Pi Network Launches PiFest Event on October 29: What to Know

Summary

• Pi Network has revealed that PiFest will return on October 29.
• Additional updates include the launch of Pi Node Version 0.5.0 (preparing nodes for the mainnet) and ongoing KYC initiatives.

PiFest Returns

Recently, Pi Network has made headlines with exciting updates surrounding its upcoming Pi token. In a recent announcement, the team shared that PiFest (a unique event designed to promote the actual usage of the native cryptocurrency for local transactions) will commence on October 29.

This event will allow vendors to list their stores on a specialized “Map of Pi,” enabling shoppers to easily locate them via a PiOS application developed by Pioneers.

“Join in to enhance the practical application of Pi, and help local businesses incorporate Pi into their operations. Visit the Pi home screen, and review the PiFest guidelines to find out how merchants and Pioneers can get involved,” the announcement states.

This marks the second occurrence of the event. Previously, it took place from December 6 to December 11, serving a similar promotional aim.

Reactions to the announcement have been mixed. Some believe PiFest could strengthen the network by attracting more participants, while others are indifferent and are primarily curious about when the Pi token will launch.

Overview of Recent Updates

Pi Network represents a groundbreaking cryptocurrency initiative aimed at enabling users to mine cryptocurrencies on their mobile devices. Its community consists of millions eager for the official launch of the open mainnet.

A crucial progression towards that goal is ensuring all users complete the required Know-Your-Customer (KYC) processes. Earlier this year, the team reported that more than 13 million people have done so.

The developers initially encouraged users to finish verifications by September’s end, later extending the deadline to November 30.

Recently, Pi Network’s team observed a rise in KYC requests, prompting individuals to step up as validators. Those who take part will be rewarded with Pi tokens for their “valuable and accurate contributions.”

On October 19, the project introduced Pi Node Version 0.5.0, characterized as a major upgrade preparing nodes for the mainnet blockchain.

“This upgrade shifts Nodes to the Testnet2 blockchain, replicating the Mainnet environment and testing the transition between Testnet and Mainnet blockchains. The original Testnet will remain available for now but will soon be phased out for Node use. It will continue to operate as usual for Pioneers and Pi app developers,” the announcement explains.