Pi Network announced that the number of KYC users exceeded 10 million! Analyst: Mainnet unlikely to go online

Pi Network recently announced that 10 million users have completed identity verification through its own KYC program (PiKYC), and announced that this milestone will advance the process of its mainnet launch.

Note: Pi Network was launched in 2019. Users can continue to obtain Pi coins as long as they download the official APP and interact daily. However, Pi coins cannot be transferred to other users through the wallet because the main network has not yet been launched. and liquidated through exchanges, so the true value is questionable.

There are only 5 million users left to achieve the KYC target

In December last year, the Pi team announced that if a series of conditions are met, an open mainnet will be launched this year (officially the mainnet will be The launch work is divided into two phases, the first phase of the closed mainnet has been launched). Conditions include:

• There are at least 15 million users who have undergone real-name authentication, 10 million of which have been migrated to the main network

• At least 100 Real applications have been deployed on the closed mainnet or are ready to be deployed

• The core team must continue to make progress on technology and product updates

• In addition, Global conditions cannot change adversely either.

Today 10 million accounts have been verified, which means that when another 5 million users complete verification, the KYC goal will be reached.

Regarding this achievement, Dr. Nicolas Kokkalis, Pi’s founder and technical lead, said that this proves that the encryption industry can succeed without relying on fiat currency services: What is even more exciting is that Pi’s KYC solution Can help other Web3 services involving asset ownership implement their authentication needs through Pi. This reminds us that the KYC process can cover as many geographies as the Internet without being expensive or cumbersome.

However, for senior users in the currency circle, most of them feel that the conditions of the Pi team are very strange. I have never seen any project that depends on these conditions to decide the time to launch the mainnet, and it seems to be true. After completing the first two goals, it seems that it is not difficult to continue to delay the launch of the mainnet.

Analyst: The main network is unlikely to be launched

AIMultiple analyst Cem Dilmegani is more straightforward and believes that the official main network is unlikely to be launched. He explained: If the main network is launched, on behalf of Coins may quickly depreciate due to large numbers of users selling them, which would make the token unattractive to users and advertisers.

In addition, Dilmegani believes that Pi Network may not bring expected benefits to users. He pointed out that except for the founders, it is difficult for others to obtain substantial benefits from Pi Network. He explained that this is because Pi Network is similar to a direct sales or affiliate marketing system, incentivizing users to attract new users by promising future rewards. Dilmegani further pointed out: This affiliate marketing strategy is mainly used to attract App traffic, which is ultimately used to sell ads, thereby benefiting the app developers. The founders have monetized active users by introducing optional video ads when the app is launched.

In response, the Pi team responded that they have adopted a very innovative blockchain development strategy. They chose to launch the "closed network mainnet stage" in the first stage instead of immediately launching an "open network." ”, this is done to provide a better foundation for the development of public utilities on the platform and the KYC processing of community members, thereby establishing a strong network before the launch of the open network to benefit the entire community. He further explained: Choosing not to launch the open network immediately was a carefully considered decision. Anything worth pursuing requires time and patience. These factors are critical to the successful launch of the open network.

Are you also mining Pi coins? When do you think the mainnet will be launched?

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