- Pi Network: Community Divided Amid Extended KYC Deadlines and Delayed Mainnet Launch
Pi Network, the ambitious cryptocurrency project that allows users to mine digital assets directly from their smartphones, has garnered significant attention since its launch in 2019. With millions of participants globally, the project has sparked both enthusiasm and skepticism, particularly regarding delays in launching its native token and open mainnet.
KYC Deadline Extended Again
Earlier this year, Pi Network’s Core Team assured users that the open mainnet would go live once all users completed the Know-Your-Customer (KYC) process. Initially, the deadline was set for late September, then extended to November 30. Most recently, Pi News—the leading media platform for the project—announced another extension to December 31, 2024.
The updated timeline, referred to as “the first Grace Period,” aims to give users more time to secure their Pi tokens without forfeiting them.
“Submit your KYC application and complete your Mainnet Checklist by December 31, 2024, to avoid any forfeiture. Take action now – don’t wait,” read the announcement, emphasizing the importance of adhering to the new schedule.
Community Reaction: Patience Wearing Thin?
While some Pioneers welcomed the extended timeline, others expressed frustration. The recurring delays have led critics, particularly on platforms like X (formerly Twitter), to label Pi Network as a potential scam. Despite these accusations, the project’s defenders argue that the additional time ensures inclusivity and fairness.
One lingering question revolves around the open network. Pi Network’s Core Team has linked its launch to 15 million users completing KYC procedures, a milestone reportedly within reach as only 1 million participants remain to fulfill the requirement.
Preparing for Mainnet Migration
Alongside urging users to complete KYC, the Core Team has outlined steps for migrating to the mainnet. These include:
- Setting up and verifying wallets.
- Signing token confirmation agreements.
- Completing the mainnet checklist.
The team warned users not to delay:
“Complete the migration within the grace period, otherwise your Pi may be considered abandoned and unusable.”
December’s Open Mainnet Roadmap: A Decisive Moment
All eyes are now on December when the Pi Core Team is expected to reveal the open mainnet roadmap, potentially enabling official Pi token transactions. Whether this milestone will materialize as planned or face yet another delay remains uncertain.
The coming months are pivotal for Pi Network’s credibility. As the project attempts to balance growing a robust ecosystem and maintaining trust among its vast community, December’s announcements could make or break its reputation in the cryptocurrency space.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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