Pi Network Announces Network Launch on February 20

Cryptocurrency project Pi Network said it will move to the Open Network phase next week, a move that is considered 'long-awaited'.

"Pi Network will officially move to the Open Network phase of the Mainnet at 8:00 UTC on February 20," Pi Core Teams, the development team behind the Pi Network project, announced on the morning of February 12. "Thanks to the hard work and commitment of the Pi community over the past 6 years, we are taking the next big step in realizing our vision of building the world's most comprehensive peer-to-peer ecosystem and online experience."

Pi Network Announces Network Launch on February 20 Picture 1 Pi Network Announces Network Launch on February 20 Picture 1

Pi Network Open Mainnet announcement on smartphone interface.

Pi Network said it has reached 10.14 million Mainnet migrations, surpassing its initial target of 10 million. The project also has more than 19 million people who have verified their identity (KYC).

"The Open Network brings a significant change, external connectivity to the Pi Layer 1 blockchain, creating an environment where Pi can securely connect to third-party systems, expanding opportunities for pioneers and businesses," the announcement said. "The move to the Open Network also allows Pi to communicate with external networks and blockchain systems. This means that Pi users will be able to participate in transactions outside the Pi ecosystem, expanding Pi's utility and reach."

After the announcement, the communities related to the project all gave positive reactions. "So the efforts of many years of 'roll call' have come to fruition. I am about to reap the sweet fruit", Facebook account Nguyen Hai shared.

However, some are concerned that Pi Network will soon "collapse" when it opens. "Many people are just waiting for this moment to sell the Pi they have earned. I think there will be a big 'dump' after the Open Network, because everyone is waiting to sell Pi," said Thế Anh, an administrator of a Pi Network group.

Pi Network is a project launched in 2019, advertised as helping users own free Pi virtual currency by logging in on the phone application every day. However, the project caused controversy when maintaining a long period of "closed mainnet", meaning players exchanged Pi with each other, unable to trade with other cryptocurrencies on centralized exchanges.

At the end of June 2023, the Ministry of Public Security said it had coordinated with local police to investigate activities related to the virtual currency Pi. According to the Ministry's representative, activities related to Pi in Vietnam show signs of enticement, with money from the previous person paying the next person in a binary, multi-level business model, so people need to be cautious about the behavior of being enticed to participate in a virtual currency model with unusually high profits.

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