Pi Network (PI) News Roundup October 22

TL;DR

Pi Network extended its KYC verification deadline until November 30, 2024, with over 13 million users already verified. A recent update, Pi Node Version 0.5.0, prepares the network for its transition to the mainnet, but a full migration by the end of 2024 seems unlikely. Recent Updates

The Pi Network was introduced in 2019 to allow people to mine cryptocurrencies on their smartphones. Although there is quite a bit of time, the project remains quite controversial due to the lack of information about when the native token and open mainnet will go live.

The team announced numerous developments in recent months, hinting that this milestone could be near. As of August this year, the developers claimed that more than 13 million people had already passed Know Your Customer (KYC) procedures. Initially, they advised users to complete verifications by the end of September, then extended the deadline to November 30.

Last week, the Pi Network team said that there has been an influx of KYC requests lately, asking users to jump on the bandwagon as validators. Those who do will receive Pi tokens for their “good and accurate work.”

The latest development around the crypto project took place on October 19. The team then announced the release of Pi Node version 0.5.0, described as “a major update that prepared 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 Node. Original Testnet will continue to operate as normal for Pioneers and Pi app developers,” the release says.

Mainnet migration before end of 2024?

The Times of PiNetwork (a media platform that covers news about the project) recently revealed that more than 6.5 million people have successfully migrated to the main network. However, this number represents a smaller portion of all users currently in the queue. A full migration to the mainnet before the end of the year therefore seems unlikely.

“To achieve this, the migration will have to be done at a rapid pace and continuously,” the platform stated.

In the meantime, users of the Pi network are looking forward to December, when the Pi Core Team is supposed to shed more light on the mainnet’s open roadmap (which should allow buying and selling of Pi tokens).

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