Major Pi Network (PI) Update Affecting All Users: Details

TL;DR

• Pi Network has extended “the first Grace Period” for KYC submissions to December 31, 2024, causing mixed reactions from users.
• The team claims the Open Network launch is close, with only 1 million more KYC completions needed to hit the 15 million target, though skepticism persists about further delays.

Another Extension

Pi Network – a cryptocurrency project that aims to allow people to mine digital assets directly from their smartphones – was launched in 2019. In the following years, it amassed a multi-million community, but some members have started doubting its legitimacy.

For one, Pi Network has still not launched its native token and open mainnet. Earlier this year, the team assured that such developments would occur once all users had passed Know-Your-Customer (KYC) procedures. Initially, they had until late September to do so, but later, the period was extended to November 30.

Most recently, Pi News (the leading blockchain media platform behind Pi Network) revealed the deadline to submit KYC applications (known as “the first Grace Period”) has been moved to December 31. 

“The final Grace Period deadline has not changed and is still December 31, 2024. This extension ensures all Pioneers have ample opportunity to secure their Pi while maintaining the overall timeframe of 6-month Grace Period unchanged. Submit your KYC application and complete your Mainnet Checklist by December 31, 2024, to avoid any forfeiture. Take action now – don’t wait,” the announcement reads.

Somewhat expectedly, the latest extension caused mixed reactions. Some X users commenting on the post thanked for the provided details, while others called the project “a scam” due to the constant delays and broken promises. 

What About the Open Network?

Pi Network’s team has indicated that the launch of the Open Network is also near. It claimed the development will see the light of day once 15 million people complete the necessary KYC verification. Earlier this month, Pi News disclosed that just 1 million individuals are needed to complete the target.

Recently, the team shared important guidelines for migrating to the mainnet, highlighting that completing KYC procedures is only part of the process. Users are encouraged to set up and verify their wallets, sign the token confirmation agreement, and conduct additional steps on the checklist.

“These steps can be completed before KYC, no need to wait. Please complete the migration within the grace period, otherwise your Pi may be considered abandoned and unusable,” the warning reads. 

Meanwhile, the community is waiting for December, when the Pi Core Team is supposed to share information on the open mainnet roadmap, which would enable official Pi token transactions. We have yet to see if everything will go as promised or if there will be another delay.