Pi Network will be a project that many people regret. About 80% of the pioneers who once joined Pi Network gave up, which is a pity. However, this suits the 20/80 law of success/failure in the business world.
Pi Network was envisioned by a team led by Stanford PhDs, with the official launch occurring on March 14, 2019, coinciding with Pi Day (3/14), emphasizing its connection to the mathematical constant π. This launch marked the beginning of what the founders intended to be a more inclusive cryptocurrency system. Pi Network will accomplish the vision of circulate all over the world and used daily that Bitcoin ($BTC) cannot accomplish. In addition, Pi Network blockchain‘s applications and involved industries will be P2P bartering, cross boarder transaction, Web3, smart contracts, decentralized finance, game fi, financial services, real estate, automobiles, retail, e-commerce, medical care, education, advertising and marketing, legal and compliance services, travel and tourism, agriculture...etc.
Pi Network has gone through various phases, transitioning from testnet to a closed mainnet to a imminent open mainnet, which signifies moving from a controlled test environment to a fully operational blockchain where transactions are validated by the community rather than just the development team. This transition is crucial for Pi's evolution towards a decentralized system. Pi Network core team takes time to get things done right. There is a saying: Slow work produces fine products.
After more than 5 years of research and development, Pi Network is now actively moving towards the goal of opening the mainnet, and has set the goal of reaching 15 million users to complete KYC (know your customer identity authentication), 10 million accounts to complete Pi coin mainnet migration and 100 completed ecosystem apps. The latest is that more than 14 million people have completed KYC, nearly 7 million accounts have completed PI coin mainnet migration and more than 70 completed ecosystem apps. It should be easy to reach the goal of open mainnet before the end of the year.
The latest move of Pi Network to publicly call for cooperative merchants is particularly exciting. This move will soon bring many ecosystem apps to join and will easily surpass the goal of 100 for open mainnet. The move to call for cooperative merchants is undoubtedly the best way to increase the popularity of Pi Network. In addition to bringing in cooperative merchants, it will also attract new users to join and many old users who have given up will be reactivated. The call for cooperative merchants move is like a rocket booster that will drive Pi Network into orbit.
The Pi Network is a revolutionary and advanced project with a different goal than other existing crypto projects. Pi pioneered free mining and aims to become the most widely circulated and applied cryptocurrency in the world. The applications of the Pi Network range from personal cryptocurrency accumulation to mobile phone mining, to barter transactions settled in seconds, to participating in various applications of the thriving Web3 ecosystem, to integration with commercial services through partnerships. This holistic approach aims to make blockchain technology more accessible to everyday users while building a decentralized platform for developers.
Pi has a huge user base of more than 60 million active users and about 300 million registered users in more than 200 countries around the world, which is unmatched by other cryptocurrencies. Pi Network is very popular on social media. Its number of X followers has reached 3.39 million, slightly lower than that of the second-ranked Ethereum ($ETH) at 3.47 million. Another Pi initiative is that more than 15 million people will complete KYC when the mainnet is open, which will be a unique ticket for the Pi network to be able to circulate Pi coins in various countries.
Because most of the Pi coins are locked for a period of time and cannot be used, Pi coins will be scarce and the price will be high. Pi coin has not been officially listed yet, but some exchanges are eager to provide trading in the form of Pi IOU. Since December 20, 2022, the price of Pi IOU has been trading as low as $14.82 and as high as $244.38, and has recently been around $34.
There are community members and organizations that have been putting up a lot of effort into setting the price of Pi at $314,159 as the GCV (Global Consensus Value). I admire their efforts very much. Really, who wouldn't want to see Pi coin at $314,159? However, if this price is really set, I can see two not too good scenarios: 1. Pi coins are not traded on exchanges, and there is a converter that converts Pi coins into various sovereign currencies for user to cash out. The question is who is willing to be a funder to fund the cash out? I have to say it will be very difficult or even impossible for someone to step up and become a funder. 2. Pi is listed on exchanges and traded at $314,159, which guarantees that Pioneers will rush to sell to cash out, and who wouldn't at such a high price? At the same time, no one is willing to buy at such a high price, thus accelerating the decline in Pi's price until market forces find a reasonable price. Realistically speaking, the price of Pi should be set at the price it deserves.
The pricing criteria for Pi coins should include the trend of the overall cryptocurrency market, the supply of Pi coin, how useful the applications in the Pi Network ecosystem are, what the future prospects of the Pi Network are, whether users and businesses like and needed it, and whether institutions and governments accept it ...etc.. Based on my own understanding, Pi Network is a unique and outstanding project, and I believe that Pi coin deserves a reasonably high price. I believe it will not be difficult for it to enter the top ten cryptocurrencies list after it goes public. Let's see how it turns out.
The Pi network will soon open its mainnet, which is expected to bring huge wealth to the pioneers who participate in Pi mining. Therefore, those who have already participated should continue to work hard to mine Pi, and those who have stopped mining Pi must reactivate and complete the 8 tasks listed in the mainnet checklist (The deadline for KYC application is November 30, 2024. If you fail to do so before the deadline, all the Pi coins you mined will be lost). It is not too late for those who have not yet participated, register immediately to join the free mining of Pi.
Join the free mining of Pi link: http://minepi.com/kimwpinet
Referral code: kimwpinet
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