PI

Report: Pi Network in 2023

by BSC News

September 22, 2023

chain

A look at Pi Network’s progress in 2023, according to its official blog publication.

Pi Network is one of the most popular mobile mining blockchains in the sector, consistently garnering attention in anticipation of the Open Mainnet Launch. The protocol is currently committed to developing its ecosystem within its enclosed mainnet.  

The anticipated Open Mainnet launch is reportedly contingent upon achieving mass KYC and creating a sustainable, diverse ecosystem. 

The insights provided herein are sourced directly from the Pi Network blog, offering a detailed overview of the platform's developments in 2023:

Pi Network 2023 Q1 Hackathon Kickoff

January 11 marked the announcement of Pi Network’s first Hackathon of 2023, building upon the momentum gathered from previous Hackathons held in 2021 and 2022. 

Pi Network launched the initiative to facilitate the creation of quality Pi Apps and stimulate ecosystem growth, inviting Pioneers and developers to produce mobile web apps with genuine utility. 

The focus was on creative, utility-focused apps spanning various domains, including entertainment, education, and consumer utilities. The Hackathon featured a $30,000 prize pool, with winners announced on April 13, recording participation from over 6,700 individuals and engaging more than 30,000 Pioneers in the review process.

Pi Day 2023 – Unveiling of New Features

Pi Day, celebrated annually on March 14, is commemorative for the Pi Network. The 2023 celebration was significant, marking the release of several new features aimed at enhancing user experience and emphasizing collaborative effort to realize the goals of its enclosed mainnet: Mass KYC and Utility creation. 

The features and enhancements included a new Testnet Ecosystem interface, Pi Developer Resources, Developer Ambassador Program, and other ecosystem programs. Additionally, the platform introduced the Pi Open Source (PiOS) Software License, empowering community developers to create open-source applications and foster collaboration within the ecosystem.

Fireside Forum Launch

On May 30, the protocol unveiled the Fireside Forum. According to the announcement, Fireside Forum is “a true Web3 social platform that fosters authenticity, constructive conversations, and healthier online social interactions by integrating tokenomics into the core of social interactions.”

It provides a decentralized space where millions of Pioneers can connect, share, and interact meaningfully. It utilizes Pi cryptocurrency to curate content and moderate behavior organically, thus upholding the community’s values and standards. 

The vision behind Fireside Forum extends beyond a mere social network, aspiring to create quality internet experiences enriched with authenticity, accountability, and healthier interactions, all facilitated by blockchain technology.

Introduction of Monthly Hackathon Program

June saw the introduction of a monthly hackathon program focusing on innovative web applications that integrate Pi cryptocurrency and prioritize user-friendliness and genuine utility. Thus far, The program has announced winners for June and July iterations, reflecting the commitment to Pi currency's usefulness and innovative application.

Other Innovations

The protocol has also initiated other notable ventures, such as the Pi2Day Art Festival and the Utility challenge, continuing to expand and diversify its ecosystem.

Pi Network Notable Milestones in 2023 

Expansive Community Growth

The Pi Network community has witnessed exponential growth, with over 50 million active engaged Pioneers globally, according to Pi News Media. In 2023, the team aspires to expand this community further, striving to render Pi Network the most inclusive and accessible cryptocurrency platform available.

Developer Ecosystem Development

The developer ecosystem of Pi Network has also seen remarkable growth in recent months, with hundreds of new apps and services currently being launched on its testnet, enriching the platform with varied and innovative solutions.

Speculation Surrounding Pi Mainnet

While the expansion and development continue, there is mounting speculation and anticipation regarding the exact date for the Open mainnet launch, which remains undisclosed by the Pi Network team. 

However, Pioneers have been promised a roadmap, which is expected to be unveiled in two phases starting mid-October, as reported by BSC News on September 11. While the specific content of this roadmap is still unknown, it is confirmed to pertain to the “mainnet,” according to tweets by Pi News Media.

Vietnamese Investigations

The notable milestones mentioned above by Pi Network are overshadowed by ongoing investigations by Vietnamese authorities, prompting the need for caution among potential and existing users.

Reports state that Vietnam’s Department of Cybersecurity and High-Tech Crime Prevention began investigations into Pi in July, citing concerns over the platform's "exceedingly complex and unmanaged" model. 

The head of the Department, Le Xuan Minh, highlighted concerns regarding high levels of income online and warned of individuals being coerced into business models reminiscent of multi-marketing models by cryptocurrency promoters.

He revealed that multiple local police forces are investigating activities related to Pi cryptocurrency. 

Conclusion

Pi Network has been proactively working towards its goals, emphasizing ecosystem development and the unveiling of the Open Mainnet. 

The initiatives and enhancements introduced throughout 2023, including the Hackathon Kickoff, unveiling new features on Pi Day, and launching the Fireside Forum, reflect the protocol's unwavering commitment to community engagement and development. 

While the promise and progress are notable, users are urged to remain informed and cautious, considering the ongoing investigation in Vietnam.

What is Pi Network?

Pi Network is a mobile mining blockchain with an application that lets people earn Pi coins by doing simple tasks on their phones. However, the project remains in its development stage with delivery of an open mainnet still a matter of speculation, with no launch date confirmed. 

With this in mind, the protocol remains in its testnet stage and will apparently go live when many users (Pioneers) complete the mandatory KYC procedure while the core team works on developing its ecosystem.

Pi Network is also reported to be under investigation by authorities in Vietnam and users should exercise a high degree of caution when interacting with the project and ensure they have conducted sufficient research before doing so.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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