Key Takeaways
- All the users are advised to complete their KYC verification by November 30, 2024, to secure Pi tokens and prepare for the Mainnet launch.
- The upcoming mainnet launch is likely to expand PI’s accessibility to external wallets and exchanges.
- Users are advised to avoid using speculative platforms that claim to trade Pi tokens on the main net. Verify official channels for authentic information.
- The mobile-first approach of Pi Network aims to democratize crypto access by allowing users to mine the Pi tokens using mobile devices. Supporting the mission of Pi to provide crypto access to all.
Pi Network is a unique mobile-first crypto project that aims to make cryptocurrencies accessible to a wider audience through a simple low-energy mobile crypto mining process. It was launched by a group of PHD scholars from Stanford in 2019. The users of this network are allowed to mine Pi coins directly from their smartphones.
The users can engage with crypto without the need for intensive computing resources. The platform operates in a decentralized manner. Users of the platform are invited to contribute to the network security and earn rewards by participating in the ecosystem through the application.
Pi Network: Key steps for mining Pi
Pi coins can be mined by using the Pi Network application by following a streamlined method.
Step 1: Download and Setup the application
Download the Pi Network application from either the Apple App Store or Google Play Store. Then create an account by providing the necessary details.
Step 2: Invitation Code
To join the network you need an invitation code. Get the invitation code from an existing Pi user or Search online for the invitation link.
Step 3:Start Mining
Tap on the lightning bolt option provided in the app to initiate mining sessions, without the requirement of substantial energy consumption.
Step 4: Create a Security circle
Friends can be added to your circle so that you can enhance your mining rate.
Step 5: User Engagement
Users can contribute to the platform by using the Pi browser and participating in activities related to the platform to support project growth.
Pi Network: KYC Verification and Significance
Pi network issued a reminder to all the users stating that November 30, 2024, is the deadline for completing the KYC verification process. This is important for users to secure their Pi holdings and ensure their eligibility to participate in the airdrop.
KYC is crucial because of two reasons, They are:
User Identity Verification: It verifies user identities, and also ensures regulatory compliance with the regulatory standards while considering the safety of the network.
Asset Security: The user can secure their mined Pi coins by enabling safe transactions after the platform becomes operational.
If users fail to complete KYC verification by this date may lead to delays in accessing and transferring Pi tokens after the Minnet launch.
Pi Network: Pi Network Enclosed Phase
The Pi network is operating in its enclosed phase. In this phase verified users have limited access to their Pi tokens. These tokens can be used within the ecosystem but cannot be transferred to external wallets.
Scaling of KYC systems to manage a broader user base while addressing the technical challenges before the transition of the network into a fully decentralized platform. The verification process remains crucial as the Pi moves to the mainnet to ensure the security of the network while scaling.
Pi Network: Selling Pi coins after the launch of Mainnet
After the launch of Mainnet. The users of Pi will have multiple options for selling their Pi coins.
Centralised Exchanges(CEX)
Users can use centralized exchanges to deposit Pi tokens and execute the sell order. Users can initiate the sale after creating an account and transferring their Pi holdings to the exchange wallet. Users can avail fiat currency or another crypto in return for the sale.
Decentralised Exchange(DEX)
DEX platforms allow peer-to-peer trading without centralized intermediaries. After The Mainnet launch these platforms can be used for trading Pi tokens. Users can execute transactions after adding Pi and executing transactions with each other.
Peer-to-Peer Trading
Users can sell tokens directly to individuals or through a community trading page. P2P trade should be done with caution to avoid scams.
Pi Network: Future Potential
Pi Network is becoming a valuable player in the global crypto ecosystem. The innovative mobile-friendly approach is boosting the growth of the platform. The platform has drawn significant interest among worldwide investors with its mission to bring crypto mining to everyday smartphone users.
In the future evolution of the project, the decentralized approach and emphasis on accessibility make it unique among other crypto networks. As per speculations, investors believe that the price of Pi Network would increase to $100 ahead of its mainnet launch.
After the launch of the Mainnet Pi network users can trade their Pi tokens and experience the broader ecosystem benefits. All the users must complete their KYC and stay updated within the community to support the success of the Pi network.
