Why Pi Network’s Mainnet Launch Is Facing Setbacks?
- The crucial process preceding the Mainnet launch is the transition of users from the testnet and the completion of the KYC/AML process.
- The Pi Network developers have outlined three primary conditions that need to be met before the mainnet is launched.
- The long-term viability of Pi Network hinges on its ability to meet its promises and deliver a functional and valuable mainnet.
Will Long-Awaited Pi Network Mainnet Launch Live Up To The Hype?
In this blog, we explore the Pi Network, a revolutionary mobile cryptocurrency mining platform that has captivated millions since its 2018 launch. Promising easy mining of Pi coins via smartphones, its eagerly awaited mainnet launch is essential for converting these coins into real value. However, delays persist despite significant progress in user migration and KYC verification. Join us as we delve into the current status, delays, and prospects of Pi Network's journey to its mainnet launch.
Delays in Pi Network Mainnet Launch
Some may have felt the potential delay in the mainnet launch of the Pi Network as a setback. First, the project had established specific objectives to launch the system in June. However, Official announcements from the Pi Network have remained rather ambiguous which only contributes to confusion among the users and their resulting disappointment. These delays have left many early supporters and miners disillusioned and disinterested in the project. Another user Akshay Dingoriya who is a data analyst and a miner in the Pi network also complained that he had lost his trust in the network due to the continuous delay
User Migration and KYC Verification Preceding Mainnet Launch
Another crucial process preceding the mainnet launch is the transition of users from the testnet and the completion of the KYC/AML process. To this date, Pi Network has been able to validate over 11.1 Million. Out of these, 5.8 million users have successfully migrated to the mainnet. However, this figure still falls short of the 10 million users that the Pi Network team had set as a benchmark for the launch. The below-par migration and verification speed is one of the key bottlenecks that stand in the path of the mainnet launch.
The Pi Network developers have outlined three primary conditions that need to be met before the mainnet is launched. First, the majority of pioneers must complete their KYC verification. This step is crucial for establishing a secure and compliant user base. Second, the network aims to create a robust ecosystem where Pi Coin has substantial utility. This involves developing a wide range of decentralized applications to support the coin. Despite launching several hackathons that resulted in applications like Pi Browser and Pi Ad Network, the ecosystem still needs more development. Lastly, the developers are waiting for favorable market conditions to list the token ensuring a positive reception and stable performance.
Pi Network's Current State and Future Prospects
Currently, Pi Network stands as one of the most popular cryptocurrencies with over 50 million users worldwide. Its innovative approach to solving the challenge of mining difficulty has attracted a large and diverse user base. However, the inability to convert Pi coins into fiat currency remains a significant challenge. The future value of Pi Coin is a topic of much speculation. If the network can successfully navigate the mainnet launch and build a strong ecosystem, the coin could see substantial appreciation. On the other hand, continuous delays and unmet promises could erode user confidence and jeopardize the project’s long-term viability.
Significant Market Dynamics at the time of Mainnet Launch
When the Pi Network eventually launches its mainnet, it is expected to face significant market dynamics. One of the major concerns is the selling pressure that will likely arise from miners who have been accumulating Pi coins over the years. This influx of coins into the market could drive prices down sharply. However, analysts predict favorable economic conditions, such as potential interest rate cuts by the Federal Reserve, could bolster the performance of Pi Coin. Despite the selling pressure, a strong market could help stabilize and even boost Pi Coin’s value in the long term.
Technical Analysis of Pi Coin
Currently, Pi Coin is not officially tradable, but some users engage in trading Pi IoU (I Owe You) tokens listed on platforms like HTX and MEXC. The price of these tokens has fluctuated significantly. Recently, it is trading at around $40 down from a year-to-date high of $120. Technical indicators suggest that Pi Coin may be in an accumulation phase. This phase is typically followed by a mark-up phase, where prices could rise significantly. If this analysis holds, Pi Coin could rebound to over $50 in the coming weeks, indicating a positive outlook for potential investors.
Conclusion
The ongoing delays have led to growing frustration among Pi Network miners. The long-term viability of Pi Network hinges on its ability to meet its promises and deliver a functional and valuable mainnet. In conclusion by CoinGabbar, the Pi Network stands at a critical juncture. While it holds great potential and has amassed a significant user base, the continuous delays in its mainnet launch pose serious challenges. Clear communication, meeting key conditions, and maintaining user trust will be crucial for the Pi Network’s success. Now, time will reveal further details about this project.
