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Evolution and Impact of Next-Generation Blockchain Technology

Pi Network is attracting attention as an innovative platform that allows users to mine cryptocurrency using mobile devices. The project was launched in 2019 by Stanford University graduates and has now grown into a large community with over 65 million users.

Overview of the Latest Update

In early 2025, Pi Network is scheduled to implement a significant blockchain protocol update. This update will include the following improvements:

Improved Transaction Speed: In its current testnet phase, Pi Network’s transaction processing is not optimized. This update is expected to reduce confirmation times.
Enhanced Security: Security measures will be strengthened to address the risk of cyberattacks associated with the increase in active nodes.
Improved Scalability: The overall network efficiency will be improved to allow more users to participate.

Impact on Node Operators

This update will require manual data migration by node operators. A node is a computer or server that runs blockchain software and validates transactions. Operators will need to complete the data migration according to the guidelines provided. While this process may seem complex at first glance, detailed instructions will be provided by the team, allowing many operators to successfully complete the migration.

New Features and Future Outlook

New features may also be added after the update. For example:

Multi-chain and multi-currency wallet integration
Smart contract compatibility

These features will not only enhance the user experience but also further solidify the path towards the inclusive and accessible cryptocurrency ecosystem that Pi Network aims for.

Conclusion

This update to the nodes and blockchain protocol is a significant step in the evolution of Pi Network. While it may involve some temporary inconvenience, the resulting benefits will be substantial. With improved transaction speed, security, and scalability, Pi Network will move even closer to the planned open mainnet migration in the first quarter of 2025.

We will continue to keep a close eye on this innovative project. Let’s keep checking for the latest information and ride this wave of a new era!

Pi Network Latest Update: Grace Period Extension and the Importance of KYC and Mainnet Migration

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Cryptocurrency Pi Network announced important developments towards 2025. The team decided to extend the deadline for the Grace Period (GR) until February 28, 2025 for users who have not completed their KYC (Know Your Customer) and migration procedures. This decision is aimed at allowing more users to secure their Pi coins and contribute to the ecosystem.

What is the Grace Period?

The GR period refers to the grace period given to Pioneers to complete their KYC application and perform Mainnet migration. If the necessary procedures are not completed within this period, there is a risk of losing balances other than Pi coins mined in the past 6 months.

Background and Purpose of the Grace Period Extension

Initially, the GR period was scheduled to end at the end of 2023, but it became clear that many users had not completed KYC or migration, leading the team to choose to extend this deadline. This extension allows users to continue the process and ensures the fairness and inclusivity of the Pi Network.

This time, the Pi Network team extended the GR period until February 28, 2025. This decision has the following objectives:

Inclusivity and Fairness: Enable more Pioneers to complete KYC and Mainnet migration.
Special Case Handling: Provide sufficient time to accommodate users in specific situations.
Network Strengthening: Increase the number of KYC-verified users and strengthen the ecosystem before the Open Network launch.

Relationship with the Open Network

Interestingly, it has been clarified that this GR period extension does not affect the launch date of the Open Network (Mainnet). According to the team, the Open Network is expected to launch as scheduled in the first quarter of 2025. Therefore, there is no need to worry about losing Pi coins even if KYC or migration is not completed.

Key Points from the Official Statement

GR period rules will be maintained regardless of the Open Network launch date.
Pi coins will be retained even if KYC or migration is not completed.
The Open Network is scheduled to launch as planned in the first quarter of 2025.

Risks of Not Meeting the New Deadline

If you fail to complete KYC or Mainnet migration by the new deadline of February 28, 2025, there are the following risks:

Only Pi coins mined in the 6 months immediately preceding the deadline can be retained.
Balances mined before that will be lost.

Since there have been multiple extensions before, prompt action is recommended.

What Pioneers Should Do Now

If you have not yet completed your KYC application or Mainnet migration process, please proceed with the following steps:

Open the Pi Network app and click on ‘Mainnet Checklist’.
Fill out the KYC application form and submit the required documents.
Complete the Mainnet migration process.

