Pi Network New Update: Open Mainnet On?----Dr.Nicholas Kokkalis Reveals

Summary

In this video, the speaker discusses the current state of Pi Network, explaining that it is operating on an 'enclosed mainnet' since its official launch in December 2021. During this phase, Pi is migrating members through KYC and building a solid ecosystem, with plans to move to an open mainnet in the future. The speaker highlights key initiatives, including hackathons at prestigious universities and various community-driven projects to develop utilities. They also mention Pi's KYC solution, which has already onboarded over 3 million users, and share insights into upcoming infrastructure and user-side applications under development.

Takeaways

• 😀 Pi Network officially launched its enclosed mainnet in December 2021.
• 😀 The current phase, the enclosed mainnet, restricts connections with external blockchains or systems.
• 😀 Pi Network is focusing on migrating users' balances through the KYC (Know Your Customer) process.
• 😀 Over 3 million users have completed the KYC process so far, marking one of the largest blockchain migrations in cryptocurrency history.
• 😀 The enclosed mainnet phase gives Pi Network time to build utility, test applications, and develop the platform without external distractions.
• 😀 Pi Network's KYC process uses AI algorithms and community-driven human verification.
• 😀 The KYC process involves users paying a small fee in Pi, which is distributed to those assisting with the verification.
• 😀 Pi Network is participating in hackathons at prestigious universities like Berkeley, Harvard, and Cornell to foster developer engagement and create new Pi-based applications.
• 😀 Pi Network continues to develop both user-side applications and infrastructure, such as a brainstorming platform for Pi apps and a translation tool.
• 😀 Future plans include transitioning to an open mainnet once the enclosed period has successfully built the necessary infrastructure and utility.

Q & A

What is the current status of Pi Network's mainnet?

Pi Network officially launched its mainnet in December 2021. However, the network is currently in an 'enclosed mainnet' phase, meaning it is not yet connected to other blockchains or external systems.

What is the purpose of the 'enclosed mainnet' phase?

The enclosed mainnet phase allows Pi Network to focus on migrating users via KYC (Know Your Customer) processes, build utility on the platform, and ensure the stability of the ecosystem before transitioning to the open mainnet.

What is the KYC process in Pi Network?

The KYC process in Pi Network involves users verifying their identities to migrate their balances onto the mainnet. The KYC solution is powered by a combination of AI algorithms and human participation from the Pi community.

How many users have completed KYC on Pi Network so far?

As of now, over 3 million users have completed the KYC process on Pi Network.

What is the significance of Pi Network's KYC migration?

Pi Network's KYC migration is considered one of the largest blockchain migrations in cryptocurrency history. It is a critical step toward transitioning to the open mainnet and fully realizing the ecosystem's potential.

What is Pi Network doing to encourage app development during the enclosed mainnet phase?

Pi Network is hosting hackathons at major universities such as Berkeley, Harvard, and Cornell, and sponsoring tracks to encourage students to build Pi apps. Additionally, the network is improving its Brainstorm app, which allows users to propose and develop Pi-related ideas.

What is the Brainstorm app and how does it support Pi app development?

The Brainstorm app is a platform within Pi Network where users can propose and discuss ideas for Pi applications. It serves as a space for collaboration and innovation, helping developers and community members create valuable Pi-based utilities.

What other infrastructure projects is Pi Network working on?

In addition to the Brainstorm app, Pi Network is also working on a translation app. This app allows the community to translate Pi Network’s interface into multiple languages, and it will eventually be made public for other app developers to use for translating their applications.

What is Pi Network's plan for the future after the enclosed mainnet phase?

Pi Network plans to transition to the open mainnet once the KYC process and migration are complete. At that point, the blockchain will be fully open for integration with external systems and other blockchains.

How does Pi Network plan to build more utility on the platform?

Pi Network aims to build more utility by creating both user-facing applications and infrastructure for developers. This includes providing tools like the Brainstorm app, supporting hackathons, and offering the translation app to help developers make their applications more accessible.