6 Challenges Pi Network Must Overcome for Open Mainnet Success
With a mission to spread cryptocurrency around the world, Pi Network introduced itself as a highly efficient mobile-mineable cryptocurrency project that makes mining digital coins convenient and environmentally friendly.
Mining Pi coins doesn’t require the use of power-intensive devices like graphics cards or heavy computing devices. To mine Pi coins, users only need to open the Pi Network app once a day and press a button.
The more straightforward this project appears from above, the more challenging it is to make it a success. Indeed, the project has not yet been added to the Open Mainnet, a public blockchain, since its initial launch more than four years ago.
In this article, we will explore some of the key challenges Pi Network must address prior to its Open Mainnet launch to ensure it becomes a huge success. These points can also be understood as prerequisites for the upcoming Pi Network Open Mainnet launch.
1) Establish trust and authenticity in the community
Although the Pi Network community is remarkably vast, a sizable proportion of users still do not fully trust the project. They mine Pi in order not to miss out on an opportunity if this initiative succeeds.
Notably, many people believe that the Pi Network is a scam because of the uncertainty surrounding Open Mainnet’s release date. This demonstrates a lack of trust in this project, which the Pi Network must address as soon as possible.
Pi Network must take steps to address these concerns and demonstrate that it is a legitimate project. This could include conducting security audits, updating white papers frequently to reflect progress, and engaging with the broader cryptocurrency community.
2) Educating and Engaging Users
Pi Network has a large user base of over 45 million; however, the issue is that the majority of the users are immature in the cryptocurrency realm. They need proper guidance and education to walk in the right direction.
The initiative needs to do a much better job of explaining the basics to its audience.
The Pi Network must develop educational resources and tools to assist users in understanding how the project works and how they can get involved. The project must also find ways to keep users engaged and involved in the community.
3) Introduce a robust KYC solution
One of the most hotly debated topics right now in the Pi community is the Pi Network KYC verification. Several Pioneers are still having trouble passing their KYC application, even though many have already done so.
KYC is required to enter the Pi Mainnet, and those who are not KYCied will be unable to enjoy further benefits such as using Pi-powered dApps like Fireside Forum, exchanging goods and services for Pi coins within the enclosed network, and more.
Pi Network’s current mass KYC solution is effective, but it is insufficient to serve such a large user base. The project must therefore introduce an improved KYC solution.
The core team is currently investigating the KYC problems and working to implement a far more durable solution.
4) Create compelling real-world use cases
Like fiat currencies, if Pi is able to set impactful real-world use cases, such as using Pi to pay for goods and services, to make charitable donations, and to participate in finance (DeFi) applications, people will have solid reasons to adopt Pi coins, which will ultimately strengthen Pi.
It will attract users and drive mainstream adoption. The Pi Network must work with businesses and organizations to develop these use cases and make Pi a valuable asset for users.
5) Strategic Collaborations and Integrations with established organizations
Strategic collaborations and integrations with established organizations will play a crucial role in the success of Pi Network and its journey toward mainstream adoption.
Collaborations can benefit both Pi Network and its partners significantly. Partnering with established businesses can provide access to existing user networks, providing a ready-made user base to tap into for Pi Network. It can also help to authenticate Pi Network’s authenticity and build trust among users who are more familiar with these well-known businesses.
Like many successful cryptocurrencies, Pi Network can collaborate and integrate with other businesses and organizations working to improve Web 3.0 and decentralized systems.
Pi-powered integrations, as in the Fireside Forum, will play a vital role in uplifting the value of Pi coins fundamentally.
6) Scale the network with enhanced security
As the Pi Network grows, so will the demand on the backend, necessitating network scaling. The project must be prepared to invest in infrastructure and expand its network of nodes.
Furthermore, growth carries the risk of being attacked. There will be an increased risk of network hacking, and the Pi Network must be highly secure to address this serious potential issue.
You may also want to read 5 convincing reasons to believe Pi Network.
Conclusion
Overcoming the aforementioned challenges will be essential for the Pi Network to achieve mainstream adoption. The project has the potential to be a major player in the cryptocurrency space, but it must first address these challenges.
Disclaimer: This article is entirely based on the author’s opinion.
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