Crypto Airdrops and Blockchain News
Pi Network’s Launch: Will It Happen? Current Stage Revealed
Pi Network has been a topic of interest and speculation within the cryptocurrency community, with millions of active users and a large community. The question of whether Pi Network will ever launch and the authenticity of its associated Pi coin has become a million-dollar question in cryptocurrency circles.
According to the Pi Core team, Pi Network is currently in a significant phase of its enclosed mainnet development, moving towards an open mainnet. This transition aims to achieve full decentralization, interoperability with other blockchains, and the ability to trade Pi coins with other cryptocurrencies or fiat currencies.
Since the migration to the mainnet began on August 3, 2022, Pi Network has been focused on technical improvements, implementing a KYC (Know Your Customer) solution, developing the Pi platform and ecosystem, and other related tasks. In their recent statement, the Pi Core team emphasized the importance of enabling mass KYC and building ecosystem utilities as crucial steps towards their goal of creating a viable ecosystem in preparation for the open mainnet.
While the final stage of opening the mainnet to the public is progressing as planned, there is currently no specific timeline for this transition.
What is Pi Network Open Mainnet?
The term “mainnet” refers to the stage when a blockchain protocol is fully developed and deployed. In this stage, cryptocurrency transactions are executed, verified, and recorded on a decentralized ledger technology (blockchain). Simply put, the mainnet represents the publicly released blockchain itself, which is publicly accessible and transparent.
The mainnet enables the actual functionality of executing real transactions within the network, storing them on the blockchain, and making them available for public use.
Typically, before a blockchain project’s mainnet is launched, the team may conduct an Initial Coin Offering (ICO), an Initial Exchange Offering (IEO), or any other means to raise funds and grow their community. The funds collected are usually utilized to develop the prototypes of the blockchain network, which are then tested during the Testnet phase. After addressing any bugs and based on the performance of the test network, the team will deploy a refined version of the blockchain mainnet that ideally is fully functional and operational.
The mainnet represents an independent blockchain that operates with its own network, technologies, and protocols. It is a live blockchain that utilizes its own cryptocurrency or tokens, in contrast to testnets or projects that run on top of existing networks like Bitcoin.
Currently, Pi Network has not yet completed its mainnet development. It is crucial to select a protocol method from among the coins that have already implemented the mainnet. Pi Network has chosen the Stellar Consensus Protocol (SCP), which is also used by Stellar Lumens and Ripple, as the basis for building its mainnet.
This decision is of utmost importance as it signifies that Pi will no longer be a token but rather a “coin.” It also implies that Pi will have its own value and will gain significant advantages once it enters the market.
Pi Network is currently making progress towards the completion of its mainnet, and the process is going well. There is speculation that mining may cease once the mainnet is finalized.
Pi Network News:
Pioneers to Explore Pi Network’s Testnet Ecosystem
On Pi Day 2023, the Pi Core team unveiled several updates, including the introduction of a new Testnet ecosystem interface within the Pi Browser application. This feature allows Pioneers to have a glimpse of what the mainnet ecosystem might look like. Pioneers can explore and test potential mainnet applications and provide valuable feedback to developers. This feedback will assist Pi developers in making necessary improvements before the mainnet release.
The Pi Network testnet ecosystem not only enables developers to create innovative applications to enhance their eligibility for mainnet inclusion but also encourages Pioneers to engage with the feature by exploring and providing feedback on their favorite applications with valuable utilities. This initiative by the Pi Core team aims to ensure that Pioneers actively contribute to the creation of useful applications in the Decentralized Finance (DeFi) space.
Pi Ecosystem Ambassador Program
As part of the Pi Day celebration, Pi Network introduced the “Ecosystem Ambassador” program for Pioneers in the blockchain community. Ecosystem ambassadors have the responsibility of identifying and engaging with developers to encourage the development of Pi applications. When successful Pi apps are onboarded into the mobile mining ecosystem through the efforts of ecosystem ambassadors, they will receive Pi rewards.
This program rewards Pioneers with Pi coins and allows users without software programming or product development knowledge to contribute to the growth of the Pi ecosystem by connecting with talented developers. Pi Network will release a separate announcement outlining how Pioneers can join this lucrative program.
Wrapped Pi (WPI)
Earlier this year, Wrapped Pi (WPI), a utility token bridging Pi Network and BNB Chain, was launched on PancakeSwap and is now being tracked by CoinMarketCap.
Wrapped Pi serves as an unofficial token for the BNB Chain, providing an alternative to the native Pi Coin until an official connection from the Pi Network core team is established.
Pi Coin Value: Will Pi Ever Be Worth Money?
Some crypto exchanges, such as Huobi, have publicly displayed Pi coin value and even listed Pi for trading. However, it is important to note that Pi Network is currently in its Enclosed Mainnet period, during which the trading of Pi through exchanges is prohibited.
These listings have caused confusion within the Pi Network community, leading the Pi team to clarify their stance on these unauthorized listings. The Pi Core team has made it clear that these listings were conducted independently and without their approval, and they are urging the removal of Pi coin from these exchanges. They are also warning users not to engage in trading at this time.
While there is much speculation about the future value of Pi coin, it remains uncertain. The Pi Network currently has millions of active miners and users, securing its network in beta. Once the network eventually launches its open mainnet to the public, it is expected that Pi coin will gain its own real value. The success of the Pi project will depend on its ability to bring innovative solutions to the market.
In conclusion, the launch of the Pi Network’s open mainnet is highly anticipated. The project has made significant progress in 2022 and has garnered interest from prominent platforms. It aims to address scalability issues while ensuring the scarcity and availability of crypto assets. The Pi Core team will continue building on this progress in 2023, with hackathons planned for early January and the initiation of mass KYC and mainnet migration. However, it is crucial to note that Pi Network’s token is currently not tradable as it is still in the Enclosed Mainnet period.
We will keep you updated with the Pi ecosystem hype, especially the Pi Network launch date. Read the following articles for more information about the Pi Network:
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