Pi Network, one of the biggest blockchain-based communities in the world with more than 35 million actively participating members, does not approve of the unauthorized actions taken by some exchanges to offer tokens that are supposed to be Pi or some purported derivative of Pi.
To provide even more clarity, Pi Network is not affiliated in any way with any of these exchanges, all of which are operating independently of the network and without its consent, authority, or involvement. In addition, the products that are being exchanged on these marketplaces are not authentic Pi tokens.
In December 2021, Pi Network launched its Enclosed Mainnet simultaneously with the publication of new chapters of its whitepaper. The Enclosed Mainnet was a step toward the network’s eventual goal of establishing an Open Mainnet. During the time that the Enclosed Mainnet is in operation, the Pi Mainnet will continue to function normally, although behind a firewall that will block any unwelcome connections from the outside world.
Without the network’s prior approval, the firewall will prevent any communication from taking place between Pi and any other blockchains or cryptocurrency exchanges. In light of this, any listing or exchange using Pi is rendered technically impossible by the Enclosed Mainnet design. It is not only against the rules of the network, but it is also misleading to refer to any type of IOU or other derivatives as the “original Pi token” of the Layer-1 Pi blockchain.
Following the reports of such unauthorized listings, Pi Network issued a statement last week recommending its community avoid engaging with any of these exchanges. Additionally, Pi Network continues to interact directly with the Pi community through its proper channels. Additionally, the network has asked for the listings to be withdrawn from these exchanges in their entirety.
Delivering the True Promise of Blockchain
Pi Network is a utilities-based community of third-party apps that are utilized on a mobile web platform and has significant token distribution. It was established in December 2018 by a group of early innovators in blockchain and behavioral technologies from Stanford University. Since it first started, the group, whose participants are referred to as Pioneers, has expanded to include over 35 million people in more than 230 different nations or regions.
Pi’s Enclosed Network period features a one-of-a-kind and original design that was conceived as a calculated option to build a network with genuine substance and practical applications, keeping in mind what is in the community’s and individual Pioneers’ best interests. The current time of Mainnet’s Enclosed Network makes it possible for Pi Network to concentrate on two priorities.
This includes the migration of Mainnet users to mass KYC and the development of ecosystem utilities. Both of these are crucial stages towards the goal of developing a healthy ecosystem in order to get ready for Open Mainnet, which will involve the removal of the firewall in order to enable connectivity to the outside world.
The true promise of blockchain is fulfilled by Pi, which is a vast, open community that is driven by the world’s most widely distributed cryptocurrency. Pi provides accessibility and facilitates a healthy ecosystem for members, retailers, and developers alike. Within the realm of cryptocurrencies, the blockchain platform provides an approach to mining that is mobile-first, has a minimal financial cost, and has a low environmental footprint.
