Pi Network Hits 10 Million Verified Users But Token Still Waiting To Hit Market!

Critics argue the centralized app has amassed 10 million verified accounts without offering user benefits.

Pi Network’s app surpasses 10 million users who completed KYC, as per an April 16 announcement.

Pi Network vows to launch a mainnet and enable token trading after reaching milestones, including 15 million verified KYC users. With 10 million already, achieving the goal requires 5 million more verifications.

Despite hitting milestones, AIMultiple suggests Pi Network lacks user value, as Pi coins cannot be exchanged for fiat currency. Launched in 2019, Pi Network remains centralized, with users mining tokens by daily button presses, which cannot yet be transferred.

As per the announcement, 10 million users, termed “Pioneers,” completed identity verification using the Pi KYC solution, blending machine automation and hyperlocal human verification for secure and efficient KYC.

Dr. Nicolas Kokkalis, Pi’s co-founder and tech head, sees the milestone as proof that the industry needn’t rely solely on fiat services for success. He anticipates the new KYC system will cater to Web3 services needing identity verification.

December saw plans for a 2024 “Open Network” or mainnet launch, contingent on conditions like 100 Pi apps development, 15 million KYC verifications, completion of necessary work, and a conducive external environment. A specific launch date remains unannounced.

AIMultiple analyst Cem Dilmegani doubts Pi Network’s user benefits, likening it to affiliate marketing, with rewards for recruiting new users. Dilmegani suggests founders primarily benefit, citing optional video ads monetizing active users since launch.

Dilmegani concedes the Pi team could launch a blockchain mainnet but predicts a rapid token devaluation as users sell, potentially diminishing app value for advertisers.

In response to CoinNerd, a Pi representative defends their unconventional approach, prioritizing platform utility and KYC processing to bolster community networks before an open network launch.

Pi’s representative highlights milestones achieved since launch, including app development, browser interface, node application, blockchains, wallet, developer platform, and a novel KYC solution. They advocate for patient development for a robust open network launch.

According to Vietnamese media, Pi Network ranked as the 22nd most downloaded iOS app in Vietnam. In May 2021, reports surfaced of an identity card leak, but Pi Network denies storing such data, attributing KYC to a third-party without evidence of a breach.

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