Pi Network, a decentralized community powered by a native cryptocurrency delivering accessibility and a robust utilities-driven Web3 ecosystem, has reached an impressive user milestone, showcasing the growing adoption of the mining project.
Per a Wednesday report, over 10 million Pi Network users (or Pioneers) have verified their identity via the project’s native Know Your Customer (KYC) portal dubbed Pi KYC. “This milestone also means we have reached at least enough KYC’ed Pioneers to further achieve the 10 million mainnet migration goal,” the team wrote.
According to the Pi core team, exceeding 10 million KYC’ed Pioneers and mainnet migrations put them on the track to enter the Open Network mainnet phase. “This is an amazing milestone and step towards our Open Network goals—in short, we’re on track,” the update added.
Reacting to the positive development, Pi Network co-founder and head of technology Dr Nicolas Kokkalis said in a statement: “It’s liberating for a crypto network to make this progress inside the network’s self-sustaining ecosystem and proves that the industry doesn’t need to depend on fiat services to succeed. Perhaps more excitingly, Pi’s crypto-native solution will allow other Web3 services involving ownership of assets to achieve their identity verification needs through Pi. This has been a welcome reminder that the KYC process covers the geolocations as wide as the internet reaches, and does not need to be expensive or cumbersome.”
Despite surpassing the 10 million mark for verified users on 17 April 2024, it bears noting that about 5 million Pioneers are still required to complete KYC to meet the primary condition set by the Pi core team for Open Network takeoff.
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Conditions to enter Open Network
Notably, Pi Network has remained in an “Enclosed Network” state since its mainnet blockchain launch in December 2021. For those unfamiliar with this concept, being in an Enclosed Network denotes the presence of a firewall in the Pi Network mainnet that prevents unwanted external connectivity.
Accordingly, migrating to the Open Network state denotes that the firewall will be eliminated, enabling external connectivity to other blockchain networks, wallets, etc. Moreover, it will allow Pioneers to run their own mainnet Pi nodes and API services as API calls will not be firewalled. However, to enter the Open Network phase, the team outlined three conditions to be met.
First, all preparation work in technology, product, business and legal must be completed in line with the consistent strategies of Pi Network. Second, at least 100 distinct, utility-centered Pi apps must be launched on the Mainnet or be Mainnet-ready, with 15 million Pioneers passing KYC and 10 million Pioneers successfully migrating to the Pi mainnet.
The third condition is that unfavorable external factors, such as macroeconomic crises, unfavorable legal or regulatory developments, industry uncertainties, pandemics, wars, or any number of unpredictable, uncontrollable, and/or unforeseeable external factors must be absent. While hoping to enter Open Network in 2024, the Pi team noted that if these three conditions are not satisfied, then Open Network may be delayed to ensure a more successful transition for all Pioneers.
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To the crypto investor
This news article is not financial advice (NFA). Always proceed with caution. All cryptos are highly volatile. PI is no exception.
Do your own research (DYOR). Look closely so you don’t get caught up in pump-and-dump projects. While all that goes up do often come down eventually—and may be up again subsequently—you want to be sure that you are part of a sustainable project, not an overnight one. Do your due diligence.
As new projects continue to emerge in the crypto scene, market participants must ensure to carry out adequate research before adopting or investing in any project.
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Credit: Ndianabasi Tom A crypto journalist and content writer who has been talking about cryptocurrency and blockchain technology since 2018, Ndianabasi is a Writer at Crypto Asset Buyer (CAB).