How to Apply for PiNetwork KYC (Identity Verification) and Points to Note

Pi Network Team’s Vision

This decision demonstrates that the Pi Network team prioritizes the growth and sustainability of the entire ecosystem. In particular, a careful judgment was made regarding the GR period deadline, which is highly sensitive and has significant implications. This extension measure provides many users with the opportunity to participate in the ecosystem.

Future Outlook

The Pi Network team aims for an ‘accessible and fair ecosystem for everyone’ and took this measure based on this philosophy. They are also preparing for the Open Network launch scheduled for the first quarter of 2025. This is expected to build a new economic sphere and achieve further growth.

Summary

As the latest information on the Pi Network, we have explained in detail the GR period extension and the Open Network launch timing. From this announcement, it can be seen that the team values the user experience and the health of the entire ecosystem. Let’s continue to monitor progress information and prepare accordingly.

Prospects for the Open Mainnet

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Pi Network is a new digital currency developed by PhDs from Stanford University. Due to the ease of mining on mobile devices, users worldwide are participating as “Pioneers” and expanding the community. It has now entered the Closed Mainnet phase, and users who have completed KYC (Know Your Customer) and migrated to the mainnet can now conduct transactions and bartering with coins.

From Closed Network to Open Network

In the Closed Network, while full integration with the external network is restricted, buying, selling, and service exchange using coins can be conducted within the community. This is positioned as a preparatory stage before the full transition to the Open Network, with user KYC completion and coin migration being the most important tasks.

“The Closed Network phase is also a preparation period where the value of Pi coins stabilizes to some extent, and transactions between Pioneers are tested.”

Important Date: Q1 2025

The Pi Network development team has indicated that the Open Network will launch in the first quarter (Q1) of 2025. The following three dates are particularly noteworthy:

January 31, 2025: The grace period for KYC and Mainnet migration procedures ends. It is highly likely that the coins of users who do not complete these by this date will be frozen or deleted.
February 14, 2025: The official Open Network launch date may be announced as a one-month advance notice.
March 14, 2025: The official launch of the Open Network is scheduled. This date is also said to be related to the name “Pi Network” and “3.14 (Pi)”.

Given that “Pi” is a name inspired by the mathematical constant “π”, there is growing anticipation both within and outside the community that March 14th might be chosen as the launch date, coinciding with “Pi Day”.

Preparation Work by January 31st

First, you need to complete KYC (Know Your Customer) by January 31, 2025, and migrate your owned Pi coins to the Mainnet wallet. This is a procedure to ensure the legitimacy of Pi coins and the security of the network. If KYC is not completed or the migration procedure is not finished, there is a risk of coins expiring, and procedures may be concentrated and delayed, especially just before the deadline. Early preparation is crucial.

“If KYC is not completed by January 31, 2025, your coins may not be reflected on the network. Early action is important.”

Advance Announcement on February 14th

The Pi Network development team has mentioned multiple times that they will notify Pioneers at least one month before the official Open Network launch date. Therefore, around February 14, 2025, is anticipated as the timing for the advance announcement. If this is officially confirmed, the community’s expectations for the launch will further increase.

Realization and Significance of the Open Network

When the Open Network is realized, the Pi Network is expected to be able to integrate more freely with external services and other blockchains, significantly increasing the liquidity of Pi coins. Furthermore, in addition to transactions between users, the development of payment systems and new DApps (Decentralized Applications) is expected to lead to a wider range of uses.

The public release of the Open Network, built upon successful cases accumulated during the Closed Mainnet phase and a strong community foundation, is a significant step towards realizing the Pi Network’s philosophy of a “decentralized economy accessible to everyone.”

“Once the Open Network is publicly released, Pi coins have the potential to establish themselves not just as a speculative asset, but as a practical means of payment or a new era digital asset.”

Trends in the Pi Network Community

Currently, many users in the Pi community are watching closely to see if there will be updates from the development team every Friday, and the latest information tends to be shared easily within the community’s social media and app. It is recommended to check official announcements and news frequently to not miss the latest developments regarding the Open Network.

