Pi 'diggers' are asked to wait 14 days again
Pi holders are still unable to use this virtual currency as Pi Network requires additional waiting to move the balance correctly.
“Given the immutable nature of blockchain and early network transfers, 14 days pending is the right time to ensure everyone’s balances are moved correctly,” Pi Network announced on the app today. /6.
According to Pi Network, this is the time for the project to "perform the necessary additional checks and corrections". So, even though the project entered the official (mainnet) stage on June 28, all Pi holders will not be able to trade this Pi for at least the next two weeks.
In fact, from June 29, Vietnam time, many domestic users' Pi wallets have been moved from the test network (testnet) to the official network. This is a major change that participants have been waiting for the most since the project announced the mainnet in late December last year and on time the development team set out last week.
However, the problem is that this wallet continues to be divided into two parts, including: the total amount of Pi that the user has "mined", and the available balance. Currently available balance is still 0 Pi.
"After 14 days, a valid amount of Pi will be sent to the wallet and users will have a balance available to make transactions," said Phien Vo, administrator of the Pi mining community of more than 130 thousand members in Vietnam. , explain.
According to Mr. Phien, the available balance will be decided by the user, depending on how much they choose to keep and how much % of the account is locked. Pi Network offers the option to lock tokens for periods ranging from two weeks to three years. The longer the person who locks the account, the higher the speed of "mining" Pi will be. This is also the way many crypto projects use to keep users engaged with the project.
According to a blockchain developer in Vietnam, if the number of users is exactly as announced by the project, the 14-day period is "not unusual".
“With the number of wallets in the millions being put on the blockchain, a lot of problems can happen, any project will take time to process. It is important that they keep their deadlines and then how is the above Pi used?" this expert assessed.
Two streams of opinion after Pi entered mainnet
Although the Pi has no value and can't do anything yet, the Pi Network's new promises are creating two streams of opinion: expectations and disappointments.
"So the effort after two years is about to pay off. I've been waiting for a long time and it's okay for another 14 days," said Thanh Lam, a Pi digger in Ho Chi Minh City.
He admitted that he did not know how he would use his Pi number if it could be exchanged after the next two weeks, because it is illegal to buy and sell goods with virtual currency in Vietnam. However, according to him, "it is a new step that shows that the project is developing, not a cake".
As a community administrator "digging" Pi and having three years of monitoring the project, Mr. Phien Vo also commented: "Definitely the Pi Core Team has plans for upcoming steps. Users should waiting, instead of guessing the price".
According to the announcement, after 14 days, the project will enter the "closed" mainnet phase, which means it is possible to conduct transactions within Pi miners with each other, but not yet be able to convert Pi into other cryptocurrencies. On groups in Vietnam, many people are calling for a "consensus price", the value that the community defines itself, with amounts up to thousands of dollars per Pi.
Besides, many people are disappointed because they can't use Pi for anything yet. "The available Pi in the account is still 0. So they just changed the name from testnet to mainnet, right?", user Duc Nhan asked.
Another person also questioned Pi's metrics. The project has announced to reach 35 million users globally and has verified identity (KYC) for half of users, with a KYC rate of 90,000 people per day. However, in the announcement on June 29, founder Nicolas Kokkalis said that only one million people have successfully KYC. Meanwhile, KYC is the most important step of launching the network.
For those who haven't been verified, the project's entry into the mainnet doesn't change anything. "I thought I was lucky to be able to submit the KYC application early. But it has not been verified for three weeks. At this rate, I don't know when I will be able to exchange Pi," said a member of the Pi community. .
Pi Network appeared in 2019 and popped up in Vietnam in early 2021. The application was repeatedly warned by experts about the lack of transparency because the Pi coin is only stored on the phone or a centralized server, the system administrator. The system can change and generate as much money as you like. Notably, the Pi is still worthless after more than three years.