Pi Network, a crypto project that in 2019 by the Stanford graduates Dr. Nicolas Kokkalis and Dr. Chengdiao fan was launched, has announced that it will start his Mainnet on February 20, 2025. This MINNET is intended to form the basis for the PI (PI) cryptocurrency and enable the transition from a closed to an open network.
Introduction of the Minneet and the stock market noding
With the start of the Minneet, Pi Network will offer the opportunity for the first time to act PI coins on a crypto exchange. The OKX exchange has confirmed that the deposits of PI coins will be open at 2:45 UTC from February 12, 2025. The spot trade with the couple PI/USDT begins on February 20, 2025 at 8:00 a.m.
Before trading, users have to complete a know-your-customer (KYC) verification at PI. However, some members of the PI community have expressed concerns because their KYC applications have been standing for years. A user reported that his application was still in the approval phase despite complete documents and facial recognition.
Pi Network is a crypto project that aims to make access to cryptocurrencies easier for a broad mass by making it easy to mining coins on the cell phone. The project was in 2018 by the Stanford graduates Dr. Nicolas Kokkalis and Dr. Chengdiao fan launched and has since developed into one of the greatest crypto communities.
The special thing about Pi Network is that it is based on smartphones, users do not need expensive and energy -intensive hardware to minel. Instead, users can regularly earn PI coins by simply typing in the app. This also enables fewer technology -savvy people to immerse yourself in the world of cryptocurrencies without needing a high initial investment or technical knowledge.
Essentially, the PI Network works through a mechanism in which users become “pioneers” who support the network with their daily interaction. These interactions secure the network and contribute to decentralization. Since the project focused primarily on creating a large and active community in the first few years, over 70 million people worldwide were able to register.
The Pi-Coin was called IOU (i owe you) at the beginning, which means that it initially had no real value. Only with the switch to the Mainset, which is to officially start on February 20, 2025, will the PI-Coin be available in its full functionality and can be used for real transactions.
The criticism of the Pi Network
A frequent criticism of PI Network is the lack of transparency of the project. Many users and experts accuse the team behind Pi Network to hold important information about the technical infrastructure, the underlying blockchain technology and the long-term roadmap of the project. The official website and the project’s communication channels are vague, and there is no complete insight into the source code or the exact functionality.
Another criticism concerns the initial central control of the project. At the beginning, Pi Network was not developed on a public blockchain, but was a closed, centrally controlled process. This means that the founders had full control over the project and the distribution of the coins. The fact that users initially had no complete control over their PI coins and they were accumulated in a centralized system also caused skepticism.
Another point that causes dissatisfaction in the community is the Kyc (know-your-customer) verification within the PI app. Many users report difficulties in verifying their identity. Overall, it seems as if there were many question marks before the Pi Launch. If you are currently interested in new cryptocurrencies, you should possibly rely on projects that have real substance. Solaxy, for example, is currently attracting a lot of capital, the first Layer 2 for Solana.
Similar to optimism and arbitrum for Ethereum, Solaxy transactions off-chain processes and then transfers it to the main blockchain to increase efficiency.
In contrast to Ethereum, which was originally designed as a proof-of-work blockchain and was later switched to proof-of-stake, Solana is based on a proof-of-history mechanism from the start that enables high transaction speeds and low fees . Solaxy uses these properties of Solana and expands them with Layer-2 technology to further optimize network performance.
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