Mindset for the Open Network

2025 has the potential to be a breakthrough year for the Pi Network. It is good to keep the following points in mind:

KYC Authentication: Prioritize strict adherence to the deadline and quickly complete necessary documents and identity verification procedures.
Mainnet Migration: Understand the wallet setup and coin migration procedures in advance and complete them before congestion.
Gathering Community Information: Check weekly official updates and discussions on social media to always grasp the latest information.
Learning Future Usage Methods: Learn about the usage scenarios of the Pi Network, such as payment usage and app integration on the Open Network.

By proceeding with these preparations, you should be able to utilize coins smoothly after the Open Network is released and respond more easily to new opportunities and services.

Summary: The Future Pi Network is Paving

The Pi Network has steadily grown in the often complex world of cryptocurrency, supported by a user-friendly mining method and a large community. The anticipated launch of the Open Network on March 14, 2025, will be a major turning point, demonstrating the potential for Pi coins to become more than just a virtual asset and play a part in the international digital economy.

Even in the Closed Network phase, there are increasing examples of bartering with coins and conducting unique transactions. With the transition to an Open Network, global mutual transactions and new use cases are expected to expand rapidly. Not neglecting preparations such as KYC authentication and wallet migration, and keeping track of community trends, will be key to success.

While keeping an eye on future announcements and updates, why not start preparing to maximize the appeal of this new era digital currency?

Pi Network Latest Updates: A Detailed Look at KYC Deadline, Price Prediction, and Transaction Fees

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Latest information regarding the cryptocurrency project “Pi Network” has been announced. This article provides a detailed explanation of the importance of the KYC (Know Your Customer) process, Pi price predictions, transaction fees, and future prospects.

Importance and Deadline of the KYC Process

In Pi Network, completing KYC (Know Your Customer) is essential. January 31, 2025, is set as the final deadline, and exceeding this deadline may affect network migration and reward reception.

In particular, if referrers or team members have not completed KYC, there is a risk of losing your own rewards, so caution is advised. It is recommended to check the progress within the app and complete the necessary procedures promptly.

Pi Value and Price Prediction

Within the community, there is active discussion that the initial price of Pi will be $314,159. This price setting reflects the project’s philosophy of aiming for “stable value,” and the supply is fixed at 100 billion Pi.

Furthermore, Pi is designed as a stable currency, and a collateral-based mechanism has been introduced to support its price stability. This mechanism provides predictability to users while suppressing market volatility.

Transaction Fees and Competitiveness

In Pi Network, transaction fees are set very low at $0.005. This low-cost structure has an advantage compared to other cryptocurrencies like Bitcoin and promotes global transactions and application usage.

Furthermore, a mechanism to dynamically adjust fees based on network load is also adopted, ensuring economic sustainability.

Project Progress and Future Prospects

Pi Network is scheduled for official mainnet migration during the first quarter of 2025. This includes the period from January to March 2025. The project team strongly recommends completing KYC as a preparatory step for this migration.

Furthermore, after the migration, there is potential for Pi Network to achieve further growth on a global scale, and attention is also focused on its potential value.

Summary

Pi Network is attracting attention with its unique design and user-centric approach. Complete the KYC process early and prepare to participate in this innovative project. In particular, its utility value is expected to increase in the Japanese market as well.

Continue to check for the latest information and make the most of this opportunity.

Pi Network Grace Period: Complete KYC to Protect Your Bonus Pi

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In recent years, Pi Network has attracted attention as many users can easily earn cryptocurrency from their smartphones. However, this network has a deadline called the Grace Period, and if you do not complete KYC (identity verification) and Mainnet migration within this deadline, there is a risk of losing the Pi coins you mined and referral bonuses. Here, we explain the important points to keep in mind for safely and effectively utilizing Pi Network.

What is the Grace Period?

The Grace Period in Pi Network is a grace period provided for users to complete KYC and migration to the Mainnet. If you do not complete the procedures within this period, in many cases, most of the Pi you have mined so far and referral team bonuses may expire.

