Pi Network News Recap - November 7th

Key Highlights

• Pi Network has extended the KYC deadline to November 30, inviting users to participate as validators to earn Pi tokens.
• The latest update for Pi Node brings it closer to the mainnet launch, with a roadmap reveal anticipated in December 2024.

Recent Developments

Pi Network, a project focused on allowing users to mine cryptocurrencies via their smartphones, continues to generate discussions in the crypto community. Despite being active since 2019, the project faces skepticism due to limited technical transparency and the absence of its native token and open mainnet.

Earlier this year, the Pi Network team mentioned that over 13 million users had successfully completed the KYC verification process. Initially set for a September deadline, the KYC completion date has now been pushed to November 30.

“One month left to secure your Pi reminder — Complete first Grace Period deadline by submitting your KYC application by November 30, 2024,” the team recently reminded users.

The team also reported a significant increase in KYC requests and encouraged users to become validators, promising Pi tokens as rewards for their contributions.

Pi Node Update

Last month, Pi Network launched Pi Node Version 0.5.0, described as a crucial 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 announcement stated.

Upcoming Roadmap

In August, PiBridge, a decentralized finance platform that connects Pi Network with other blockchains, hosted a talk show. Although many anticipated the mainnet launch details, no new information was disclosed.

However, the Pi Core Team later announced that they would unveil the open mainnet roadmap, which will facilitate official Pi token transactions, in December 2024. This announcement has elicited mixed reactions from the community, with some expressing excitement and others perceiving it as yet another delay.