This is the latest news about Pi Network Cryptocurrency. On February 20, 2025, at 8:00 AM UTC, Pioneers, Pi Network will formally move to the Mainnet’s Open Network period! The Pi community is taking a huge step forward in realizing the Pi vision of creating the most inclusive peer-to-peer ecosystem and online experience in the world, powered by Pi, the native token of Pi Network, thanks to the dedication and hard work of the entire community over the past six years.
Thanks to improvements revealed in the most recent timeline update, we have surpassed the initial 10 million Mainnet migration target by reaching 10.14 million. Pi is also prepared to launch its utilities-driven ecosystem, allowing our now 19 million identity-verified Pioneers to use Pi, a cryptocurrency with practical uses and applications.
Keep checking back for more details about Open Network on launch day! Let’s review Pi’s journey, what to anticipate at the Open Network launch, current Open Network conditions, and how you can get ready in the interim.
Pi Network’s six-year journey to Open Network has been based on intentional phases and milestones that have been driven by the community, ecosystem, and Pioneers. With the start of the Enclosed Network period in December 2021, the current Mainnet Phase 3 got underway. This meant that while the mainnet was operational, it was protected from external connectivity by a firewall.
The Open Network was established during this time, giving the Pioneers the opportunity to finish their KYC and get Pi on the Mainnet, the Developers the opportunity to create genuine apps and utilities for the Pi ecosystem, and the Core Team the opportunity to release and enhance a number of Pi features and utilities.
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In March 2022, the Enclosed Network unveiled a new formula for issuing mining rewards. It is based on a declining exponential model that right-sizes the Pioneers’ rewards for their contributions to the network while balancing the network’s needs for expansion, accessibility, longevity, and scarcity.
The purpose of the Grace Period, which was implemented on July 1st, 2024, to speed up the transition to Open Network, was to balance giving Pioneers enough time to complete KYC and become eligible to receive Pi on Mainnet with providing enough urgency and incentive for people to complete KYC and switch to Open Network.
This technique helps free up Pi for mining by other Pioneers by preventing unverified Pi from obtaining Pi on Mainnet after the rolling 6-month KYC period. In the meantime, Pioneers could exchange Pi with other Pioneers in the network after obtaining Pi on Mainnet. For instance, PiFest 2024, a one-week event, made it easier for Pi merchants and Pioneer shoppers to exchange Pi for goods and services locally.
It attracted over 27,000 active sellers and 28,000 test merchants from 160 countries, and within a few days, over 950,000 Pioneers participated. PiFest demonstrated Pi’s entire ecosystem for integrating local commerce, which includes social sharing on Fireside Forum, payments via Pi Wallet, store discovery via Map of Pi, and transactions on the Pi Mainnet blockchain. All of these features operate seamlessly across various Pi applications that are currently in use.
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