Cryptocurrency

Pi Network makes progress ahead of Pi Day event in March

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Pi Network, one of the biggest players in the blockchain industry, announced important milestones ahead of the upcoming Pi Day. It has seen the number of active members surge to over 35 million and the number if employees soar to 40.

Pi Network milestones

Pi Network is one of the most popular players in the blockchain industry. Its creators, who are Stanford University graduates, are building a cryptocurrency that solves some of the biggest challenges that popular coins have.

For example, a cryptocurrency like Bitcoin is extremely expensive to mine and transact with. They also have some form of centralization. Pi Network’s coin will be simple to mine and easy to transact with, according to its developers.

In a statement, Pi Network said that it had increased the number of workers even as other companies in the industry have laid off people. It now has 40 people, some if whom have been in the industry for years. Pi Network’s founder said:

“By prioritizing the human aspect, focusing on building substance and adopting non-consensus long-term strategies, we’ve taken a more careful and deliberate path. We know that patience isn’t a strength in the crypto space but we’re confident in our approach: that’s why we’ve been able to continue the Network’s steady growth despite the downturn we’ve seen impacting some other crypto projects.”

Pi Network is also working to grow its ecosystem. The number of apps in its ecosystem has grown recently and they include players in industries like DeFi and gaming. Further, Pi Network has been working on its native KYC solution, which helps to validate Pioneer’s activities. Pi will hold its Pi Day on March 14th, which will mark its fourth-year anniversary.

Challenges remain

As I have written in this article, I have some concerns about Pi Network and Pi Coin. For one, the developers have been working on the project since 2018. During this time, millions have accumulated Pi Coins that don’t have utility for now. And it is also not clear when the enclosed mainnet period will end. 

This explains why impatient exchanges, including Huobi, decided to launch their Pi Coin derivative early this year. The PI/USDT price was trading at 49.19 on Thursday, sharply below its all-time high. Pi Network disowned these exchanges and hinted that the real coin will be launched in exchanges at an undisclosed time.

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