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Pi Network, a cryptocurrency initiative aiming to democratize digital currency mining via mobile devices, has recently announced significant updates as it approaches the launch of its open mainnet.
KYC Deadline Extension and Migration Requirements
Initially, Pi Network set a deadline of September 30, 2024, for users to complete the Know-Your-Customer (KYC) process. This deadline was later extended to November 30, 2024, to accommodate more users. The Pi Core Team emphasized that completing KYC is just one step; users must also set up and confirm their wallets, sign the token confirmation agreement, and complete other checklist items to migrate to the mainnet. Failure to complete these steps within the grace period may result in users losing access to their Pi tokens.
Progress Toward Open Mainnet
As of November 2024, Pi Network is nearing its goal of 15 million KYC-verified users, a milestone necessary for launching the open mainnet. Recent reports indicate that approximately 14 million users have completed KYC, leaving just 1 million more to reach the target.
In preparation for the mainnet, the Pi Core Team released Pi Node Version 0.5.0, a significant update designed to ready nodes for the mainnet blockchain. Additionally, the team has been encouraging community members to become validators, offering Pi tokens as rewards for accurate contributions.
Community Reactions and Future Plans
The Pi community has expressed mixed reactions to these developments. While some users are optimistic about the impending mainnet launch, others are skeptical due to previous delays. The Pi Core Team plans to unveil the open mainnet roadmap in December 2024, which is expected to provide clearer timelines and address community concerns.
As Pi Network continues its journey toward the open mainnet, users are advised to complete all necessary steps promptly to ensure a smooth transition and secure their Pi tokens.