Pi Network Pioneers Voice Concerns Over Slow Mainnet Progress After 5 Years

Pi Network continues to face rising worries as it nears the completion of its much anticipated mainnet launch. The platform has completed 2000 days since its founding in 2019 by Stanford scientists Nicolas Kokkalis and Chengdiao Fan. The network’s goal is to develop a cryptocurrency that is simple to mine and will appeal especially to consumers in nations like China, Brazil, and India.

As Pi Network marks its fifth anniversary, its “pioneers,” or users, are getting impatient with the slow growth. 

Pi Network celebrates 2000 days since its official launch on March 14, 2019! This milestone reflects the steady, ongoing efforts of our community—as we move ever closer to our vision of building the world’s most inclusive peer-to-peer ecosystem and online experience, fueled by… pic.twitter.com/DiQmIyq7qi

— Pi Network (@PiCoreTeam) September 4, 2024

A verified user who has been mining Pi tokens for more than five years expressed anger on X over the sluggish development pace and postponed mainnet debut. Known as the first tap-to-earn platform, Pi Network is still well-liked, particularly in developing nations like China, Brazil, and India.

Pi users voice their concerns.

Pioneers on the Pi Network can mine tokens by tapping a button on the smartphone app. These coins have no value at the moment, but once the open mainnet is live, they should become valuable.

In December 2021, Pi Network relocated to an enclosed mainnet in accordance with its strategy. Prior to the actual mainnet launch, the token model can be calibrated throughout the contained mainnet time. Additionally, it enables developers to create apps that, once launched, will make Pi coins useful.

According to some observers, developers profit from the platform’s extended closed mainnet phase since in-app advertisements let them make money. The creators of Pi Network maintain that in order to stop bots and guarantee token security, more users must be verified using KYC. A minimum of 100 dApps are to be included in the ecosystem prior to the open mainnet launch.

In five weeks, Pi Network users will have to meet a critical deadline. If they don’t finish the KYC procedure, millions of dormant accounts might lose their Pi coins. The possibility of almost 10 million accounts having their Pi burned may lower the supply. After completing KYC, active users can keep mining with their Pi.

Shortly after, the network’s developers set September 30, 2024, as the deadline for members to complete their KYC verification.

Open roadmap to be announced in December

Launching the mainnet was one of the main topics of discussion during a talk event held by PiBridge, a decentralized financial platform that serves as a link between the Pi Network and other blockchain networks, last month.

A few days later, the Pi Core Team revealed that the mainnet open roadmap, which would enable formal Pi buying and selling transactions, would be unveiled in December.TapSwap and Hamster Kombat, two of Telegram’s tap-to-earn tokens, have been the subject of the same debate. These platforms, which have millions of followers on YouTube, in particular, are making enormous sums of money. One worry is that when the tokens begin trading, these views from their YouTube videos cannot be generated.