Unveiling the Pi Network's 2024 upgrade| Mastering the Art of Pi coin transactions.
All right, so an account on Twitter mentioned that the cost of a single Pi could hit approximately $6,700 once it's officially listed on the main net. Now, before we delve into this here's a question for you. What's your prediction for the Pi's price upon its market debut? Drop your thoughts in the comments and I'll be there to check them out.
In this article, I'll be covering two main points.
- Firstly, the Pi Network recently shared its latest main net update for 2024.
- Secondly, I'll be discussing the current price trends of the Pi network and sharing insights on how you can go about selling your Pi network assets in 2024.
Pi Network Update
First off, I'll begin with the latest update from the Pi Network regarding their mainet. On the 27th of December 2023, the Pi Network shared an update on their telegram channel, stating, that we are delighted to announce our intention to transition to the open network phase of the main in the year 2024.
They also mentioned three specific conditions that need to be met for this transition to occur. What exactly are these conditions and what does the community need to do to fulfill them? Essentially, there are three outlined conditions for the Pi network to progress to the mainnet phase in 2024.
I'll discuss each condition in detail and provide insights on whether we'll see this transition happen this year so read till the end to learn more.
First Condition
Now let's delve into the first condition outlined by the Pi network. They mentioned that they need to complete various tasks related to technology, product, business, and data to ensure the consistency of the Pi network before moving to the open network phase.
When you ponder over it, completing these preparation tasks falls under the responsibility of the Pi network itself, not us, the miners. Therefore, there's no need for us to fret about it. We should simply await their completion because it's not within our realm of responsibility.
The Pi Network team is solely responsible for finishing these tasks so it's clear that the first condition doesn't concern us directly. It's squarely on the shoulders of the Pi Network team.
Second Condition
Now let's shift our focus to the second condition, and I'll discuss the most noteworthy aspect of this article shortly, so be patient. Let's dive into the second condition.
Now, It seems like Pi Network aims to achieve certain milestones regarding utility creation within the network TIT. Specifically, they're looking to have around 15 million individuals complete KYC (know your customer), and approximately 10 million participants migrate to the mainnet before considering the launch of the final main phase.
As the writing of this article, based on the provided document, only about 8 million people have completed KYC and around 3.9 million participants have migrated to the Mainnet. This suggests that Pi Network is requesting roughly 100% more individuals to undergo KYC this year, which could potentially expedite the launch of the final minute phase.
However, the challenge lies in the limited number of validators available to validate KYC requests with a higher volume of participants. The process of KYC validation understandably slows down. This bottleneck in the KYC validation process falls squarely on the Pi network team.
Moreover, some individuals who completed KYC several months or even over a year ago are still awaiting validation. Whose responsibility does this delay lie upon? It seems that Pi Network's ambitious goal of achieving 15 million KYC completions in 2024 is feasible, but they need to address the shortage of validators promptly.
Ideally, the validation process should be swift with KYC requests processed within a day of submission. Let's discuss the issue of KYC validation within the Pi network. While the most centralized exchanges typically process KYC applications in less than two minutes, Pi network validators are taking much longer, sometimes up to three months, six months, or even a year to validate KYC requests.
This delay isn't our fault, as users, it's actually a problem originating from the Pi Network team. If they're aiming to achieve the final phase of the minute, they need to address this issue unless they're content with the status quo.
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Third Condition
Moving on to the final condition mentioned pertains to the absence of an unfavorable external environment that could hinder the success of the open network launch. Many countries, including the United States, have been experiencing economic challenges and even recessions lately.
Therefore, if the economic crisis persists globally or in specific countries, it might hinder Pi Network's ability to launch the final phase of the mainnet. This external factor needs to be taken into account before proceeding with the main net launch.
Hopefully, with improvements in the economy of most countries, we might witness the launch of the Pi network in 2024. However, the burning question remains when will Pi Network actually launch?
Personally, I speculate that Pi Network might unveil its launch in the fourth quarter of 2024, around October, November, or December. Achieving all the necessary criteria is quite a feat, but I believe they won't take an extensive amount of time to meet them. Hence, we can anticipate their launch toward the year's end.
Yet if not, it could become a matter of trading speculation. Nonetheless, I truly hope the launch happens sooner rather than later. It's been a long time coming, and Pi Network's debut is eagerly awaited.
Where can you sell your Pi Network coins?
Now onto the final point of discussion in this post. What is the current price of the Pi network and where can you sell your Pi Network coins?
As of the time of writing this article, the current price of the Pi coin stands around $31. However, it's important to note that you can't directly sell these Pi coins at the moment. What's listed on X Genius is referred to as IU IOU, which essentially denotes control over the assets.
The Pi coin you find in Nigeria isn't the genuine Pi network token. Interestingly, in Nigeria, you can purchase Pi coins for around $200 to $300 per coin. However, the price of pi coin might differ outside Nigeria and I'm not aware of those prices.
Conclusion
All right folks, we're reaching the conclusion of this post. I genuinely hope you found it enjoyable and informative. Feel free to share in the comments section what the current price of Pi Coin is in your country. I'll be sure to check the comments and see what others have to say about it. Let's exchange insights. Thanks for Reading till the end.
DISCLAIMER: The thoughts and opinions stated by Query Solver in this article are solely for informative purposes and do not represent financial or investment advice. Investing in or trading crypto assets has a risk of financial loss. Always conduct your own research.
