The Pi Network announces its plan to launch its cryptocurrency on the Mainnet.
The Pi Network announced its plan to transition to the final phase, which is the launch of its real cryptocurrency on the Mainnet. The network mentioned that this process is not as simple as distributing free coins but is a complex operation involving tens of millions of users and massive mining data collected over six years, noting that the main goal is to ensure the security of the network and the fair distribution of coins to real users while excluding any fraudulent activities.
The network revealed that more than 12 million users were migrated to the pre-launch phase of the Mainnet, confirming that this is an important step, especially since identity verification (KYC) and account migration are being developed and implemented internally at no financial cost to users.
It stated that when the requirement to reach 10 million migrated users to transition to the open network was established, the goal was to strike a balance between launching the currency as soon as possible and ensuring the maximum number of users participate in the Mainnet from the beginning. It was expected that there would still be some users needing to complete the migration process even after the open network launch.
To facilitate the transition to the Mainnet, the Pi Network has laid out a clear roadmap that will be executed according to priority, explaining that the initial migration processes will be completed for users who are already on the waiting list and have completed the basic migration steps, which include mining rewards, security circle, coin freezing period, app usage, and running nodes.
It pointed out that after that, the second phase of migration will begin, which will include referral rewards for users who invited others to join the network and whose invitees completed the identity verification process.
Finally, the network will begin to conduct periodic and regular migrations, whether monthly or every three months, to include all remaining rewards and dues for all users.
Source: MinePi
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