Introduction

Since its inception in 2018, the Pi Network project has emerged as a significant mystery within the cryptocurrency community. The highly awaited release of the Pi Network Open Mainnet has been a topic of conversation for years, especially after the project transitioned to its second stage of development and introduced a live testnet in March 2020.

Initially, Pi Network was introduced as a mobile crypto mining application where users could earn Pi Coin (PI) tokens through a simple daily button press. Despite facing criticism for not actual mining, the app has attracted millions of users globally through a referral system that incentivizes users to bring in new participants.

Although the native token, PI, currently holds no value as it cannot be cashed out, it has led to confusion and disappointment among market observers and users who question the legitimacy of the project. Speculations of the app being a data scraper with ads or a pyramid scheme have arisen. However, with the recent announcement of a potential full launch in 2024, both Pi users and skeptics are closely monitoring Pi Network's progress.

The Pi Network mainnet has been active in a limited capacity since December 28, 2021, with select users being able to utilize their PI tokens within mainnet apps. This phase focuses on transferring user data to the blockchain, completing KYC procedures, and developing network apps to establish a robust ecosystem for PI token holders.

For the Pi Open Network mainnet to launch in 2024, certain targets and conditions must be met. These include finalizing legal and business aspects, reaching specific user numbers, and establishing an ecosystem with over 100 applications and utilities developed by Pi Network developers. Additionally, the launch timing will factor in external occurrences that may impact the network's success.

As the year progresses, the possibility of Pi Network launching in 2024 remains uncertain due to global uncertainties and economic challenges that may impede progress. Despite ongoing efforts and progress in the KYC milestone, Pi Network is actively engaging with developers through a Pi Commerce Hackathon to promote the development of a commerce app connecting local Pi businesses with Pioneers. With enhanced social media activity and community engagement, Pi Network's future appears promising as more details may surface following the hackathon results.