Pi Network (PI) major update affecting all users: details

TL;DR

The Pi Network has extended the “first grace period” for KYC submissions to December 31, 2024, prompting mixed reactions from users. The team says the launch of the open network is on track, with just 1 million more KYC completions to reach the 15 million goal, though skepticism remains about further delays. Another extension

Pi Network, a cryptocurrency project that aims to allow people to mine digital assets directly from their smartphones, was launched in 2019. In the years that followed, it gathered a multimillion-dollar community, but some members have started to doubt its legitimacy.

For one thing, Pi Network has yet to release its native token and open mainnet. Earlier this year, the team assured that these developments would happen once all users have cleared Know Your Customer (KYC) procedures. Initially, they had until the end of September to do so, but the deadline was later extended to November 30.

More recently, Pi News (the leading blockchain media platform behind the Pi Network) revealed that the deadline for submitting KYC applications (known as “the first grace period”) has been moved to December 31st.

“The final deadline for the grace period has not changed and is still December 31, 2024. This extension ensures that all pioneers have ample opportunity to protect their Pi while maintaining the overall grace period time period of 6 months without change. Submit your KYC application and complete your Mainnet checklist by December 31, 2024, to avoid any loss. Take action now, don’t wait,” he says the ad

As expected, the latest expansion drew mixed reactions. Some X users who commented on the post appreciated the details provided, while others called the project “a scam” due to constant delays and broken promises.

What about the open network?

The Pi Network team has indicated that the launch of the open network is also near. He claimed that the development will see the light of day once 15 million people complete the required KYC verification. Earlier this month, Pi News revealed that only 1 million people are needed to complete the goal.

The team recently shared important guidelines for migrating to the mainnet, highlighting that completing KYC procedures is only part of the process. Users are encouraged to set up and verify their wallets, sign the token confirmation agreement, and complete additional steps in the checklist.

“These steps can be completed before KYC, no need to wait. Please complete the migration within the grace period, otherwise your Pi may be considered abandoned and unusable,” reads the warning.

Meanwhile, the community is looking forward to December, when the core Pi team is supposed to share information about the open mainnet roadmap, which would allow official Pi token transactions. We have yet to see if everything will turn out as promised or if there will be another delay.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

LIMITED OFFER for CryptoPotato Readers on Bybit – Use this link to register and open a FREE $500 position with any currency!