“Not Launching Open Mainnet is Intentional” – Pi Network

Pi Network, in its latest blog about the v1 roadmap, stated that the decision not to fix a schedule for the Open Mainnet launch is intentional. The statement indicates that if they wanted, they could have opened the gate to Pi Network’s Open Mainnet; however, they are intentionally not doing so.

The reason for this decision is that the Pi Core Team wants to allow Pioneers sufficient time for KYC verification, migration to the Enclosed Mainnet, and engagement with the ecosystem. Meanwhile, the Pi Network developers will also get substantial time to build high-quality dApps and utilities, forming a robust ecosystem.

Is Pi Network’s Open Mainnet plan reasonable?

For the Pi Core Team (PCT), making the way to the open mainnet period is not hassle-free. There are numerous major hurdles, including KYC for over 50 million users, migration to an enclosed mainnet, and others.

Above and beyond these evident challenges, the most important aspect of Pi Network’s move toward Open Mainnet is the worth of its native token, Pi Coin; the project has often reminded the community that its ultimate goal is to provide the Pi Coin genuine value as in fiat currency.

However, achieving this goal is not that easy. The project must bring out multiple innovations that can potentially favor Web3’s future landscape. It of course will take time.

PCT’s goal is not to rush to open the Open Mainnet and exchange Pi Coin for other digital assets or fiat currencies to profit; rather, they want things to go as planned for the sake of Web3’s future.

What if Pi Network launches Open Mainnet today?

Let’s do a thought experiment.

Suppose Pi Network enters the Open Mainnet period today (as of writing), what will happen? — Well, the majority of Pi holders who had already migrated to the enclosed mainnet will exchange their Pi Coins for other digital currencies or fiat currencies to make profits.

Following this, barely any crypto investor will invest in the Pi Network project as it doesn’t yet have a super innovative and popular product or an exciting plan. This will eventually lead Pi Coin to a drastic decline and may collapse completely.

Notably, a significant portion of Pi Network users whose KYC verification is pending or are unable to apply will lose hope.

As a result, Pi Network’s plan to not set an Open Mainnet launch schedule for now is reasonable.

When to expect a concrete schedule for Mainnet launch?

KYC verification is undoubtedly the most crucial factor for the project’s open mainnet launch.

After a few months of PCT releasing significant KYC updates, Pioneers (Pi holders) should anticipate a concrete timeline for the Pi Network open mainnet launch. That said, this will likely happen only if the KYC upgrades successfully address major KYC issues.

According to insiders, PCT is working hard to bring out solutions to KYC issues and let the maximum number of users complete their identity verification.

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Disclaimer: This story is entirely based on the author’s opinion and does not reflect Moneybinds’ perspective as a whole.