Nowadays, Pi Network app users seems to have so many hanging questions.
Depending on the circumstances they are in.
Pioneers are either on a state of frustration, or excitement. Lots of Pioneers, users of Pi mining app, are frustrated with the way the in-house KYC mechanism was implemented. Hundreds, if not thousands of complaints are posted every day in chat rooms and social media groups regarding the delay, pending applications and stuck KYCs.
Some are saying, that considerable numbers of their referral team members are already in-active. Others totally left and abandoned Pi Network, deleting the app. While others are still hopeful that everything will just go well. That in due time, Pioneers will reap the benefits they are expecting to enjoy soon.
It can’t be denied that millions of Pi app users are still waiting for their turn to KYC. For some who are eager to undergo the KYC, it’s a sort of endless waiting. And the more they eagerly wait, the greater they feel that their KYC slots seems still to be on a distant future yet. Making them realize that maybe they are left out, even with the assurance that all will have their chance. These are the feeling of most old timers who are over two, or three years in Pi Network without KYC.
There are few, mostly long time Pioneers that are accusing the Pi Core Team (PCT) of prioritizing new Pioneers who have few mined Pi tokens in the selection process. Despite the explanation of moderators that KYC invitation is being sent randomly to Pioneers, without the alleged filtering, that prioritizes new Pioneers.
On another positive note, over one million Pioneers are rejoicing that their mined Pi are now migrated already in their respective wallet. Though there are those few who still complain that there Pi were not being transferred to their mainnet wallet after having done completely the checklist required.
The Pi Network roadmap as presented in the white paper, did not set definite timelines. Hence, those accustomed to projects with well-defined schedules as to their development stages and milestones usually think and accused Pi Core Team of intentionally delaying the process. Even if being explained as to the possible causes of delay in receiving KYC invitations, as well as on pending applications. KYC applications, and validations has been pending for months, even almost a year already for some. This is despite that the number of human validators had been increasing.
When the PCT announced that in-house KYC app will already be used, instead of the third party Yoti KYC provider that was availed before, many are hopeful and excited that this will accelerate the KYC process. Never expecting that their KYC verification will take more than a month, after submitting the needed documents, undergoing the whole process as required. After all, KYC in most platforms just take few minutes, or at most 2-3 days to be approved.
Out of 35 million Pioneers, over 2 million have already hurdled and passed the KYC. So there are still over thirty million Pioneers waiting their KYC slots to come. When these remaining Pioneers will be able to complete the KYC requirement is a question that still remains to be answered, barely two months before end of 2022.
It seems that Pioneers need to be used to this business of waiting. After all, Pi is a long term project. With the build-up of its ecosystem still starting, it would be safe to say that this might still take a lot of time before everything will be in place.
All these years, most Pioneers believe that once mainnet comes, and their Pi transferred in their wallet, they will be able to spend their token readily. Without knowing then, that a lock-up requirement will be imposed once mainnet comes. Nobody think this is to happen, before it was announced few months before the mainnet started.
As Pioneers already hold some of their Pi in their respective wallet, it was presumed before that these can readily be used. This is not the case. As some have set their lock-up settings for six months, one year, or three years depending on their preference.
The lock-up is a good strategy that offers opportunity for those interested to have a boost in their mining rate based on their lock-up settings, while having a convenient way to save some token for future use. Also this could prevent excessive flooding of tokens in the open market that may result to over supply, that can possibly affect price of Pi when the time comes.
For those eager to use their Pi, the excitement have been doused off. Not only because of the lock-up, but also with the enclosed network phase of the mainnet. With the restrictions on the use of Pi tokens. Considering that the full freedom to use the mined Pi will only happen during the open mainnet period. There are few who found violating the mainnet migration terms and conditions ended up with their Pi frozen and accounts banned, as they sell or exchange them for fiat money.
Lately, I just realized that it seems that I just missed something. That lot of us maybe, really did not get it.
All these years, I know that Pi Network is a long term project. I just did not believe then this could take this long. Over 3 years, and still counting. Judging by the progress and at the rate things are going, the waiting just seems so endless.
Lately, I just come to my senses and realized that long term could mean so many years yet, if not a decade to go.
After seeing the video presentation by Dr. Chengdiao Fan, Co-Founder of Pi Network just recently shown on Pi app home screen, we learn that the Pi ecosystem will be built forward more on intrinsic motivation. The use of Pi tokens in various utilities apps in the ecosystem has to intensify. That the inherent desire of Pioneers to use Pi using its various platforms will drive its growth.
Although the extrinsic reward mechanisms might still be there, like mine-to-earn, and inviting more users to increase mining rate boost, the organic development of the Pi ecosystem will showcase and facilitate the establishment of a global peer-to-peer marketplace fueled by Pi coin. A fate that other cryptocurrency have failed to deliver. On this perspective, it seems that this whole process really will still be a long way to go.
Some of the questions commonly raised in Pi chat rooms today are – When will all will be KYC’d, as promised by the Core Team that no real person account will be left behind? When will the expected utilities, apps and sites be fully functional using Pi in their platforms. When will Pi be listed in cryptocurrency exchanges? Then, when will possibly be the start of the open mainnet. The awaited event for Pioneers already holding their Pi coin to use it freely, without any restrictions.
Well, I myself have the same questions. Like others, I am not sure as to when all these waiting ends.
What we can do for now is to hang on. Continue mining Pi. Think of the brighter future ahead…
