Pi Network Reaches 10 Million Users, But Its Token Isn't Trading?

Bittime - More than 10 million Pi Network users have completed the Know Your Customer (KYC) process, a major milestone announced on April 16.

This indicates the rapid growth of the Pi Network community and the commitment of its users to this digital asset project.

However, this centralized application which has successfully reached 10 million verified accounts does not benefit users as reported by Cointelegraph.

Pi Network Launches Mainnet

The Pi team has announced the launch of their mainnet and tradable tokens after a series of milestones were met.

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KYC Verification with 15 Million Users

One of the key achievements is the KYC verification of 15 million users. Currently, 10 million accounts have completed verification, and the KYC target will be achieved when another 5 million users complete their verification process.

Also read: 3 Interesting Reasons about the Future of Polkadot

Criticism of AIMultiple

Despite making some progress, business analysis platform AIMultiple questions the value of Pi to users because it cannot yet be exchanged for fiat (digital money) on exchanges.

Launched in 2019 as a centralized application, Pi Network allows users to earn Pi tokens by pressing an in-app button every day. However, currently Pi cannot be transferred between users via wallet.

10 Million Application Users

As many as 10 million users of the app, known as Pioneer, have completed their identity verification process through a built-in identity verification solution called Pi KYC, as per the official announcement.

This solution offers a unique and proprietary approach that combines machine automation with crowdsourced hyperlocal human verification to achieve a secure, accurate and efficient KYC process, as explained in the announcement.

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Pi Network Official: Affirms There is No Connection with Fiat

Nicolas Kokkalis, co-founder and chief technology officer of Pi, emphasized that this achievement proves that the industry is not tied to fiat services to achieve success.

He further stated that the new KYC system will enable other Web3 services that involve asset ownership to fulfill their identity verification needs through Pi.

There is no certainty about the mainnet launch yet

In December 2023, the Pi team announced plans to launch an Open Network or mainnet in 2024, with several conditions that must be met. These conditions include the development of 100 Pi applications and 15 million users who pass KYC verification.

Additionally, the team must complete all technology, product, business, and legal work necessary to launch the network, and there must be no unfavorable external conditions that could hinder the success of the network. The team has not provided a specific date for the mainnet launch.

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