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Pi Network is preparing for its Open Mainnet on February 20, 2025, the milestone date following years of development for the project. The roll-out will provide users with the ability to cash out Pi coins for tradable assets, marking a significant development for the site. A necessary component of the rollout is Know Your Customer (KYC) verification to enable a legitimate base of users. So far, over 12 million users have been verified, nearing the 15 million target. The deadline for completion of KYC has now been extended to February 28, 2025, to provide users with more time to finish verifications.
Technical Upgrades and Ecosystem Expansion: Paving the Way for Mainnet
The network has also focused on technological improvements, with the release of Pi Node v0.5.0 to transition nodes from the first Testnet to Testnet 2 to further enhance security and prepare for mainnet situations. Another key focus is ecosystem expansion, and Pi Network aims to have a minimum of 100 decentralized applications (dApps) by the time of mainnet launch. Certain dApps are already operational, and the network has accelerated its process of migration, with nearly 9 million pioneers migrating successfully to the mainnet. The system now processes nearly 200,000 migrations per day, facilitating an easier transition for the users.
Market Anticipation and Future Challenges: Pi Network's Next Chapter
As the mainnet launch draws near, interest in Pi Coin increases within the cryptocurrency space as they believe it will be a significant contributor to the Web3 world. Pi Network has faced criticism over delays in performing KYC verification and concerns about its legitimacy. Transparency and efforts from the community have helped alleviate some of these concerns. Overall, the Open Mainnet launch is a turning point for Pi Network as it transforms from a mobile mining platform to a full-fledged cryptocurrency ecosystem, aiming to become a major force in the world of blockchain while overcoming the obstacles that lie ahead.
