Pi Network (PI) Are You Ready for Its Future? Mainnet Transition Guide and Expectations

Pi Network: Cryptocurrency Designed for the Mobile Age

Founded in 2019 by a team of researchers from Stanford, Pi Network is a revolutionary platform aimed at bringing cryptocurrency to everyday people. Unlike traditional cryptocurrencies like Bitcoin, Pi Network’s mobile-focused architecture does not require powerful computers or high electricity costs.

As of October 2024, Pi Network has over 45 million active users and is rapidly growing, especially in developing countries. The platform democratizes access to cryptocurrency, including in disconnected regions and mobile-first markets. The growth of Pi Network in countries like Pakistan, India, Indonesia, and Bangladesh, and search terms like “pi launch date in pakistan” reflect increasing interest.

Why is Pi Network Unique and Different?

The distinguishing feature of Pi Network lies in its technology called Stellar Consensus Protocol (SCP). This system is entirely different from Bitcoin’s energy-intensive Proof of Work (PoW) model.

Main advantages of SCP:

• Environmentally friendly design: Mining on smartphones does not pose high technical barriers to network participation
• Low processor load: Does not drain your phone’s battery or consume excessive data
• Fast transaction capacity: Even a decentralized system can handle large transaction volumes
• User control: Through federated Byzantine agreement, community guides network decisions instead of a central authority

Additionally, Pi Network’s innovative role system categorizes participants into four groups:

1. Pioneers (Pioneers): Users who mine Pi daily
2. Contributors (Contributors): Users supporting the network by adding friends to security circles
3. Ambassadors (Ambassadors): Community representatives bringing new members
4. Node Operators (Node Operators): Those running Pi Node software to keep the network decentralized

This structure ensures Pi Network is truly a community-managed ecosystem.

Step-by-Step Guide to Starting Pi Mining

Joining Pi Network is straightforward. Follow these steps:

Step 1: Download the App and Sign Up

Download the official Pi Network app on your iOS or Android device. You can quickly register via your phone number or Facebook account.

Step 2: Start Daily Mining Activity

Tap the lightning bolt icon once daily within the app to activate Pi mining. This process takes only a few seconds and requires no technical knowledge.

Step 3: Expand Your Security Circle

Invite trusted friends to Pi Network and add them to your security circle. This increases your mining rate and enhances network security.

Ways to Earn Pi: Beyond Basic Mining

In addition to basic mining, mechanisms exist to increase your Pi earnings:

Referral Program: When you invite others, you earn a percentage of their mining activity. This provides additional income for early participants.

Security Circles: The more trustworthy and active your personal network, the higher your mining rate.

Special Events: When Pi Network periodically announces bonus periods, active participants can earn extra Pi.

Pi’s Token Economy and Supply Plan

Total maximum supply: 100 billion PI

80% of this supply is allocated to the community, and 20% to the Pi Core Team.

Community Allocation of 80 Billion PI:

1. Mining Rewards (65 billion PI): Reserved for rewarding past and future users. Nearly 30 billion PI have been mined before mainnet, but KYC verification may reduce this to 10-20 billion PI.

2. Community Initiatives (10 billion PI): Managed by the Pi Foundation in the future, funding developer grants and ecosystem projects.

3. Liquidity Fund (5 billion PI): Held to ensure smooth transactions and stable trading.

Decreasing Supply Logic

Mining rewards will be distributed at a decreasing rate each year. This rewards early participants while creating a fair environment for new users. It also prevents long-term devaluation or excessive inflation of Pi.

Mainnet Launch: Expectations and Timeline

Expected Launch Period

Pi Network aims to transition to a fully open mainnet by the end of 2024. While no official announcement has been made yet, the Pi Core Team has indicated preparations are complete.

After the mainnet transition, Pi Coin will be traded on (CEX) centralized exchanges and (DEX) decentralized exchanges. This will be the first time Pi’s real market value is revealed.

Three Phases of Mainnet Transition

Closed Network Phase (2021-Present): The main network is launched but isolated from external networks. KYC processes and system testing are conducted during this period.

Open Network Phase (Coming Soon): Once the ecosystem is fully ready, Pi Coin will integrate with other cryptocurrencies and exchanges.

KYC Verification: A Critical Date

Pi Network requires all users to complete official KYC (Know Your Customer) verification by November 30, 2024. After this date, users who do not complete KYC risk losing their Pi balances during the mainnet transition.

KYC process is simple:

1. Open the KYC tab in the app
2. Upload identification document (passport, national ID, etc.)
3. Complete face recognition verification
4. Wait for approval (usually within a few days)

How to Sell Pi After Mainnet Launch?

Centralized Exchanges (CEX)

Create an account on a centralized exchange, complete KYC verification. Deposit your Pi Coin into the platform, then place a sell order at your desired price. This method is popular for liquidity and security.

Decentralized Exchanges (DEX)

Connect your crypto wallet to DEX platforms like Uniswap or Pancakeswap to directly swap Pi Coin for other cryptocurrencies. This occurs without intermediaries.

Person-to-Person (P2P) Trading

You can trade directly with other Pi users, but be cautious of scams.

Note: Since Pi Coin has not yet been officially released, these are potential future options.

Potential Risks and Warnings

While Pi Network’s vision is appealing, some risks should be considered:

Launch Delays: Pi Network has postponed its mainnet launch multiple times, causing skepticism among some users. The project needs to be clearer on timing.

Uncertain Market Value: Currently, Pi Coin has no official market price. “Pi IOUs” traded on speculative platforms are not supported by the actual Pi Network. The market price will be determined after mainnet.

Scam Risks: As Pi Network grows, fake airdrop sites and phishing schemes have increased. Only rely on official channels for information.

Regulatory Uncertainty: Cryptocurrencies are under tighter scrutiny worldwide. Pi Network will need to comply with regulations in various countries due to its widespread adoption.

Recent Developments and Milestones

Pi Network’s journey has gone through three main phases:

Phase 1 - Beta (Dec 2018-Mar 2020): Launch of the initial mobile app. The whitepaper introduced eco-friendly mining principles.

Phase 2 - Testnet (Mar 2020-Dec 2021): Infrastructure prepared for global node verification.

Phase 3 - Mainnet (Dec 2021-Present and Beyond): KYC and system testing during the closed network period. Open network transition is anticipated.

Frequently Asked Questions

Q: Can I sell Pi Coin now?
A: No. Pi Coin is currently only within Pi Network’s closed ecosystem. It will be tradable on exchanges after mainnet launch.

Q: Will mining Pi harm my phone?
A: No. Pi Network’s mining system consumes minimal energy and runs as a simple background app.

Q: Will I lose all my Pi if I miss KYC?
A: If you complete KYC before November 30, 2024, your balances will be preserved during mainnet transition.

Q: Can I join Pi Network in Pakistan?
A: Yes, Pi Network operates globally. The number of users in Pakistan is increasing, and searches like “pi launch date in pakistan” indicate regional interest. After the mainnet launch, users in Pakistan will also be able to buy and sell Pi Coin.

Conclusion: Pi Network’s Future Vision

Pi Network has opened a chapter with its vision to make cryptocurrency accessible. Millions in developing countries trust and participate in this project.

However, Pi’s true success depends on a successful mainnet launch, establishing stable prices on exchanges, and overcoming regulatory challenges. Developments through 2024 will determine whether Pi Network’s vision of a decentralized digital currency becomes reality.

Follow official Pi Network channels for updates and get ready for the mainnet launch.