Countdown to Mainnet: Pi Coin Hits 10 Million KYC-Verified Accounts, IOU Values Bullish
Pi Network has achieved a significant milestone with over 10 million verified accounts, putting them closer to their goal of 15 million for the much-anticipated mainnet launch. This comes after five years of mining activity, during which some miners have abandoned accounts, forfeiting potential rewards.
The Pi team remains committed to a 2024 mainnet launch, contingent on meeting specific criteria, including 15 million users completing Know-Your-Customer (KYC) verification. With over 10 million already verified, analysts predict a launch before November 2024.
Despite this forward momentum, a fraction of miners have grown disheartened by prolonged Pi coin holdings and opted to sell them on underground markets at depreciated rates. Concurrently, there are murmurs within the community expressing apprehensions that the Pi team might be prolonging the launch to continue capitalising on app-based advertisement revenue, given its millions of substantial daily visitor counts.
Pi Price at Launch Remains Speculative
Unconfirmed predictions suggest a potential surge in Pi’s value exceeding $100 upon mainnet launch, motivating users to accumulate coins beforehand. Certain exchanges like Bitmart and HTX have listed Pi, but trading is currently unavailable until the official launch. To begin mining and accumulating Pi prior to the mainnet launch, download the official Pi app.
The current Pi value is displayed as an IOU (I Owe You), signifying a promise for a future tradable token. Nicolas Kokkalis, Pi’s co-founder and technology head, views this milestone as evidence that the industry can function without traditional financial systems. He emphasises the potential of Pi’s KYC system for facilitating user verification in other Web3 services related to asset ownership.
The team has outlined specific requirements for mainnet launch, including the development of 100 Pi-specific applications, completion of necessary technological, business, legal, and product development, and the absence of unforeseen external issues. While an official launch date remains undisclosed, the progress indicates a potential launch in the near future.
Investors are reminded to exercise diligence and conduct thorough research (DYOR) before making any financial decisions related to Pi Coin or any other cryptocurrency. While the Pi Network’s progress towards its mainnet launch is significant, potential investors should carefully assess all available information and consider their risk tolerance before engaging in any trading or investment activities.
Gideon is a Cameroonian-born tech enthusiast who has been actively involved in web3 and blockchain development in Africa for over 5 years. He is a CAN News reporter, covering articles on web3, blockchain, cryptocurrency, and other related topics within the continent.
