After 6 years of existence, the Pi network is set to bring a new revolution to the crypto industry. Chengdiao Fan is enthusiastic as she introduces the power of the Pi Network in the new era of open networks. The Pi token is taking the place of memecoins that were previously the easiest to launch by providing the simplest and most affordable crypto.
Chengdiao Fan praised the Pi token’s uniqueness. She said that Pi is accessible and free for everyone. She said that as they launched Pi they used only 6 euros. This is to say that they did not need an initial coin offering (ICO) in any way.
“Let’s show the world a different path to crypto and the power of Pi Network in the new era of Open Network.”
Watch the full Open Network video from Chengdiao Fan, Pi Founder and Head of Product, to celebrate Open Network and learn more about its significance and opportunities.… pic.twitter.com/2UahntnccN
— Pi Network (@PiCoreTeam) February 21, 2025
This solves some of the issues that the crypto industry has seen so far, including mining and the loss of funds from investing in tokens. Many investors have complained of losing their funds after providing ICOs for specific tokens.
In traditional ICOs or crowdfunding, often only large investors have early access to tokens. This limits participation and leads to inequality. Normally, investors expect a refund after funding a project. This has caused the crypto industry to be known to scam people in the initial stages of launching a coin.
Pi Network aims to circumvent this by providing an opportunity for anyone who wishes to join. Pi founder also said, “Pi is set to solve the problem of mass adoption and the real world utility.” In an interview Michael Saylor said that the crypto industry is yet to be known by 90% of the global population.
Therefore the crypto industry will benefit from the joining of mainstream audiences to create the utility of blockchain technology.
However, the Pi network is facing a liquidity problem. In fact, at the moment, exchanges don’t have enough cash to handle the billions of tokens being sold. Even OKX, the most active exchange, has a 2% market depth of $33,000 to $60,000. In other words, an order of, say, $100,000 would cause the price to change a lot, making trades very risky.
What will the open network do for the Pi network?
Open Network now allows Pi’s thriving community, cutting-edge apps, and large peer-to-peer network to connect to the rest of the blockchain world. Previously, in the enclosed system, it was hard to figure out Pi’s market value because of its trade and connectivity limitations.
Dr. Nicolas Kokkalis, Pi Network Founder and Head of Technology said, “Open Network launch represents a fundamental shift in how people and businesses can interact with blockchain technology […] A unique ecosystem where every transaction occurs between verified participants – whether individuals or businesses – establishes an unprecedented level of trust and compliant business opportunities in the crypto space.”
The platform’s novel approach combines accessibility with security through required identity verification protocols.
Users have to go through Know Your Customer (KYC) verification before they move their mined Pi to the blockchain. In addition, businesses must go through Know Your Business (KYB) verification. However, this slows down the uptake.
Dr. Chengdiao Fan said, “Security and compliance are not optional […] “By requiring identity verification for all participants, we’re creating a safer Web3 environment where users can more confidently engage in transactions knowing their counterparts are verified entities.”
This secure foundation now supports an ecosystem with more than 10 million Mainnet users who have met the requirements to join. It also has over 19 million KYC-verified users, over 200,000 decentralized nodes around the world that can move to Mainnet, over 100 Mainnet-ready apps, and now a growing network of KYB-verified businesses.
The network is now ready for business with the pioneers benefiting the most. The only arising problem would be Pi’s rise could be slowed by new mobile mining projects and well-known crypto. This is because the network’s success depends on keeping users interested and coming up with real uses for the data that go beyond mining prizes.
Cryptopolitan Academy: FREE Web3 Resume Cheat Sheet – Download Now
Source: https://www.cryptopolitan.com/chengdiao-fan-pi-founder-crpto-open-network/