Procedures must be completed by January 31, 2025, and a countdown timer is installed within the Pi Network app to clearly notify you of the remaining time.

Why is KYC for Referral Teams Important?

Pi Network has a system called referral bonus. This is a mechanism where a certain percentage is added to the basic mining rate when you and someone who registered using your referral code mine simultaneously. However, if the referred party has not completed KYC and Mainnet migration, that bonus cannot be officially received.

If the friend you referred does not pass KYC or migrate to the Mainnet, there is a risk that you will not be able to receive your bonus Pi either.

In other words, even if you continue mining and increase your Pi coin balance, the referral bonus portion depends on the procedure status of your referral members. Only when both the referrer and the referred user complete KYC and Mainnet migration by the deadline can they secure the Pi, including the bonus amount.

Specific Steps for KYC and Mainnet Migration

To perform KYC and migration to the Mainnet on Pi Network, you mainly follow these steps:

Apply for KYC from the Pi Network app: Submit government-issued identification documents, etc., to verify your identity.
Waiting for verification: If there are no issues with the documents or submitted content, it will be approved by the Pi Network review team or automated verification system.
Mainnet migration: Once KYC is approved, complete the Mainnet migration procedure within the app.
Migrate Bonus Pi: When your referral team members also complete KYC and migration, your bonus Pi will also be activated.

How to Send Reminders to Your Referral Team

Pi Network provides a function to directly remind members of your referral team. By tapping the “Remind KYC Team” button within the app, you can send notifications to members and encourage them to complete KYC and Mainnet migration. In some cases, it is also possible to contact them in conjunction with social media or chat apps (such as WhatsApp or Telegram).

By helping your referral members actively use Pi Network and proceed with the procedures in this way, you can reliably earn your referral bonus Pi.

Risks of Missing the Deadline

If the deadline of January 31, 2025, is missed, a large portion of the referral bonus Pi may expire. Furthermore, users who have not completed KYC themselves risk being in a situation where they cannot freely use their Pi on the Mainnet. This is also a measure to maintain the overall security and health of the Pi Network, so in a sense, it is inevitable.

What to Do During the Grace Period

The actions to take within the Grace Period are as follows:

Check your own KYC status: If you haven’t submitted yet, apply immediately.
Notify referral members: Check the KYC status of members and urge them to take action promptly if they haven’t completed it.
Reconfirm account information: Verify that your name, identification documents, etc., are entered correctly.

Benefits the Pi Network Community Gains from Completing KYC

By passing KYC and completing Mainnet migration, you gain the following benefits:

Increased transaction freedom: There is potential for expansion in purchasing goods and using services with Pi in the future.
Acquisition of Bonus Pi: The referral bonus amount can be fully reflected.
Improved network reliability: The exclusion of fraudulent accounts increases the credibility of the community.

Summary: Early Action is Key

Some people may have the impression that KYC and Mainnet migration are “troublesome”. However, since there is a possibility that bonus Pi will expire if the deadline is missed, taking early action is important. Especially for users who have built a referral team, understanding the status of all members and sending reminders is the key to maximizing bonuses.

To benefit from the future cryptocurrency ecosystem by utilizing Pi Network, be sure to take proper measures and complete KYC and Mainnet migration by January 31, 2025.

Continue to check the latest information on Pi Network and enjoy a safer and more convenient cryptocurrency life.

Pi Network Mainnet Migration Accelerates – Approaching 10,000 Wallets Per Hour Milestone

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Pi Network’s Mainnet migration is steadily progressing, with significant advancements reported. We bring you the latest information on the current wallet migration speed and future developments.

Current Migration Status

The migration speed to the Pi Network Mainnet (Mnet) is recording astonishing numbers. Currently, over 10,000 wallets are being migrated per hour, achieving a migration of approximately 200,000 wallets in a 24-hour period.

Path to Achieving the Goal

The network’s goal is the migration of 10 million wallets to the Mainnet. Currently, only about 1.5 million wallets remain to be migrated, showing steady progress.

