Pi Network has captivated millions of Pioneers worldwide as a groundbreaking cryptocurrency project allowing easy mining from smartphones. A common question among users is: “How can I actually use the Pi I’ve mined?”
The answer lies in the final stage of Pi Network: migration to the mainnet. A crucial tool for this smooth transition is the “Pi Network Mainnet Migration Checklist.” This article provides a detailed explanation of each step, ensuring you have a solid foundation for utilizing your Pi.
Understanding the Pi Network Mainnet Migration Checklist and Its Importance
This section explains what the Pi Network mainnet is and why this migration process is crucial. By the end, the significance of the checklist and the vision behind Pi Network will be clear.
What is Pi’s “Mainnet?”
In blockchain technology, the mainnet is the production environment where cryptocurrency transactions and applications operate. Unlike the “testnet” (testing environment), transactions on the mainnet have real-world value.
Pi Network is currently in a phase called the “Enclosed Mainnet.” This period facilitates Pi usage within the Pi ecosystem before direct exchange with external blockchains or fiat currencies. Pioneers who complete mainnet migration can transfer their Pi to a Pi Wallet and use it to purchase goods and services within this enclosed ecosystem.
Checklist Purpose and Overview
The mainnet migration checklist outlines the process of transforming your mined Pi into “transferable Pi balance” ready for mainnet migration.
This checklist consists of eight main steps. Completing step 7 prepares your transferable Pi balance for the mainnet migration queue. Following each step ensures a smooth transition and participation in the Pi ecosystem.
Accessing the Mainnet Migration Checklist
This section explains how to access the mainnet migration checklist through the Pi app, allowing you to check your migration status and proceed to the next steps.
- Tap the “Mainnet Info” shortcut in the bottom right corner of the Pi app’s home screen.
- Alternatively, tap the hamburger menu icon (three lines) in the top left corner to open the Pi menu, select “Mainnet,” and then tap “Mainnet Checklist.”
Either method will lead you to the checklist page.
Pi Network Mainnet Migration Checklist: 8 Steps Explained
This section details the eight steps required to complete the mainnet migration. Understand the significance and specific actions of each step to ensure a successful migration.
Step 1: Download the Pi Browser App
Pi Browser is the core Web3.0 browser for the Pi ecosystem. Key Pi apps, including the Pi Wallet and Pi KYC, are accessible through Pi Browser, serving as the access point to the Pi ecosystem. Download the Pi Browser app from the App Store (iOS) or Google Play Store (Android) if you haven’t already.
This app will be used to utilize goods and services with Pi and access decentralized applications (dApps) linked to the Pi mainnet in the future.
Step 2: Create a Pi Wallet
The Pi Wallet is a digital wallet for storing your migrated Pi. Pi Network uses a “Non-Custodial Wallet,” meaning you manage your assets.
A non-custodial wallet means Pi Network doesn’t store your wallet passphrase (private key); you are responsible. This enhances security as only you can access your Pi. The official Pi Network YouTube channel provides detailed tutorial videos on creating and using a Pi Wallet.
Step 3: Approve Your Pi Wallet
This crucial step confirms you know your Pi Wallet passphrase. You’ll re-enter it for approval.
Losing your passphrase means losing all your Pi. Pi Network doesn’t record your passphrase; it cannot be recovered if lost. Store it securely and confidentially.
Step 4: Finalize Your Lockup Settings
Finalizing Pi lockup settings allows for higher mining rates before mainnet migration. Lockup supports healthy ecosystem growth and encourages long-term contributions.
Lockup Mechanism:
- Longer lockup periods and higher Pi percentages result in higher mining rewards.
- This reward is a crucial decentralized macroeconomic mechanism in the initial stages of ecosystem launch and demand creation.
- Lockup is optional, but you must finalize your initial settings to complete step 4.
- Once finalized, lockup settings (amount and duration) cannot be changed (reduced) until your first mainnet migration is complete.
After the first mainnet migration, your previous lockup settings are automatically applied for subsequent migrations. However, you can adjust the settings between mainnet migrations. These changes apply to future migrations and don’t affect already migrated lockups.
For more detailed information on Pi lockup rewards, refer to the updated chapter in the whitepaper released on December 28, 2021.
Step 5: Submit Your KYC Application
KYC (Know Your Customer) verifies that Pioneers are real individuals, meeting regulatory requirements. This prevents fraud and multiple accounts, maintaining network integrity.
The Pi KYC app within Pi Browser uses a decentralized solution combining automated machine processes and human verification through crowdsourcing from Pioneers worldwide. This makes KYC scalable and cost-effective. Submit your Pi KYC application when a slot becomes available. Currently, slots are open for a majority of the network, with the remainder to receive invitations as work progresses.
Step 6: Await KYC Results
This step is complete upon successful KYC application approval.
In rare cases, additional network checks just before mainnet migration might revert your verified status to unverified. If this happens, you might be offered re-application options. Regularly check your KYC application status and next steps in the Pi KYC app. KYC-approved Pioneers can apply to be KYC validators. While not mandatory for mainnet migration, this contributes to the scaling and speed of the overall KYC solution, and the work is rewarded in Pi.
Step 7: Approve Mainnet Migration
Completing all previous steps allows you to add your transferable Pi balance to the mainnet migration queue. This involves using your Pi Wallet passphrase to execute an approval document. This passphrase must be the same as in Step 3.
If you can’t access your current passphrase or want to change your wallet, repeat steps 2 and 3 to create and approve a new wallet, then re-confirm the new wallet passphrase in step 7.
Completing step 7 queues your transferable Pi balance for transfer to your mainnet Pi Wallet address (this is the mainnet migration), unless your KYC-approved status is revoked due to pre-migration checks.
Step 8: Await Mainnet Migration Completion
After queuing, a 14-day holding period exists before your Pi balance reflects in your mainnet wallet. During this period, Pioneers cannot use their mainnet Pi balance for transfers.
This holding period allows the network to perform additional checks and corrections, ensuring secure transfers. After the holding period, Pioneers can freely use their Pi within the current enclosed Pi mainnet.
Post-Mainnet Migration Outlook and Usage
Pioneers who have completed the checklist and migrated their Pi balance to their Pi Wallet can begin participating in the Pi ecosystem. In the enclosed mainnet, you can use Pi to buy various goods and services and use Pi-based Web3.0 applications.
This marks a significant step in Pi Network’s evolution from a mobile mining app to a functional blockchain ecosystem with actual value exchange. As the Pi ecosystem grows, more utility will emerge, expanding Pi’s value and usage.
Conclusion: Act Now for the Future of Pi Network
Since its inception, Pi Network has shown remarkable growth in scale and enthusiasm. The start of mainnet migration and the development of a fully functional and thriving ecosystem on the mainnet blockchain is a great achievement for the Pi Network development team.
Completing this mainnet migration checklist is crucial for all Pioneers to activate their Pi. Use the knowledge gained in this article to complete the checklist and contribute to the future development of Pi Network. For further learning, regularly check the official Pi Network whitepaper, updates within the Pi app, and official announcements.