Critical Pi Network Update Concerning All Users: Details
TL;DR
Pi Network extended its KYC and mainnet migration deadline, frustrating many users who were expecting a quicker launch of mainnet.
The Pi Core Team announced that the roadmap for the open mainnet, allowing the buying and selling of Pi tokens, will be revealed in December 2024.
Change of Plans
Pi Network is an intriguing cryptocurrency project that aims to enable users to mine Pi coins directly from their mobile devices without the need for significant computing power or energy consumption. It was officially introduced in March 2019, with the team recently celebrating 2,000 days since that milestone.
Nevertheless, the project remains quite controversial because there is no clear indication of when community members can expect the launch of an open mainnet and a native token.
Not long ago, the team said all users should pass Know-Your-Customer (KYC) verification procedures by September 30, a deadline known as the “Grace Period.”
Earlier this week, though, the developers behind Pi Network extended the date to November 30, 2024. Additionally, the final deadline for users to migrate to mainnet was moved to December 31 this year.
“Be sure to meet these deadlines to avoid forfeiting most of your past Pi balance, other than Pi mined within the rolling window of the last 6 months before your Pi is migrated,” the team advised.
It is worth noting that many X users commenting on the post were not pleased with that decision. Some claimed the delay was just another signal that the open mainnet would not see the light of day anytime soon.
“It’s all just an excuse for a bad project. I have successfully verified my face three times, and it still keeps asking for another verification. If your neighbor knocked on your door multiple times, would you call the police?” another user of the social media platform asked.
Waiting for a Potential Announcement in December
Pi Bridge (a decentralized financial platform that acts as a bridge between the Pi Network and other blockchain networks) hosted a talk show at the end of August, featuring prominent individuals part of the community. While the mainnet launch was supposed to be a major topic of discussion, the team remained silent on whether this was the actual case.
Shortly after the talk show, though, the Pi Core Team said the mainnet open roadmap, which aims to enable the official buying and selling of Pi tokens, will be announced in December 2024.
Mainnet Opening Update
1. Pi Core Team has revealed that in December, they will announce the Mainnet open roadmap (Enabling official Pi buying and selling transactions).
SHARE OR RETWEET THIS! #PiNetwork pic.twitter.com/vatNfzg3Qk
— Pi Network News (@PiNetworkLap) September 5, 2024
The post Critical Pi Network Update Concerning All Users: Details appeared first on CryptoPotato.
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