As the cryptocurrency and developer platform Pi Network comes up with a final launch date for Mainnet, which will enable users to mine PI coins, the PI coin price has zoomed 70% amid the development. The launch date comes following multiple delays by the company.
The boost in PI-coin price was also attributed to OKX's announcement of the listing of PI (Pi Network) on its spot trading markets. The PI coin has seen a rise from $50 to $90 within just a few hours of the announcement today, only to settle around $80.91 around 3.45 PM (India Time).
"Pioneers, Open Network will launch at 8 am UTC on February 20, 2025! With millions of KYC-verified Pioneers and a thriving utilities-driven ecosystem, Open Network expands available opportunities, which allows Pioneers to connect Pi with external systems for use in real-world applications like never before," says a statement by Pi Network today.
Pi Network says the company has reached 10.14 million Mainnet migrations, exceeding the original 10 million goal, due to upgrades announced in the last timeline update. "Pi is ready to open its utilities-driven ecosystem where our now over 19 million identity-verified Pioneers can use Pi—a cryptocurrency with real-world functions and applications backing it."
Pi Network’s current Mainnet Phase 3 began in December 2021, with the launch of the Enclosed Network period, which meant Mainnet was live but with a firewall that prevents any external connectivity. This period set the stage for an Open Network, allowing time for: Pioneers to complete KYC and obtain Pi on Mainnet; Developers to build real apps and utilities for the Pi ecosystem; and The Core Team to release and improve various Pi features and utilities.
A new mining rewards issuance formula was also released in March 2022 early on in the Enclosed Network, following a declining exponential model that balances the network’s need for growth, accessibility, longevity, and scarcity while right-sizing the Pioneers’ rewards for contribution to the network.
The Grace Period was enacted on July 1st, 2024—accelerating progress towards Open Network—to strike a balance between providing Pioneers adequate time to pass KYC and be eligible to obtain Pi on Mainnet, while creating enough incentive and urgency for people to pass KYC and migrate to Open Network. In preventing unverified Pi beyond the rolling 6-month KYC period from obtaining Pi on Mainnet, this strategy helps Pi get freed up for mining by other Pioneers.
All the while, Pioneers who obtained Pi on Mainnet were able to transact Pi with other Pioneers within the network.
Launch of an Open Network to allow external connectivity
The Open Network will create an environment where Pi can connect securely with external systems, expanding opportunities for Pioneers and businesses. The transition to Open Network will enable external connectivity on the Mainnet blockchain, allowing Pi to interface with other compliant networks and systems. This means Pioneers will be able to engage in transactions beyond the Pi ecosystem, expanding Pi’s utility and reach.
Upon Open Network launch with the firewall removed, anyone can technically add nodes to the Mainnet blockchain, in terms of running the protocol and connecting to the network. The Core Team will gradually invite Pioneers to transition their nodes from Testnet to Mainnet via the desktop node UI, prioritising those with strong historical contributions and reliability scores. Node rank data will be made public as soon as possible, says the company.
To maintain a safe and compliant ecosystem, participation in Mainnet blockchain activities will require KYC (Know Your Customer) verification for Pioneers, and KYB (Know Your Business) verification for businesses. The Open Network date was chosen based on the Open Network Conditions set and shared with the whole community in December 2023.