Pi Network is facing growing concerns as its long-awaited mainnet launch still needs to be completed. The platform, founded in 2019 by Stanford scientists Nicolas Kokkalis and Chengdiao Fan has completed 2000 days. The network aims to create an easy-to-mine cryptocurrency that is particularly appealing to users in countries like China, Brazil, and India.
As Pi Network celebrates its fifth anniversary, users, known as “pioneers,” are expressing frustration over the slow progress.
One verified user who has mined Pi tokens for over five years took to X to voice concerns about the prolonged wait for the mainnet and the lack of development.
Pi Network transitioned to an enclosed mainnet in December 2021 to finalize its token model and build decentralized applications (dApps) to create utility for Pi tokens. However, delays have pushed some pioneers to abandon the project, with skepticism growing about whether the mainnet will launch in 2024.
Some analysts speculate that the platform’s prolonged enclosed mainnet period benefits developers, who generate revenue through in-app ads. Pi Network’s developers insist that they need to verify more users through KYC to prevent bots and ensure token security. They also aim to have at least 100 dApps in the ecosystem before launching the open mainnet.
Pi Network users face a crucial deadline in just five weeks. Millions of inactive accounts are at risk of losing their Pi coins if they don’t complete the KYC process. About 10 million accounts might see their Pi burned, permanently reducing the supply. Active users who complete KYC will retain their Pi and continue mining.
Despite the excitement surrounding Pi, concerns remain about whether Pi tokens will face the same fate as other tap-to-earn projects, which saw significant price drops after launch.
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