Pi Pioneers, the moment we’ve all been waiting for has come true-the Open Network is LIVE! This means external connectivity of Pi Open Network is officially open for the global Pi community. The launch of Open Network is a big milestone in the Pi journey to bring alive a truly inclusive utility-focused cryptocurrency. The integration with the broader blockchain world is here, with access to the Pi vibrant ecosystem of innovative applications and an extensive peer-to-peer network.
This launch holds significance not only for Pi Open Network but also for every Pioneer who has partly contributed to the building of this community over the past six years. Now we are connected to a world beyond ours.
Unlocking New Possibilities
With Open Network in effect, Pioneers are able to access the utilities-backed ecosystem and applications of Pi that interact with other compatible networks. This means you can now do business beyond the borders of Pi, thus extending their utility and reach in our dear network.
What more, Pi has launched a convenient list for KBY-verified businesses. Pioneers should go check out businesses that have gone through the Pi Network’s KYB verification. Not on the list? No sweat—businesses can apply for verification here.
And that’s not all! Open Network is integrated with centralized exchanges and onramps. They’ll increase the flexible routes to obtain Pi and join the Pi ecosystem. And news flash: updates are coming for the Node system along with some cool additional releases.
Are you ready for Pi Open Network? We are!
If you are as excited as we are, click to watch this video by Chengdiao Fan, one of the founders of Pi, where he further expands on the opportunities and new features available with Open Network. Don’t forget to also take part in the Open Network Challenge in the upcoming week in the Pi mining app. It’s a great opportunity to experience the full scope of everything Pi Open Network has to offer.
Secure Integration of Pi with the World Outside
Onramps and CEX Integrations
For the first time, Pioneers can now connect their Pi to external systems and networks. CEX platforms and onramps have successfully integrated with Pi Network—after undergoing the KYB process, of course. These trusted services are crucial for linking Pi with the wider crypto ecosystem and the fiat world.
Be warned that you should know any third-party service you interact with must show up on the official KYB page; adios to any service that claims to be integrated with Pi but isn’t on that list-scams! It’s a jungle out there; stay safe!
Business Compliance: Know the Basics
For the time being, and to ensure a safe and compliant ecosystem, KYC (Know Your Customer) and KYB (Know Your Business) criteria are in effect for any businesses looking to access Pi Mainnet, Nodes, and other Mainnet services.
Transactions in Pi can only be done with non-custodial Mainnet Pi wallets if and only if the business has gone through the KYB process. This extra confirmation makes sure that Pioneers can have a trustworthy environment to interact with businesses they can trust.
Are you a business looking to integrate with Pi? Complete your KYB here. This is just another step to ensure the security and survival of our ecosystem.
Check the entire list of approved KBY businesses and always double-check before doing anything with a business that is not listed. Just keeping your Pi transactions safe!
Pi Node Release and Updates
With the launch of the Pi Open Network, the firewall set in Enclosed Network has been taken down. Therefore, technically, anybody is now allowed to add nodes to the Mainnet blockchain – No more barriers!
The nodes with a strong claim of having been reliable and tried will now gradually be invited to shift from Testnet to Mainnet through the desktop Node UI. Public disclosure of node rank data will commence shortly; stay tuned.
Version 0.5.1 of the Node software has also been released. A number of enhancements are included, such as a new interface for easier data migration and performance tuning, resulting in reduced CPU load for a more pleasant user experience.
Pi Open Network: Explore Through the Challenge In-app
The Open Network Challenge, which kicks off next week, will give away a chance to explore all the fascinating new features, tools, and opportunities that Open Network has to offer in an engaging and fun way.
In the challenge, you’ll complete 12 actions that guide you through the newly released content, help you migrate to Mainnet, and even engage with Pi’s community via social media apps like Pi Chats and Fireside Forum. Plus, some fabulous rewards in the process will await you as you explore Pi’s expanding ecosystem.
Pi Network Token: Big Debut with a Roller-Coaster Ride
The Pi Network token just made its debut, which has been quite an event. The Pi token surged to a temporary value of $2.00, dropped again to something like $0.97, and within such a short time proved its illiquidity; which liquidity is one of the prominent challenges Pi has now, though, considering the market depth on OKX is quite restricted?
Fully diluted value rose to the breathtaking $195 billion-toppling almost that of Solana’s SOL token. In circulation are only 6.3 billion tokens, out of a total supply of 100 billion, giving it a current market cap of around $6.1 billion.
The Pi Network does bear similarities to previous viral projects, such as SafeMoon. One important difference may be that the user needs an invite to mine Pi tokens on their phone, which essentially acts as a referral program. Mining rewards grow as more people are invited to join, which creates a scenario of sorts that resembles a multi-level marketing-type scheme. Hence, tread carefully with it.
All accrued tokens are now tradable as Pi Network enters the Mainnet phase. However, liquidity continues to be an issue, with even the most liquid exchanges unable to absorb large trades. For the sake of deepening the liquidity, the Pi Network is offering option holders to lock-up their tokens up to three years, thereby enhancing mining rewards.
The road ahead is hardly smooth, but the launch phase of the Open Network and these new features are definitely worthy of following for the coming months for Pi Network.
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