Pi network is a cryptocurrency that uses proof of state (PoS) in its algorithm mechanism and allows users from around the world to mine the coin without draining their batteries.
Over 4 years since it was founded by Stanford University Professors, the network has achieved so far a whopping 45 active million pioneers, making it one of the most widely used cryptocurrencies.
People's respect for the project has led to much speculation on when it will go live and make it accessible to the public. In a recent statement by one of its founders, Nicolas Kokkalis while speaking on the ongoing KYC applications, made mention that the network will certainly go live when the issue of KYC has been resolved to the barest minimum.
We also predicted earlier that Open Mainnet may come when 85 - 90% of KYC applications have been resolved. This is to ensure pioneers especially the old ones are not left out in the party.
Read: How to Recover a Pi Account
But, the question now is will it be launched this year?
Before I answered that question let's see some key takeaways that you might be interested in learning about the project.
1: The Pi network was launched on March 14, 2019, a day that is called PiDay to allow users to mine the cryptocurrency using their phones.
2: The network uses a proof of stake (PoS) algorithm mechanism in its crypto mining, more efficient than the proof of work (PoW) consensus algorithm.
3: Individual mining depends on their security circle as the network takes advantage of halving to limit the circulation of coins.
4: Pi network is currently in the Enclosed Mainnet where utilities building, user to user transactions are only allowed. External connectivity is not available, for example, connecting wallets from outside the network or transferring to external wallets.
5: News of exchanges listing Pi coins take the center of attention but the CT dissociate themselves and warned Pioneers to be wary of unauthorized listings so that they don't lose their coins.
6: Even with the strong network of a community of users promoting and hyping the project, some crypto experts still think it is another scam.
7: Pi network and its founders rolled out the mass KYC to enable pioneers globally to submit their KYC using supported documents.
8: Forbes finally recognized Pi coin and added it to its Digital Assets Lists. Sending a positive message to pioneers who have given up on the project.
What is Pi Network Open Mainnet?
Pi Network Open Mainent will allow external connectivity and pave the way for the connection of wallets outside the network. Mainnet means the project and blockchain will be open for many things that are not allowed in the Enclosed period.
When launched, the network will be fully decentralized allowing access to other blockchains, and pioneers can trade their coins, swap to other cryptos, and send them to external wallets.
When will the Pi coin be launched? Will it be this year?
It is not predictable to see the coin launching this year. This is because the project is still building utilities and solving KYC challenges.
With utility building, Pi network CT allowed community developers to come and build Dapps in the network. This move was proved to be true with the recent launch of Pi network open source.
So, the possibility of the network going live this year may be out of context. This is our prediction and not a fact coming from the Core Team.
We will keep you updated when the Pi network Open Mainnet goes live, read some FAQs about Pi network for a better understanding.
FAQs
Is Pi coin real or fake?
This question has long been existing since the project was first launched. Pi network allows users to mine the cryptocurrency on their smartphones without draining their batteries. However, there are still some facts missing out on this initiative.
What is Pi network worth?
Pi network is currently in the Enclosed Mainnet which means it cannot be traded or connected to other exchanges. Right now, utility building and KYC are the two main important areas of the Core Team.
It will claim its value when it goes public, this way, you can do whatever you like with the coin. So, it is currently worth nothing.
How much is 1 Pi in dollars?
You can see Pi coin when you visited exchanges like Binance, just that it can not be traded. Live Pi price, performance, and data are displayed on the page when you search for Pi. However, be careful of any exchanges listing Pi as some of them are only doing so for future reference.
What stage is Pi network now?
Pi network is currently in the Enclosed Mainnet where utility building, KYC, and exchange of coins from one Pi wallet to another Pi wallet is allowed. In this stage, only transactions within the blockchain are permitted.
Will Pi network ever launch?
That question should be geared to the CT to answer as we don't know if it will be launched or not. However, Pi network is expected to launch considering the number of developers and the large community it has amassed over the years since its launch.
Does Pi network have a wallet?
Yes, Pi network has its blockchain wallet that allows transactions between pioneers to pioneers only. The wallet is not the real wallet yet, as it can only be used for Testnet. Learning the core objective of the Pi wallet is tantamount to users. Right now, you can create a Pi wallet, complete the Mainnet checklist and wait for your coin to be migrated to the Mainnet blockchain.
Is Pi network mining legal?
You can mine it and refer friends and family to join your security circle, and since there is no investment involved, Pi network is legal to mine. All it takes is hitting the mining button every day.
What is Pi coin price prediction?
Predicting Pi coin is surrounded by individual knowledge of the network as every pioneer has the right to predict the price. Prediction does not mean anything as the coin is not yet launched. Therefore, nobody can predict the price of Pi network accurately.
Note: Investment carries risk, always ensure you carry out a thorough investigation before investing in a Crypto project.
Here, at Facts About Pi, we won't publish content telling people to invest in crypto projects and we're always careful of the type of content we post on this site.
Staying safe is the ultimate and important goal of the project. Don't trade, sell or engage in any activity that will compromise your account.
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