular mobile mining platform, is facing growing concerns as its long-awaited mainnet launch still needs to be completed. The platform, founded in 2019 by Stanford scientists Nicolas Kokkalis and Chengdiao Fan, aims to create an easy-to-mine cryptocurrency that is particularly appealing to users in countries like China, Brazil, and India.
Fifth Anniversary and Current Issues
As Pi Network celebrates its fifth anniversary, users, known as 'pioneers,' express frustration over the slow progress. One verified user, who has mined Pi tokens for over five years, voiced concerns about the prolonged wait for the mainnet and the lack of development.
Delay and Its Reasons
Pi Network transitioned to an enclosed mainnet in December 2021 to finalize its token model and build decentralized applications (dApps) to create utility for Pi tokens. However, delays have pushed some pioneers to abandon the project, with skepticism growing about whether the mainnet will launch in 2024. The platform's developers insist that they need to verify more users through KYC to prevent bots and ensure token security. They also aim to have at least 100 dApps in the ecosystem before launching the open mainnet.
Consequences and Project's Future
Pi Network users face a crucial deadline in just five weeks. Millions of inactive accounts are at risk of losing their Pi coins if they don’t complete the KYC process. About 10 million accounts might see their Pi burned, permanently reducing the supply. Active users who complete KYC will retain their Pi and continue mining. Despite the excitement surrounding Pi, concerns remain about whether Pi tokens will face the same fate as other tap-to-earn projects, which saw significant price drops after launch.
With the anticipation of Pi Network's mainnet launch, many questions and concerns still exist. Users continue to monitor developments, hoping for the project's successful future.
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