Pi Network developers continued working on their project and conducting the KYC process this week as preparations for the Pi Coin listing continue.
The developers unveiled the winners of the recent hackathon last week. Map of Pi was the overall winner followed by PyNook. Map of Pi is an application that helps users find nearby businesses that accept Pi Coin. It also provides users with a storefront where they can shop for products and services.
PyNook, on the other hand, is an application that brings more functionality of bringing merchants and pioneers together. It has also made it available in several languages, which is a good thing since Pi Network is used around the world. In a note, its developer said:
“We participated in this hackathon because we are confident in the future of the Pi platform and believe it will bring revolutionary changes to technology development. We chose to develop a Pi app because it provides us with an innovative platform to realize our imagination.”
Pi Network’s hackathons are an important part of the ecosystem because they ensure that Pi Coin has a real utility.
This is a crucial part as the developers works to do the mainnet launch of the network. They believe that this mainnet launch, which will lead to Pi Coin’s exchange listing, will happen later this year.
This launch will happen when three conditions are met. They need to complete the Know Your Customer (KYC) process, which is confirming millions of users. The goal is to ensure that all Pi Coin holders are real human beings and not bots.
The Pi Coin KYC process is taking a long time because of the number of users involved. It now has millions of pioneers, who have mined the coin in the past five years.
Further, the other condition is that the developers need to have a full ecosystem that creates utility for the Pi Coin. This is where the hackathon comes in. Just recently, the developers launched an ad platform powered by Pi Coin. This platform will help to onboard advertisers to apps built on Pi Network like its browser.
Finally, the Pi Coin launch will only happen when the external market is conducive. For example, they want to ensure that cryptocurrencies are doing well before launching the coin. This will ensure that it continues rising as well. Now would be a good time to launch the Pi Coin since most altcoins are in a strong bull run, with Bitcoin sitting near $70,000.
Therefore, many pioneers are wondering whether it makes sense to continue mining the token. I believe that the Pi Coin mainnet launch will not happen this year. As such, focusing on other high-flying cryptocurrencies makes more sense for now than mining Pi Coin.
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