Recent Updates on Pi Network’s KYC and Mainnet Delays

Summary

• Pi Network has postponed its KYC and mainnet migration deadlines to November 30 and December 31, 2024, causing frustration among users who suspect additional delays in the mainnet launch.
• Despite doubts within the community, the Pi Core Team has stated that the open roadmap for the mainnet, which will facilitate the official trading of Pi tokens, will be unveiled in December 2024.

Key Recent Developments

Pi Network has existed for several years, yet it continues to be one of the most contentious projects within the cryptocurrency sector. While its goal is to enable users to mine and earn digital assets directly from their mobile devices, the uncertainty surrounding the introduction of a native token and mainnet continues to raise concerns in the community.

In the past month, the Pi Network team announced various updates and forthcoming initiatives likely to interest users.

The working group reported that over 13 million individuals have successfully completed Know-Your-Customer (KYC) processes, while more than six million have transitioned to the mainnet. They also set a new deadline of September 30, 2024, for users to finalize their KYC verification and migrate to the mainnet.

“Ensure you meet the deadlines for KYC submission or Pi migration. Seek assistance from your Security Circle and Referral Team to take action before the Grace Period concludes,” stated the announcement.

Additionally, PiBridge (a decentralized financial platform connecting the Pi Network and other blockchains) launched an NFT Pool on its application, urging miners to deposit their NFTs for staking on the app by September 30, 2024.

However, Pi Network recently revised its deadlines. As CryptoPotato reported, the Know-Your-Customer (KYC) verification process (referred to as the “Grace Period”) has been extended to November 30, 2024, while the ultimate deadline for migrating to the mainnet has now been set for New Year’s Eve.

This announcement has led to significant dissatisfaction among many users. Some have suggested that the delay may be another indication of the project being a scam, while others are beginning to lose faith that the open mainnet will ever launch.

The Podcast and Follow-Up Activities

PiBridge conducted a special podcast at the end of August, aiming to discuss the eagerly awaited launch of the mainnet. The speakers at the talk included Victor Nguyen (CEO of PiBridge), Woody Lightyear (Founder of Pi Revolution), Wesley Rocha (Marketing Manager of Teltlk International), and Vindicated Chidi (a well-known figure in the Pi Network community who frequently participates in such events).

Following the discussion, the Pi Core Team announced that the roadmap for the open mainnet, which will enable the official trading of Pi tokens, is expected to be revealed in December 2024.

While many users expressed excitement about this announcement, eagerly anticipating the forthcoming details, others remained skeptical, saying it was simply another delay without any real commitment to progress.