Pi Network, a blockchain-based platform that allows users to mine PI tokens, has scheduled the debut of its Open Network mainnet for February 20.
While OKX welcomes the impending Open Network launch, significant exchanges hesitate to list Pi.
The project is now reporting significant development, with millions of KYC-verified users and a developing utility-driven ecosystem after several setbacks.
Unrestricted Network
Pi Network has limited external interactions by operating in an enclosed network phase since December 2021.
The forthcoming Open Network phase will alter this, enabling its blockchain to establish connections with other networks. This change will increase real-world use cases by allowing users, referred to as Pioneers, to transact outside of the Pi ecosystem.
The ecosystem of Pi Network consists of blockchain technology for smooth transactions, utility-based apps, and a social network for cryptocurrency users. Anyone can run a node on the mainnet blockchain after removing the firewall.
However, Pi’s core team will give them priority by asking seasoned users to move their nodes from the testnet to the mainnet. The desktop node UI will be used to oversee this process, and individuals who consistently contribute and have excellent dependability scores will be given preference. Furthermore, node rankings will be openly accessible.
Pi Network’s co-founder and head of technology, Nicolas Kokkalis, emphasized the platform’s usability. He underlined that Pi makes cryptocurrency accessible to millions of people globally by enabling consumers to mine it for free on smartphones.
Kokkalis claims that the blockchain also facilitates identity verification for individuals and companies, which is not typical in Layer-1 networks. This feature allows authenticated users, businesses, and third-party apps to connect seamlessly.
Pi Network is surrounded by controversy.
Despite its grand ambitions, Pi Network is still a contentious issue in the cryptocurrency world.
Critics contend that rather than being a genuine blockchain project, its concept more closely resembles a multi-level marketing scheme. Significant exchanges are reluctant to list the coin due to this distrust.
Ben Zhou, the CEO of Bybit, recently rejected requests for his exchange to list Pi Network’s coin. He clarified that his prior forex trading experiences influenced his choice to avoid the project in a post on X on February 12.
Wu Blockchain, a cryptocurrency writer, noted that certain exchanges have cut ties with the initiative. He claims Bitget has covertly deleted Pi-related promotional material, perhaps due to ongoing disputes.
OKX has declared its intention to support the Pi token despite this. Deposits will be accepted on the exchange as early as February 12; spot trading will start on February 20. The withdrawal period will open on February 21, 2025.
