Pi Network Launch

#PiNetwork

Pi Network is a mobile app that lets people earn Pi Coin by simply tapping a button once a day. Unlike Bitcoin, Pi doesn’t need expensive computers or high electricity to mine. It was created by a team of Stanford graduates to make cryptocurrency easy and accessible for everyone.

Pi Coin is the digital currency of the Pi Network. Right now, it cannot be traded on big exchanges like Binance or Coinbase, but the team plans to make it usable for real transactions in the future.

How Pi Network Works:

1. Download the App – Available on Android & iOS.
2. Tap Once a Day – Open the app daily and tap a button to mine Pi.
3. Invite Friends – Earn extra Pi by referring others.
4. KYC Verification – To use your Pi in the future, you need to verify your identity.

Current Status:

• Pi is currently in its Mainnet phase, preparing to be fully usable.
• Some people claim to trade Pi unofficially, but official trading has not started yet.
• The value of Pi depends on how many businesses and people actually use it in the future.

Pi Network to Enter Open Network Phase on February 20, 2025

The Pi Network is officially set to transition into the Open Network phase of its Mainnet at 8:00 AM UTC on February 20, 2025. This milestone marks a significant achievement for the Pi community, which has worked diligently over the past six years to build an inclusive, peer-to-peer cryptocurrency ecosystem powered by Pi, its native digital currency.

Major Achievements and Current Progress

The Pi Network has surpassed 10.14 million Mainnet migrations, exceeding the original target of 10 million. Additionally, over 19 million Pioneers have completed identity verification (KYC), making Pi one of the most widely adopted cryptocurrencies in terms of verified users. The Open Network launch is expected to enhance the usability of Pi, enabling transactions beyond the enclosed ecosystem.

Journey Towards Open Network

Pi Network’s development has followed a structured approach with key milestones:

1. Phase 3 (December 2021 – Present): The Enclosed Network period was initiated to allow time for KYC verification, application development, and system enhancements before full external connectivity.

2. Mining Rewards Adjustment (March 2022): A new mining issuance model was introduced, balancing growth and sustainability.

3. Grace Period (July 2024): This phase encouraged users to complete KYC and migrate to Mainnet, ensuring a fairer distribution of Pi tokens.

4. PiFest 2024 Success: This event demonstrated Pi’s real-world usability, with over 27,000 sellers, 28,000 test merchants across 160 countries, and nearly 950,000 Pioneers participating in transactions.

What Changes with Open Network?

Upon transitioning to Open Network, Pi will gain external connectivity, allowing it to interact with other blockchain networks and financial systems. Key aspects of this transition include:

• Unrestricted Transactions: Pioneers will be able to engage in transactions beyond the Pi ecosystem.

• Node Decentralization: Users will be able to add nodes to the Mainnet, prioritizing those with a strong history of contribution.

• Business Verification (KYB): Businesses wishing to accept Pi will need to complete a verification process to ensure compliance and security.

How Pioneers and Developers Can Prepare

Pioneers and developers play a crucial role in strengthening Pi Network’s ecosystem. Here’s how they can contribute:

• Continue Mining: Engage with the network to sustain its growth, while adjusting to the new mining rate model.

• Utilize Pi for Transactions: Support merchants accepting Pi and contribute to ecosystem expansion.

• Complete KYC & Migration: Ensure eligibility to participate in Open Network transactions.

• Develop Pi Apps: Innovators are encouraged to create new applications that enhance Pi’s usability and adoption.

Final Steps Before Open Network

The Pi Network has met all necessary conditions for Open Network, including achieving over 100 Mainnet-ready applications, ensuring robust functionality. With no further delays anticipated, the launch is set to proceed as scheduled.

The next phase of Pi Network marks a crucial step toward a decentralized, community-driven financial ecosystem. As the Open Network period begins, Pioneers, businesses, and developers are encouraged to collaborate, innovate, and drive the continued success of Pi Network.

#Crypto #Cryptocurrency