Weekly Pi Network Update: Milestones, Mining Insights, and the Path to Open Mainnet

As we progress through Pi Network's #PiFest 2024, it’s clear that the community has made incredible strides toward the project’s ambitious goals. Let’s dive into the latest highlights and promising updates.

PiFest 2024 Achievements: GCV Community Shines

The global community verification (GCV) process during PiFest, spanning October 29 - November 3, achieved an impressive 85.75% completion. This milestone highlights the dedication and commitment of Pi Network Pioneers, pushing us closer to the broader mission of ensuring a reliable and compliant network.

While PiFest concludes, the journey doesn't end here. With the Pi Network’s current goal to reach 15 million verified KYC (Know Your Customer) users, the core team is approaching this threshold with a cautious, system-focused approach. Although the technical target has been achieved, the team will announce it only after a grace period ending on November 30, ensuring a final cleanup of any accounts that violate network policy.

Understanding the Role of Moderators in Pi Network

There’s been some confusion about the role of Pi Network moderators and their relationship with the core team (CT). To clarify, moderators function similarly to customer service representatives rather than core team members. They operate as community guides, offering answers and support based on their own understanding rather than official core team directives. Their role is fluid, with moderators joining and leaving over time based on network needs.

Mining Update: November 2024 Base Mining Rate

This month’s base mining rate is set at 0.0052893 Pi per hour, which means that active miners earn 1 Pi in approximately 7.87 days, or roughly 8 days. This opportunity remains available to the network’s 60 to 70 million active Pioneers. However, as we approach Open Mainnet (OM), the term "Pioneer" will transition to "User," marking a shift as the network enters a new stage. Following OM, mining rewards will likely decrease, reinforcing Pi’s scarcity and value over time.

Migration Milestone: 10 Million Wallets by Year-End

Pi Network has currently achieved 6.8 million wallet migrations, with a goal of reaching 10 million by December 31. With two months remaining, the migration rate aligns well with the timeline for Open Mainnet, as the community actively works toward this significant target. Achieving this milestone will not only boost network stability but also foster a smoother transition to OM.

Clarifying Pi Network's Technology: Pi Network vs. Stellar Consensus Protocol

Although Pi Network and the Stellar Consensus Protocol (SCP) are often associated, they operate on separate blockchains. While SCP exists on the Stellar blockchain, Pi Network has its own, distinct blockchain designed with unique properties. SCP’s purpose is to provide fast, secure, and cost-effective transactions that are energy-efficient and environmentally friendly. In Pi Network, transaction validation, consensus, and gas fees are all determined by its proprietary blockchain, ensuring complete autonomy from Stellar.

Moving Toward a Mature Ecosystem

With these recent achievements and strategic goals, Pi Network is advancing toward a promising future. As we prepare for the Open Mainnet transition and see Pi’s utility and scarcity take form, it’s essential to stay updated, support network integrity, and remain a wise Pioneer as we build this ecosystem together.

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Key Takeaways for Pioneers

1. KYC Target & GCV Achievement: 15 million KYC goal by November 30, with GCV at 85.75%.

2. November Mining Rate: 1 Pi every 8 days; potential decline in rewards post-OM.

3. 10 Million Wallet Migration Goal: 6.8 million completed; on track for December target.

4. Independent Blockchain: Pi Network and Stellar are separate, with Pi Network maintaining its own blockchain.

5. Pioneer Role Transition: After OM, the term "User" will replace "Pioneer" as the network matures.

Stay engaged and informed, as together, we are shaping the future of decentralized finance with Pi Network.

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