The Pi Network is approaching a major milestone: details

TL;DR

Pi Network aims to make crypto mining more accessible, but faces criticism for delays in launching its mainnet and token. The project is approaching its KYC milestone. At the same time, it released a major update to prepare for the mainnet.

Approaching the target

The controversial Pi Network crypto project aims to allow people to mine Pi Coins directly from their mobile devices without significant energy consumption. This method aims to make the digital currency more accessible to a wider group of people, especially those who do not have the resources for traditional mining setups.

Even though it’s more than five years old, the project continues to surprise because its native token or open mainnet is still not up and running.

Although the team has promised development on the issue in the coming months, the community is divided. Some applauded the possible news coming soon, while others believe further delays will occur in the breakthrough. The biggest pessimists see Pi Network as a scam as they claim that the native token will never see the light of day.

Earlier this year, the team maintained that the launch of the open network will happen once 15 million people have completed the necessary Know Your Customer (KYC) formalities. More recently, social media channel Pi News revealed that only 1 million people are needed to complete the target, as 14 million “KYC pioneers” have already been verified.

At first, the developers advised people to pass the verifications by the end of September, then extended the deadline to November 30. The process is known as “the grace period”.

Encourage validators

Shortly after announcing the deadline extension, the Pi Network team experienced an influx of KYC requests and urged users to join as validators. Participants who contributed accurately were promised Pi tokens as a reward for their efforts.

The developers also released version 0.5.0 of Pi Node, a development described as “a major update that prepares nodes for the mainnet blockchain.”

“This update transitions nodes to the Testnet2 blockchain, simulating the Mainnet environment and testing the switch between the Testnet and Mainnet blockchains. The original Testnet will remain active for now, but will soon be shut down to use the The Node. Original Testnet will continue to operate as normal for Pioneers and Pi app developers,” read last month’s disclosure.

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