Recently, many cryptocurrency projects have been attracting attention, but among them, “Pi Network” has become a big topic with its unique approach. Pi Network is characterized by the fact that mining is possible with a smartphone, and it aims for a new model that balances centralization and decentralization by introducing KYC (identity verification).

Adoption of Cryptocurrency in the Banking Industry, Including Bank of America

In addition, interest in cryptocurrency is growing among global financial institutions. In particular, the CEO of Bank of America suggested that if legal frameworks are put in place, the banking industry could “come in all at once” for the adoption of digital currencies. This is the view that major existing financial institutions will fully enter the market once systems are in place to address the challenges faced by fully decentralized currencies like Bitcoin, namely tax systems, anti-money laundering measures, and counter-terrorism financing.

Traditionally, there have been concerns about the anonymity of funds and the lack of transparency in security measures for cryptocurrencies. However, the CEO of Bank of America expressed the view that adoption would progress if there were a “non-anonymous and verifiable system,” and cryptocurrency is being discussed as a new option following existing payment methods (such as Visa, Mastercard, and Apple Pay).

Comparison of Pi Network and Bitcoin: A Hybrid of Centralized and Decentralized

Pi Network, which is currently attracting attention, is exploring a system that partially combines “centralized” and “decentralized” aspects, unlike Bitcoin. For example, it has the aspect of verifying user legitimacy through KYC (identity verification) and making transactions traceable as needed. On the other hand, it is said that a decentralized mechanism is used for the network’s operation itself and blockchain verification work, aiming to realize an architecture that balances both.

In practice, when transfers between users occur within the network, it takes a form close to decentralized management, but at the stage of linking with external financial systems, elements that can identify users (information from completed KYC) are utilized. Therefore, it can be said that it is a “structure that is difficult to operate with complete anonymity but is easily accepted by banks and regulatory authorities in various countries.”

Benefits and Challenges of KYC

One of the purposes for Pi Network focusing on KYC is to enable exchange with fiat currency in the future. One of the reasons Bitcoin is often criticized is its high anonymity, making it difficult to track who is transacting. By introducing KYC, the aim is to clear hurdles such as taxation, fraud prevention, and anti-money laundering, and to facilitate the bridging with the existing financial system.

However, on the other hand, the introduction of KYC requires large-scale user data management, and the handling of personal information must be done carefully. If data leaks occur, there is a risk of significantly damaging user trust, so robust security measures and a clear privacy policy must be established.

The Fate of Mainnet Launch: Multiple Speculations and Latest Information

Regarding the timing of Pi Network’s mainnet launch, various rumors and speculations are circulating. Some information mentions specific dates such as “the first Friday in February” or “March 14th,” but there has been no official announcement from the development team at this time. There are also overseas reports suggesting that the mainnet will launch in the first quarter of 2025 (around January-March).

Furthermore, a person identified as Pi Network’s official designer, named “Diang,” seems to be frequently releasing hints about the mainnet launch through social media and various information channels. Diang is responsible for the project’s brand design and in-app artwork and is considered a significant figure within the community.

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https://x.com/Pi_diange/status/1878423801303842866

Of course, the official release date of the mainnet remains unclear, but within the developer community, there are voices suggesting that “early 2025 is the most likely.” Since its start, Pi Network has increased its user base, reportedly reaching tens of millions, primarily due to the simplicity of mining via smartphones. If this vast user base begins to move seriously towards mainnet migration, it could have a significant impact on the market.

Community Expectations and Concerns

Within the Pi Network community, expectations are high that the project’s value will be recognized as it expands further. On the other hand, there are also voices expressing concern about multiple launch delays and insufficient official announcements. It is also true that the KYC process takes time and effort, increasing the burden on users.

However, once this KYC process is completed and the mainnet is opened, it will become easier to promote collaboration with external exchanges and companies. If companies around the world begin to accept Pi as a means of payment, the scope of practical use will expand, and the value of Pi is expected to rise.

Potential for Integration with Banks and Financial Institutions

As mentioned earlier, “regulatory clarity” is essential for major financial institutions, including Bank of America, to actually handle cryptocurrencies. In the case of Pi Network, the fact that a certain degree of traceability can be ensured for transactions between KYC-verified users may appear attractive to banks.

Furthermore, there is a view that by combining centralized auditing functions with decentralized characteristics that vitalize the user community, it may be possible to approach the strict compliance standards required by financial authorities and overseas regulatory bodies. If Pi Network can present a concrete roadmap for collaboration with the banking industry and major payment systems, its profile will likely increase further.

Future Outlook: Realistic Movements and User Perspective

Traditional cryptocurrencies like Bitcoin and Ethereum have long been subjects of investment and speculation, but Pi Network has pursued the concept of “easy for anyone” and has rapidly increased its user base. Precisely because of this, the risk of users leaving if mainnet delays continue cannot be denied. The majority of users are likely eagerly awaiting the time when the Pi accumulated through mining can be exchanged for fiat currency.

On the other hand, given the rapid fluctuations in Bitcoin price and the continued high market volatility, it can also be said that many investors are waiting for “cryptocurrencies with established regulations and increased reliability.” If Pi Network’s KYC model aligns with this, many opinions suggest that integration with legacy finance, such as the banking industry, can be expected.

Summary: When Will the Mainnet Launch, and Where Is It Heading?

Regarding the launch of the Pi Network mainnet, various predictions are intertwined, ranging from information suggesting early 2025 to rumors of specific dates like “the first Friday in February” or “the 7th.” However, there is still no confirmed information from official channels, and it seems necessary to continue monitoring developments.

Behind the banking sector’s active adoption of digital currencies is the reality that they are looking for projects that can clear tax systems and fraud prevention measures. Introducing KYC while being fully decentralized like Bitcoin is a unique characteristic of Pi Network, and not a few users see strong potential in this.

Ultimately, for the mainnet to launch and for Pi to be used for actual payments and international remittances, it depends on the future development status and the speed of global regulatory establishment. If Pi Network’s concept of “a cryptocurrency anyone can easily participate in” becomes a reality and an environment where many users can use it with peace of mind is established, a new wind will blow into the financial industry.

The situation continues with a mix of expectations and anxieties, but it is certain that ensuring reliability, including KYC, will be a major key. Depending on future developments, there is a possibility that the world map of cryptocurrencies could be redrawn, and we must continue to keep an eye on the movements of Pi Network and the banking industry.