Future Timeline

Pi Network plans to deploy the Open Mainnet in Q1 2025, specifically in January 2025. The development team is currently carefully verifying system stability in preparation for global deployment.

Impact on the Community

This progress provides Pi holders with the following opportunities:

Additional time to earn more Pi
Sufficient preparation time for Mainnet migration
Ensuring reliability through improved network stability

Future Outlook

The development team is proceeding with preparations for the complete Mainnet migration with utmost care. This cautious approach is expected to ensure network stability and reliability after the launch.

Approaching End-of-2024 Deadline! The Complete Guide to KYC Verification, Mainnet Migration, and Lockup Strategy

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With only a short time left in December 2024, a crucial turning point is approaching for Pi Network users. This article provides a detailed explanation of the necessary actions to take by the deadline and the future outlook for Pi Network.

KYC Verification: Essential Steps Before the Deadline

Completing KYC verification by the December 31st deadline is the top priority for all Pi users. If you encounter issues with verification, the following actions are recommended:

Prompt contact with the Pi Support team
Regularly checking for app updates
Confirming verification status with your referrer

Details of the Mainnet Migration Process

The migration to Mainnet will be carried out automatically and in a phased process. The following conditions are required for migration:

Completion of KYC verification
Finalization of Lockup settings
Confirmation of phased balance migration

Staking Rewards (Lockup) System

The staking rewards system is a crucial element contributing to network stability. It offers the following benefits:

Opportunity to earn additional Pi through transaction validation
Contribution to network security
Improvement in mining rate

Expansion of Practical Use Cases

Pi Network has reported real-world transaction examples such as:

Buying and selling of automobiles
Purchasing mobile phones
Providing meals at cafes and restaurants

Technical Challenges and Countermeasures

The project is facing the following challenges and is working towards resolving them:

Scalability Challenges

Handling large transaction volumes
Optimizing network efficiency
Improving processing speed

Regulatory Compliance Challenges

Adaptation to regulatory frameworks in each country
Establishing a compliance system
Adherence to legal requirements

Role of the Community and Future Outlook

Active participation from community members is essential for the success of Pi Network. The following roles are expected:

Application development as a developer
Participation in real transactions as an early adopter
Contribution to network stabilization as a long-term holder

Beyond 2025, Pi Network aims to build a new economic model that goes beyond being just a cryptocurrency. The participation of each one of us is a crucial factor in shaping the future of this ecosystem.

Pi Network: Latest News – Mainnet Migration Set for Q1 2025! Summary of KYC and Migration Status

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Pi Network has made an official announcement, and the long-awaited mainnet migration period has been decided as the first quarter (Q1) of 2025. This is a postponement from the initially planned migration period of the end of December 2024, but it is a decision made with consideration for more users to participate. Since it is not clear whether the first quarter of 2025 will be January-March or April-June, speculation is emerging. (I think it might be the former because it’s an American company. If so, March 14th?)

Summary of the official blog.
https://minepi.com/blog/open-network-update/

Current Progress

Regarding the current progress of Pi Network, the following important indicators have been released:

Number of users who completed KYC verification: Over 18 million
Number of users who completed mainnet migration: Over 8 million
Number of migrations processed per day: Approximately 200,000

Reason for Mainnet Migration Postponement

The main reasons for setting the migration period to Q1 2025 are as follows:

Reducing the gap between KYC verification and mainnet migration is an important task. Currently, there are over 10 million users who have completed KYC verification but have not yet completed mainnet migration.

Future Schedule

Pi Network has indicated the following timeline:

KYC application deadline: Extended until December 31, 2024
Mainnet migration target: 10 million users
Open Network launch: Q1 2025

Recommendations for Users

Current Pi Network users are recommended to take the following actions:

Promptly complete unfinished KYC verification
Check the requirements on the mainnet checklist
Complete the necessary migration procedures

Future Outlook

After the mainnet migration, the Pi Network ecosystem is expected to fully launch. The development team aims to build a platform that emphasizes stability and sustainability.

