Pi Network’s Open Mainnet: When is Pi Network Launch Date?

Although Pi Network and the long-awaited mainnet launch are still officially scheduled for 2024, time is running short as the year draws to a close.

In the closing weeks of the Pi Core Team’s grace period for users to switch to the “coming soon” mainnet, the prospect of a complete project launch seems both tantalisingly close and far away.

Pi Network has gained a sizable following of people interested in seeing if Pi’s vision of a payment system can materialise, thanks to its novel method of mining straight from a phone and its potential as a respectable payment initiative.

One thing is for sure, the initiative has done a fantastic job of drawing people to their mobile mining setup. Can the Pi Team achieve similar results throughout its ecosystem? Let’s investigate.

Key Takeaways

• Core team indicators point to the end of 2024 as the likely launch date for Pi Network’s mainnet, however no formal announcement has been made at this time.
• Among the 55 million people that had signed up for the project by September 2024 were 13 million “Pioneers” who had been KYC-verified.
• Pi Network’s goal is to make mining easy and accessible to everyone, therefore it lets people mine its cryptocurrency via mobile phones.
• Pi Coins ($PI) will be able to be traded for other cryptocurrencies and fiat currencies through the open mainnet.
• There is a lot of buzz surrounding Pi Network because of its expanding membership and the possibility of a near-launch.
• Nevertheless, it would not be shocking if the mainnet doesn’t debut until 2025.

Is the Pi Network Prepared for the Open Mainnet?

The Pi development team’s commitment to the mainnet node software’s centrality to the Open Mainnet migration was made crystal plain in June 2024. Even while a lot has changed in the past three months, many still question if enough has changed. There has been a significant slowdown in migrations, with just 400,000 new migrations occurring in the past 75 days, increasing the total from 5.8 million to 6.2 million. At first, a lot of people thought it would be around 10 million.

The Pi Developers are taking their time, even though the migration pace is slow. It appears that their primary objective is to finish the required infrastructure, which includes thoroughly testing the mainnet node software that will serve as the basis for Open Mainnet. Their meticulous nature makes it seem doubtful that they will speed up development given the existing state of affairs.

Effects of the Pi Network

Many people in the bitcoin sector are quite interested in the mining initiative.

There are 55 million active members of the project’s community as of September 2024, with 13 million KYC’d ‘Pioneers’ and 3.3 million followers on X. This is more than the population of several countries.

As of August 2024, both the official Pi Network account and the Ethereum Foundation account have 3.4 million followers on X, putting them neck and neck if Twitter metrics were the only thing that mattered.

But there’s a lot more to Pi than that. Its ultimate goal is to build a Web3 environment that tens of millions of people can utilise with actual apps and utilities.

The anticipated debut date of the Pi Network remains a mystery to many, though; this will mark the transition from the ecosystem’s current closed beta state to an open network accessible from other blockchains and exchanges.

When is the Pi Network Mainnet Launch?

The year 2024 appears to still hold great significance for the global army of “Pioneers,” as there are only a handful of important milestones remaining.

An inherently evocative moniker, “The Countdown to Pi Open Network 2024,” describes the group’s intentions.

Our proximity has been confirmed by a recent tweet:

As it moves closer to the open network phase, Pi Network announced a KYC (Know Your Customer) grace period in July. This will give more Pioneers time to finish their KYC and transfer to the mainnet.

We encourage people to be cautious and wait for updates from the team, but Pioneers naturally look to September 30, 2024, as the conclusion of the grace period, as a possible mainnet announcement date.

With the new Pi Wallet on-chain lockup feature, which the team recently announced, Pioneers who successfully migrate to the mainnet and lock up their PI will effectively have their mining rate boosted.

That happened at the same time as the “Pi2Day” festivities, which sought to get more users over the thresholds (discussed below) so that mainnet could be launched.

Prior to deploying Open mainnet, the team has listed some objectives on a page cleverly named “mainnet2024”. These objectives include:

• The pioneers’ 15 million passing Verifications of Customer Know-How
• Moving 10 million Pioneers to the beta mainnet.
• A hundred apps that are prepared for the mainnet.

Things are moving forward smoothly:

Why Does Pi’s Open Mainnet Matter So Much?

Users will be able to trade Pi Coins for fiat money and other cryptocurrencies during the Open Mainnet stage. In addition, programmers will be able to build on top of the network’s strong foundation to create new utilities and applications.

The Pi Network crew is being cautious despite all the buzz around this news. They voiced concerns that the community’s progress so far could be ruined by a rushed changeover.

Because of this, they have settled on three requirements to guarantee the launch date of the Pi Coin.

Pi Coin is now essentially an IOU token in the hands of Pioneers. They will be replaced by an official token that is compatible with cryptocurrency exchanges when the mainnet debuts, according to the team.

