Anticipation Grows as Pi Network Plans to Launch Open Mainnet (2024)

Pi Network will launch Open Mainnet to achieve mass KYC compliance and develop a robust ecosystem

Pi Network is currently in the enclosed mainnet and testnet stage, fine-tuning its core functionalities. Launching the Open Mainnet is contingent upon achieving mass KYC compliance and developing a robust ecosystem. Mass KYC compliance ensures a secure environment by verifying user authenticity and adhering to legal regulations. Ecosystem development focuses on creating a thriving network with applications, partnerships, and community-driven initiatives.

According to the project announcements, Upon mainnet debut, Pi coin will act as the currency and fuel all operations on the Pi blockchain. Multiple developers have already expressed an interest in generating utilities by deploying their Decentralized Applications (dApp) on the network by participating.

What is Pi Network?

Pi Network is a free cryptocurrency that can be mined using a smartphone instead of expensive infrastructure. Due to this, it is accessible to a wide spectrum of people. The project's popularity stems from several essential qualities, including its subscription approach, active community, and well-defined plan.

It is perceived as a low-cost option to get involved in the cryptocurrency field. Individuals who regard Pi Network as a financial opportunity are drawn in by the appeal of being an early adopter and perhaps profiting from future value appreciation.

Unlike other cryptocurrencies such as Bitcoin, which use computationally costly Proof of Work (PoW) algorithms, Pi Network employs a revolutionary consensus technique known as "Proof of Stake" (PoS). Users of the Pi Network app on their mobile devices can mine Pi coins by pushing a button once every 24 hours to demonstrate their participation in the network.

This method is lightweight and energy-efficient, allowing mining to take place without exhausting the device's battery or causing performance concerns. Pi Network features a recommendation system as well. Both the user and the friend will receive a bonus if they refer a friend to Pi Network.

What makes Pi Network unique?

Pi's blockchain uses an adaptation of the Stellar Consensus Protocol (SCP)—an instantiation of the Federated Byzantine Agreement—to validate transactions.

Compared to traditional blockchain mining methods like Proof-of-Work or -Stake, Pi's protocol uniquely provides decentralized control, low latency, flexible trust, and asymptotic security at a fraction of the environmental cost. In short, fault tolerance is achieved through a decentralized web of nodes reaching consensus via a trusted network of mobile users who validate their daily presence and vouch for others' authenticity in the network to earn Pi. Environmental impact is vastly lowered since this method does not require energy-intensive hardware to mine.

Pi Network's robust ecosystem design is built on an intuitive and transparent model, facilitating Pi coins as a medium of exchange without token concentration. Key tenets include fair distribution (everyone mines at the same rate), scarcity (the mining rate decreases as more people join), and meritocracy (rewards are distributed based on contributions to the network).