A particularly noteworthy point is how the listing on exchanges and partnerships with partner companies will unfold after the mainnet migration.

Pi Network KYC Latest Update: Over 1 Million Applications Unlocked and Future Developments

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A major update has been implemented for the Pi Network’s KYC system, bringing improvements that are good news for many Pioneers. This article provides a detailed explanation of the latest update content and future developments.

Source Summary: From the Official Blog
https://minepi.com/blog/kyc-update-dec-2024/

Key Update Details

Over the past two months, the KYC application blocks for approximately 1.2 million Pioneers have been lifted. This allows for the resubmission of applications that were previously rejected due to process issues or errors.

Specific Improvements

Approximately 250,000 people can resubmit applications
Unblocked 200,000 temporarily approved KYC applications
Over 122,000 are currently being reprocessed

Future Improvement Plans

The development team is working on the following initiatives for further improvements:

Enhancement of the Temporary Approval Process

A new method considering scalability is under development, which is expected to enable more efficient processing of a larger number of KYC applications.

Handling Account Name Mismatches

A clear notification system will be implemented for issues related to the real name requirement and cases where there is a mismatch with the KYC-verified ID.

Current Status and Challenges of KYC Validators

Currently, while the demand for KYC validators is high, there is a challenge where the actual number of reviews is limited. System improvements are underway to create an environment where more validators can work efficiently.

About Validation
What is Pi Network Validation? A Thorough Explanation from How to Participate to Review Tips

Towards Mainnet Migration

Completing KYC is essential for migrating to the Mainnet. We ask all Pioneers to take the following actions:

Check KYC status
Take necessary actions
Inform your referral team

Summary

The Pi Network’s KYC system is steadily improving, allowing more Pioneers to complete the process smoothly. Further improvements are expected towards the Open Mainnet.

Complete Overview of Pi Network Mainnet Migration: Blockchain Innovation Enters a New Era

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Important progress is being announced one after another towards the Pi Network mainnet migration scheduled for the end of 2024. As preparations to revolutionize global finance are steadily underway, we will introduce notable new features and future prospects.

New Features and Development Status

Introduction of Business Wallet

The introduction of a corporate wallet by CT has been announced. This new feature will enable companies and organizations to achieve transparent asset management on the Pi Network. Measures against fraudulent transactions and money laundering will also be strengthened, marking an important step towards accelerating adoption by companies and government agencies.

Integration Test with Fiat Currency

Integration tests with major global fiat currencies are progressing smoothly on Testnet 2. This is expected to make Pi more than just a digital currency, serving as a foundation for more efficient cross-border transactions.

Progress in Strategic Partnerships

Partnership with Stellar and Mastercard

A partnership between Stellar and Mastercard was announced at the Meridian conference in October 2024. This partnership will make sending money possible using email addresses or phone numbers instead of complex blockchain addresses, making the everyday use of crypto assets more accessible.

Reference
The New Era of Cryptocurrency Opened by Pi Network: The Impact of the Stellar-Mastercard Partnership

Evolution of Nodes

With the release of Node version 0.5.0, preparations for the open mainnet migration are in full swing. Over 200,000 nodes are planned to be operational, and through operation on Testnet 2, the construction of a stable mainnet environment is progressing.

Reference
Pi Node 0.5.0 Automatic Update: Latest Information and Precautions

Future Outlook and Industry Impact

The Pi Network mainnet migration is predicted to bring about significant changes in the blockchain industry. An increase in new users and the emergence of innovative applications are expected to create a new competitive environment in the cryptocurrency market.

Expectations for Practical Application

Various practical applications, from e-commerce solutions to financial services, are planned for deployment. This will strengthen the Pi Network ecosystem and make it possible to provide practical value to users.

Summary

Pi Network is preparing for a broader and more powerful next phase through the business wallet, integration with fiat currencies, strategic partnerships, and the evolution of nodes. The mainnet migration at the end of 2024 will be a significant turning point shaping the future of the entire cryptocurrency industry.