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Pi Network Mainnet Launching In December 2024

The much anticipated Mainnet launch of the Pi Network is finally happening in December, but how much will each coin be worth?

By Vidello ProductionsPublished about a year ago Updated 9 months ago 4 min read

After a 6-year long wait, the much anticipated launch of the worlds largest cell phone mining community is almost upon us.

-- CLICK HERE TO JOIN THE PI NETWORK AND MINE FOR FREE --

Pi Network IOU Price Explodes 60%

The Pi network IOU token has been hovering at the $30 mark for months, but in the last few days, the price of the token, which is still in closed mainet, has surged, at one point to around $90.

This comes on the back of a promised core team pledge to get the project to open mainnet before the end of 2024.

At the current time of publication, the Pi Network token is sitting at a price of

What Is Pi Network?

Pi Network is an innovative cryptocurrency project that aims to make digital currency accessible to everyday users.

Launched in 2019 by a group of Stanford graduates—Dr. Nicolas Kokkalis, Chengdiao Fan, and Vince McPhilip—the Pi Network introduces a unique approach to mining cryptocurrency, which distinguishes it from traditional methods like Bitcoin or Ethereum.

What Are Pi Networks Key Features?

One of the key features of Pi Network is its user-friendly mobile mining.

Unlike traditional mining, which requires high computational power and consumes significant energy, Pi Network allows users to mine Pi coins directly from their smartphones without draining battery life.

This is made possible by its consensus algorithm, Stellar Consensus Protocol (SCP), which eliminates the need for energy-intensive Proof-of-Work (PoW) used by other cryptocurrencies.

The Pi Network operates in phases, with the first phase, Phase 1, focused on building the user base and validating its technology.

During this phase, users were able to mine Pi coins but couldn’t yet trade or withdraw them.

As of 2023, Pi Network was in Phase 2, which includes building the Pi blockchain and transitioning towards decentralization.

The final phase, Phase 3, known as Mainnet, will allow Pi coins to be fully tradable on exchanges, with users being able to convert their coins into other currencies.

Pi Network has grown rapidly, with over 45 million engaged users worldwide, reflecting strong community interest.

Open Mainnet Targets For This Year

With the core team's descision to launch the open mainnet in 2024, several deadlines have emerged with all miners required to complete ID verification and KYC before November 30th 2024.

New facial recognition and other upgraded KYC techniques have recently been introduced to try and free up several backlogs within the KYC system.

Other projects have also launched with many community driven projects such as the Fireside forum, Pi Networks version of Facebook.

Massive Push To Mainnet Launch

Several requirements have been introduced to facilitatea smooth transition to open mainnet including the introduction of several deadlines for passing KYC and transitioning Pi balances to mainnet from testnet.

The first requirement is that at least 15 million Pioneers are KYC veified and have submitted identity documents to verify that they are not cheating the system with multiple accounts.

The second requirement requires at least 10 million miners to have migrated their Pi balances to the open mainnet model, from the testnet that was setup to check transfers work correctly.

The third and final requirement states that no outside influences may interfere or jepodize the upcoming launch, and this includes world events such as wars or world market woes.

Currently over 14 million people are KYC verified, almost meeting target number one and over 10 million people have now transferred their balances to the mainnet system, meeting the second goal entirely.

Pi Network Business Partnerships

Over the last month, several community-building projects have been launched by the Pi Network core team.

One of these projects introduces a business partnership model that allows businesses who wish to integrate Pi into their models to partner with the company and receive direct access to Pi's large user-base.

Businesses will have the option to partner with Pi before Open Network for early access to maximize the prospect for their business.

Businesses will gain access to a range of innovative tools that can enable seamless transactions using Pi coins and take advantage of community engagement through blockchain technology.

PiFest Launches For Businesses

Between October 29th and November 5th, Pi-powered businesses can use the map of Pi to visit and shop at businesses accepting Pi.

Users can also participate in challenges and the event aims to bring an exciting new iteration of the core teams community-driven event designed to boost the utility of Pi and support local merchants.

PiFest was created in part due to the incredibly strong interest Pioneers have shown in using Pi in local businesses.

This interest was demonstrated by the widespread participation in the first PiFest in December 2023.

However, one commonly cited challenge amongst Pioneers was the lack of discoverability of businesses that accept Pi.

PiFest is a chance to showcase and celebrate the local commerce potential of Pi to the Pioneer community and the rest of the world.

PiFest is more than just an event—it’s a movement showcasing the utility and communal strength of Pi in local commerce and in community collaboration among Pioneers, developers and the Core Team.

Pi Node Version 0.5.0 Released

With this update, Pi Nodes will transition to the Testnet2 blockchain, which tests switching between blockchains, allowing Node runners to transition smoothly to the Mainnet once it’s available.

Additionally, Testnet2 provides a more compatible and comparable environment that Nodes will experience on the Mainnet blockchain.

Nodes may continue using the original Testnet for now, but this blockchain will soon be closed for Nodes to use.

Testnet will continue functioning as normal for Pioneers and Pi app developers—no actions are needed at this time, ensuring that Pi apps can maintain stability and performance without requiring extra work from Pi apps developers.

This allows easier future resets of Testnet2 that only affect Nodes, and won’t affect Pioneers and Pi apps that continue using the original Testnet.

Click Here to join Pi Network, one of the most anticipated cryptocurrency projects on the internet, and its completely free, no investment required.

You can visit our website where this article originates Networth25.com by clicking HERE

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About the Creator

Vidello Productions

My name is William Jackson, a YouTube content creator and crypto enthusiast with over 161,000 subscribers and I make videos that are focused on the billionaire lifestyle and crime.

Content consists of top list videos.

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