Before the change may take place, these three conditions must be satisfied:

• The group emphasised the significance of finishing all necessary preparations in the areas of technology, products, business, and law. Improvements to the network’s reliability, scalability, and security are still in the works, even if the technical plan is almost complete.
• One of the primary objectives of decentralisation is to bring on 15 million users who have been KYC-verified and to transfer more than 10 million Pioneers to the mainnet blockchain. Furthermore, in order to prove Pi’s worth as a money, it is essential to create 100+ varied utilities and applications of high quality.
• Perfect Outside Circumstances: The success of Pi, a worldwide cryptocurrency movement, is dependent on the larger global setting. Hence, the team has stated that the launch date of the Pi mainnet is highly dependent on variables such as legal changes, industrial trends, geopolitical stability, and the lack of global crises.

Why Pi Is Important

With the goal of making mining accessible to anyone with a desktop or mobile computer, Pi Network is a blockchain initiative. Pi Coin is the native coin of the project, and its developers want it to be used for regular transactions.

People can use their cellphones to mine Pi currencies. To demonstrate their engagement with the network, all they have to do is click a button on the Pi Network app once every 24 hours.

Notably, Pi coin may be mined without the need for energy-intensive technology, unlike Bitcoin (BTC) and other proof-of-work (PoW) cryptocurrencies. The token’s extraordinary success in drawing a large network of miners can be explained by this.

Whitepaper Expansion: The Key Is Out

Within the Pi Network community, governance remains one of the most contentious unresolved topics. A lot of people are hoping that the third chapter of the whitepaper is already being written. When finished, it will include important subjects including decentralisation, supply, and governance. The continuation of Open Mainnet is dependent on the establishment of well-defined plans for these critical locations.

The updated whitepaper will shed much-needed light on the network’s functionality following the launch of Pi Network’s Open Mainnet. Members of the community can anticipate a transparent form of governance that details the procedures for voting, running nodes, and managing the supply of tokens.

The Open Mainnet on Pi Network is still a ways off, but there’s hope that it could happen in 2025 despite all the obstacles. Given the symbolic nature of Pi Day (March 14th), it would not be unexpected to witness an announcement by December 2024, setting the stage for what may be a Pi Day launch.

BTCC will keep you updated with the Pi ecosystem hype, especially the Pi Network launch date. Read the following articles for more information about the Pi Network:

• Is Pi Network Legit Or Scam: Pi Cryptocurrency Real Or Fake?
• Pi Coin Price Prediction 2025:Will Pi Ever Be Worth Money?
• Will Pi Network Ever Launch? What Stage is Pi Network Now?
• Pi Network Price Prediction Hinges on Its Open Mainnet Launch
• Pi Network 2022 Year-End Update
• Pi Network Review: Is Pi a Scam?
• Pi Wallet: Does Pi Network Have a Wallet App?
• Pi Network News: Will Pi Coin List on Binance?
• Will Mined Pi Tokens Be Part Its Circulating Supply?
• How to Create a Pi Network Invitation Code

Disclaimer: Pi coin carries a high level of risk and it is not recommended to trade this coin.

FAQs

1. Is Pi coin real or fake?

Currently, no one knows the answer to the question whether Pi coins are real and legal. There is no cost to install the application. However, there may be issues regarding data privacy and lack of transparency.

2. Is Pi Network worth anything?

As Pi Network is still in its enclosed mainnet period and has not yet launched the open mainnet, the platform insists that its token is currently not tradeable during the period. We believe that Pi coin will have its own real value only when Pi Network launches the much-anticipated open mainnet to the public finally. So will Pi ever be worth money? We have to wait and see.

3. How much is 1 Pi in dollars?

Though several exchanges such as Huobi has listed Pi coin and shows live Pi network value, the Pi Core team asserted that all these listings were conducted independently of the team and were not approved. The team is calling for the removal of the coin from these exchanges and is warning users not to engage in trading at this time.

4. What stage is Pi Network now? Will Pi Network ever launch?

Pi Network has evolved over the years and is currently in its final stages of opening the mainnet to the public. The transition is on schedule, but there is no definite timeline yet.

5. Does it have a Pi wallet app?

Yes, but Pi wallet currently only connect to the Testnet, with only Test-Pi for testing. It will have the real Pi coins inside when Pi Network mainnet goes live, when it will enable actual Pi transfers.

6. Is Pi mining legal?

Yes, it is legal as it does not involve any cash investments to mine it. All you need is about 20 seconds of your time (typically less than 20 seconds) to click on the lightning button to start mining once every 24 hours. If you already have the app, you can wait to see if the founders build something of significant value.

7. What about the Pi coin price prediction?

There is no way to know the future of a cryptocurrency that hasn’t even been launched yet. No one knows if there will be any value of Pi coin at all. Therefore, Pi coin price prediction seems impossible as of this time.

Despite all this, some Pi project enthusiasts argue that the final mainnet launch is not expected to take long to come. They think the smartphone minable coin will hit the public space this year. And Pi coin value could explode soon if listed on top crypto exchanges such as Binance and Coinbase.