Pi Network (PI) News Recap November 7th

TL;DR

• Pi Network extended the KYC deadline to November 30, urging users to join as validators and earn Pi tokens.
• The latest Pi Node update moves nodes closer to mainnet, with a roadmap reveal expected in December 2024.

The Latest Updates

Pi Network – a crypto project that aims to enable users to mine digital assets directly from their smartphones – has been around since 2019. Despite that, it remains quite controversial due to the minimal technical information about its operations and the fact that its native token and open mainnet have yet to see the light of day.

Earlier this year, the team behind the project hinted that such milestones might be approaching, claiming that over 13 million people have already passed the necessary KYC procedures. At first, the developers advised people to complete verifications by the end of September, later extending the deadline to November 30. 

“One month left to secure your Pi reminder — Complete first Grace Period deadline by submitting your KYC application by November 30, 2024,” the team recently alerted.

The team also announced a surge in KYC requests and encouraged users to join as validators. Participants who contribute accurately were promised Pi tokens as a reward for their efforts.

Last month, Pi Network released Pi Node Version 0.5.0, a development described as “a major update preparing nodes for the mainnet blockchain.”

“This update transitions Nodes to the Testnet2 blockchain, simulating the Mainnet environment and testing the switch between Testnet and Mainnet blockchains. The original Testnet will remain active for now but will soon close for Node use. Original Testnet will continue functioning as normal for Pioneers and Pi app developers,” the disclosure reads.

More Clarity Next Month?

At the end of August, PiBridge—a decentralized finance platform connecting Pi Network with other blockchains—held a talk show. Although many expected details about the mainnet launch, the group provided no new information.

Soon after, however, the Pi Core Team announced that they would reveal the open mainnet roadmap, which would enable official Pi token transactions, in December 2024.

This announcement stirred mixed reactions in the community, with some cheering the potential development while others interpreted it as yet another delay.