- Pi Network has remained in an enclosed mainnet for a while now.
- The network was launched in 2018 and miners cannot redeem their coins.
- There are concerns as the number of search engine searches fall.
Pi Network and Pi Coin are losing traction among miners and potential investors as concerns about its delayed mainnnet launch continued. Social media analysis numbers show that the number of searches and engagement is going down.
Pi Network delayed mainnet launch
Pi Network is one of the most popular players in the crypto industry. The unobscure company, which was started by ex-Stanford University students, has attracted millions of users around the world. A closer look at Android shows that the main application has been downloaded by more than 50 million people.
The same is true for other products launched by the company like the Pi Browser. At the same time, Pi has an active social media ecosystem, with its main Twitter page having over 2 million followers. This is a significant increase compared to other blockchain projects like Polkadot, Cardano, and Solana.
For starters, Pi Network’s goal is to disrupt the cryptocurrency industry by introducing a coin that is easy to mine and cheaper to use. Unlike advanced coins like Bitcoin and Litecoin, anyone can take part in its ecosystem since there are now billions of smartphone users internationally.
Pi Network has attracted users who hope to make a killing once the network goes live. They hope that its popularity will lead to immediate traction among investors.
The challenge for Pi Network and Pi Coin is that the mainnet launch is taking longer than expected. For one the ecosystem has existed since 2018. This means that some Pi Network users have been mining coins for almost fivw years.
Pi Coins are now worthless
The Pi coins are now worthless since they cannnot be redeemed for fiat currencies. They will only be changed to fiat currencies when the network moves from an enclosed mainnet, leading to exchange listings.
The developers say that the mainnet launch has been delayed because of the small number of users who have gone through Know Your Customer (KYC) process. Also, they note that the project needs to be optimized before the mainnet launch.
This delay explains why Pi Coin and Pi Network are seeing less demand recently. As shown below, the number of Google search users have dropped sharply in the past few months. After crossing the 2 million mark a few months ago, the number of Twitter users has stagnated.
My theory is that Pi Network’s insiders are delaying the mainnet launch as they continue profiting from the ecosystem. This happens since many Pi Coin miners click ads that show in the app when they mine. As such, insiders are concerned that listing the coin will lead to lower engagement and ads sale in the ecosystem.
