Dr. Nicolas Kokkalis: Pi Network’s Open Network Launch is Imminent

As Pi Network approaches a critical milestone, Dr. Nicolas Kokkalis, one of its founders, has made definitive statements regarding the much-anticipated launch of the Open Network. This article examines Dr. Kokkalis’ recent comments and their implications for the Pi Network community.

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Dr. Nicolas Kokkalis’ Firm Statements

In two concise yet informative videos, Dr. Kokkalis offers clarity on the prerequisites for the Open Network launch. Let’s break down each video to understand the context and the targets that need to be met.

Video 1: "If the conditions are met, we aim to launch the Open Network later this year."

Dr. Kokkalis explains that the Open Network launch is contingent upon meeting several key requirements:

1. 15 Million KYC-Verified Accounts

The KYC (Know Your Customer) process is essential for verifying user identities and ensuring network security. To transition to the Open Network, Pi Network requires at least 15 million KYC-verified accounts. This step is crucial to prevent fraud and ensure accurate user registration.

2. 10 Million Mainnet Migration Wallets

Mainnet wallets are those that have transitioned from the testnet phase to the main network. Achieving 10 million Mainnet migration wallets is vital for the network’s functionality on the primary blockchain.

3. 100 Utility Applications (dApps)

Utility applications, or dApps (Decentralized Applications), play a critical role in the Pi Network ecosystem. With 100 operational dApps, Pi Network will demonstrate its capacity to support a diverse range of applications and services within its network.

4. Controlled External Factors

Beyond internal requirements, external factors also play a significant role. This includes ensuring that major global disruptions such as wars, natural disasters, or economic crises do not impede the launch.

Video 2: "Today is the last Pi2Day before the Open Network."

This statement from Dr. Kokkalis indicates that the Open Network phase will commence before the next Pi2Day on June 28, 2025. This announcement underscores the rapidly approaching timeline for the transition.

Assessing Targets and Progress

To better understand when these targets might be achieved, let’s review the progress made so far and the remaining targets.

1. Progress on KYC Accounts

On PiDay, March 14, the number of KYC-verified accounts stood at 9.45 million. By Pi2Day on June 28, this number had risen to 12 million. Over the past three months, there has been an increase of 2.55 million accounts, with an average monthly growth rate of approximately 850,000 accounts. At this rate, the target of 15 million KYC accounts is projected to be met by October 2024.

2. Progress on Mainnet Migration Wallets

As of PiDay on March 14, there were 4.64 million Mainnet wallets. By Pi2Day on June 28, this number had grown to 5.8 million, reflecting a growth of 1.16 million wallets over three months. With an average monthly growth rate of 387,000 wallets, it will take approximately 10.8 months (about 11 months) to reach the additional 4.2 million wallets needed. Thus, the target of 10 million Mainnet wallets is expected to be achieved by May 2025.

3. Progress on dApps

On PiDay, March 14, there were 50 dApps. This number increased to 70 dApps by Pi2Day, with an addition of 20 applications in three months. With an average monthly growth rate of 6.67 (approximately 7 dApps), and a shortfall of 30 dApps, it will take about 4.28 months (roughly 5 months) to reach the additional 30 dApps. The target of 100 dApps in the Mainnet is anticipated to be achieved by November 2024.

The Greatest Challenge: Mainnet Migration Wallets

From the above calculations, it is evident that the most significant challenge is reaching the target of 10 million Mainnet migration wallets. The Pi Network Core Team is meticulously mapping migration wallets, prioritizing regions with lower black market risks to ensure network security. As Pi owners, the responsibility lies with the entire community of Pioneers to ensure a smooth migration process. One effective way to accelerate this process is by avoiding black market transactions.

Collaboration for Success

To ensure the successful launch of the Open Network, it is crucial for the entire Pi Network community to collaborate and address these challenges. Here are some steps that can be taken:

1. Educate New Pioneers

Spread information and education about the importance of adhering to migration agreements and the risks associated with the black market to newly joined Pioneers.

2. Increase Awareness About Security

Educate users on how to avoid black market transactions and comply with the migration process correctly.

3. Enhance Community Cooperation

Foster collaboration among Pioneers to achieve the key targets set by the Core Team.

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With Dr. Nicolas Kokkalis’ firm statements and the progress made so far, Pi Network is on track for the Open Network launch by the end of 2024. Meeting the key requirements and overcoming existing challenges will ensure a successful and sustainable launch. The Pi Network community is encouraged to continue working together, innovating, and adhering to regulations to achieve the shared vision of a decentralized and inclusive ecosystem.

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Writer @Elena

Elena is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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