Pi Network (PI) News Recap October 22nd

TL;DR

• Pi Network extended its KYC verification deadline to November 30, 2024, with over 13 million users already verified.
• A recent update, Pi Node Version 0.5.0, prepares the network for its mainnet transition, but a full migration by the end of 2024 seems unlikely.

The Recent Updates

Pi Network was introduced in 2019 to enable people to mine cryptocurrencies on their smartphones. Despite being around for quite a while, the project remains quite controversial due to the lack of information about when the native token and open mainnet will go live.

The team unveiled numerous developments in the past several months, hinting that such a milestone might be approaching. In August this year, the developers claimed that over 13 million people had already passed Know-Your-Customer (KYC) procedures. Initially, they advised users to complete verifications by the end of September, later extending the deadline to November 30. 

Last week, Pi Network’s team said there has been an influx of KYC requests lately, asking users to hop on the bandwagon as validators. Those who do so will receive Pi tokens for their “good and accurate work.”

The latest development surrounding the crypto project occurred on October 19. Back then, the team announced the release of Pi Node Version 0.5.0, described as “a major update preparing nodes for the mainnet blockchain.”

“This update transitions Nodes to the Testnet2 blockchain, simulating the Mainnet environment and testing the switch between Testnet and Mainnet blockchains. The original Testnet will remain active for now but will soon close for Node use. Original Testnet will continue functioning as normal for Pioneers and Pi app developers,” the disclosure reads.

Migration to the Mainnet Before the End of 2024?

The Times of PiNetwork (a media platform covering news surrounding the project) recently revealed that over 6.5 million people have successfully migrated to the mainnet. However, this figure represents a minor chunk of all the users currently on the queue. As such, a complete migration to the mainnet before the end of the year seems unlikely.

“To achieve this, migration will have to be done at a fast pace continuously,” the platform stated.

Meanwhile, Pi Network users are waiting for December, when the Pi Core Team is supposed to shed more light on the mainnet open roadmap (which should allow the buying and selling of Pi tokens).