Many pioneers are anxious for mainnet to come especially those that have passed their KYC, abbreviation for ‘Know Your Customer’- a screening exercise every pioneer have to pass through in order to checkmate and control fake accounts.
However, they have forgotten that a project of over three years cannot be handled in a hurry. Otherwise, it will end up the way of predecessors such as Bitcoin and Ethereum that have failed in their primary objective of the need for digital assets (cryptocurrencies) in the first place, that is to be able to do all what the fiat currency is used for.
That’s why the Pi Network Core Team keeps emphasizing the development of more Dapps (Decentralized Applications) through the Hackathon initiative in order to have enough Apps to cover practically anything people do with fiat currency. So that a person can use Pi, the utility Coin for the Pi Network, to make payment for anything through the Pi Applications, as opposed to utilizing fiat currency to purchase or make payment for products or services given. A form of e-commerce but with crypto currency.
Below are five reasons why Pi Network is yet to Launch mainnet:
1. Before being connected to the mainnet, the Pi Network must undergo further development as it is still in its infancy.
2. The Pi Network team is still enhancing its security protocols and making sure that all necessary precautions are taken to safeguard its users.
3. Before going live on the mainnet, the team is also trying to ensure that all of the network’s features are completely operational.
4. Prior to the mainnet launch, the team is also ensuring that the network can support the anticipated volume of users.
5. The Core Team is also ramping out its KYC solution so that the majority of pioneers will be KYCeed before the mainnet goes up.
What is Pi Network?
Pi Network is a digital currency project that aims to keep cryptocurrency mining accessible, as the centralisation of first-generation currencies like bitcoin (BTC) has put mining them beyond the reach of many everyday users.
The Pi Network, developed by a team of Stanford University graduates, enables users to mine PI cryptocurrency coins using desktop and mobile phone apps, validating transactions on a distributed record.
Unlike nodes on networks such as Bitcoin that use proof-of-work (PoW) protocols, Pi nodes use an algorithm based on the Stellar Consensus Protocol (SCP). Pi Nodes validate transactions on a distributed ledger and reach a consensus on the order of new transactions that the ledger records.
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