AUS
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GER
ESP
ITA
NLD
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RUS
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UAE
Pi Network’s users ended another year without the mainnet launch, meaning that they can still not exchange their Pi coins for fiat currencies like the US dollar and euro. They can also not swap their coins for cryptocurrencies like Bitcoin and XRP.
This is a major thing and disappointment for the Pi Network community, which has been active in the market for over five years now. In this period, they have missed the spectacular rally that pushed Bitcoin to over $67,000 and the total market cap of all cryptocurrencies to over $1.7 trillion.
It is also a huge disappointment since Pi Network has remained in an enclosed mainnet since December 2021. In this period, many cryptocurrencies like Sui, Aptos, Internet Computer, and Injective have been launched.
Still, there is hope that the long-awaited mainnet launch will happen this year if a statement by the developers is to be believed. In a recent note, they noted that Pi Network will move from its enclosed mainnet to a full one later in 2024.
This, however, will depend on whether three conditions will be met. First, the network will need to finish any open network preparation work in areas like technology, product, business, and legal issues. The question is how come these conditions have not been met in over five years.
The other condition is on network KYC, migration, and utility creation. The goal for the KYC, which has been going on for months, is to ensure that Pi Network is the most inclusive peer-to-peer ecosystem. It now hopes to have 15 million pioneers pass the KYC process and 10 million pioneers migrate to the mainnet.
In terms of utility, Pi Network hopes to have at least 100 Pi apps actively used in the network. Finally, the mainnet launch will likely happen if there is a favourable external environment.
Still, I believe that the Pi Network mainnet launch will not happen in 2024. In their statement, the developers noted that:
“Even if the Core Team and Pioneers were to fulfill two of the conditions, the uncontrollable and unpredictable environmental factors can still possibly force the network to stay in the Enclosed Network period and continue to build, adjusting to the new global realities.”
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