Pi cryptocurrency makes new move after years of silence

According to the announcement from Pi Core Teams on the morning of February 12, the transition will take place at 8:00 UTC (15:00 on February 20, Vietnam time). The development team emphasized that this event is the result of 6 years of efforts from the Pi community with the goal of building a peer-to-peer ecosystem and a comprehensive online experience.

Pi Network said it has reached 10.14 million Mainnet migrations, surpassing its initial target of 10 million. In addition, more than 19 million people have completed Know Your Customer (KYC), paving the way for the transition to the Open Network.

According to the announcement, Open Network will help the Pi blockchain connect with third-party systems, enabling users to make transactions outside the Pi ecosystem.

The news has attracted the attention of the Pi user community. Many people are optimistic that after many years of "checking in" on the application, they are about to reap the rewards. However, many are concerned about the possibility of Pi prices plummeting as soon as the network is launched. Some people believe that many users have been waiting for this moment to sell their accumulated Pi, which could lead to a massive "dumping" situation.

Pi Network was introduced in 2019 with a mechanism that allows users to own free Pi through daily check-ins on the mobile application. However, the project caused controversy when maintaining a long-term "closed mainnet" model, in which players can only exchange Pi with each other and cannot trade with other cryptocurrencies on centralized exchanges.

At the end of June 2023, the Vietnamese Ministry of Public Security announced that it had coordinated with authorities to investigate activities related to the virtual currency Pi. According to the assessment, activities surrounding Pi in Vietnam show signs of a multi-level marketing business model, with high potential risks, so people need to be cautious before invitations to participate.