- Pi Network has been in an enclosed mainnet since December 2021.
- The developers have hinted that the mainnet launch will happen this year.
- This launch will depend on three conditions, which are unlikely to be achieved in 2024.
Pi Network, the widely popular blockchain company, ended another full year without clarity on when it will have its mainnet launch. As a result, Pi Network’s pioneers continued waiting and hoping that it would move from the enclosed mainnet in 2024.
In a statement, Pi Network’s team confirmed that it was committed to moving to its mainnet launch later in 2024. This move will depend on three key conditions. First, the developers will need to first finish any open network preparation work in technology, product, business, and legal.
The second condition is that they need to achieve goals in network’s Know Your Customer (KYC), migration, and token creation. On KYC, the company hopes to verify all its pioneers before the Pi Coin is launched.
Also, they want to ensure that the Pi Coin has real utility by having at least 100 real Pi apps on mainnet. In line with this, the developers are now carrying out another hackathon to encourage more developers to move to the ecosystem.
Finally, the Pi Network mainnet launch will happen if there is an absence of an unfavorable external environment that will hinder its success. These events are out of the Pi Network’s control. In a statement, the developers said:
“If such conditions are not met, then Open Network may be delayed to ensure a more successful transition for all Pioneers. All in all, the decision on Open Network’s launch and its timing will be made to best serve Pi’s vision, the community and the network.”
The concern among many Pi Coin miners, also known as pioneers, is that the process has gone for so long. For starters, Pi Network was started in 2018 and millions of people have been mining since then.
Five years is a long time, especially in the cryptocurrency industry. For example, Binance, which has become the biggest crypto exchange in the world, was only started in 2017. Blockchains like Avalanche, Cronos, Internet Computer, and Solana were started a few years ago. As I wrote in December, Pi Coin holders have now missed out on the ongoing crypto bull run.
In Pi Network’s case, many miners have accumulated thousands of Pi Coins they cannot use over the years. In my opinion, I believe that the mainnet launch will not happen in 2024. It is in the interest of the developers for this enclosed mainnet period to continue for a long time. Besides, they are already making money through app advertising.
Worse, it is not mandatory that the Pi Coin price will rise after the mainnet launch since most holders will be looking to sell. We saw this happen with popular networks like Sweatcoin and StepN, which pioneered the move-to-earn technology.
