According to the network, the goals of the Mainnet phase are to make further progress in decentralisation and utilities, ensure stability and longevity, and retain growth and security. Users can, for instance, perform P2P transactions with other pioneers who have also reached the mainnet stage. The mainnet phase is simply the stage where actions can be carried on the coin within the network. But in March, when the network announced that users can now carry out a know-your-customer (KYC), a requirement to move to the next level, which is the mainnet phase, enthusiasm was rekindled. “I stopped mining for two years,” said Debo, a crypto enthusiast who resides in Ilorin, a capital city in the north-central region of Nigeria. This phase took so long that it bored out its enthusiasts and they abandoned the app en masse while some even declared it a waste of time. In fact, as of June, the network said it has crossed the 35 million user mark.įor about eight years, between 2014 till this August, the network was at mining or pre-mainnet phase, meaning users could only mine and keep. As a result, it quickly acquired lots of users. The process was simple and fulfilled the purpose of democratising crypto, as it required no monetary investment or strong technological know-how, unlike bitcoin and ethereum. Individuals could earn thousands of Pi tokens by pressing a green flash symbol on the app hourly.
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The mobile app was released on March 14, 2019, allowing users to download it and earn tokens from their phones. PiCoin was founded by three Stanford students, Vince McPhilip, Chengdiao Fan and Nicolas Kokkalis in 2013, and its web app launched in 2014. TC Daily Next Wave Events Entering Tech Subscribe However, for a token that has no official price and hasn’t started trading yet, the buzz is curious.
Some Nigerians in the north of the country have also reportedly acquired cars and phones using their PiCoin. There are reports of malls scattered across Asia receiving Pi as payment and myriads of social media posts corroborating that-tweets about Asians, especially Chinese, paying for electronic gadgets with their PiCoin. “We need to also start doing it here.” Pioneer is the name Pi Network users are called. “Pioneers in China are already selling and buying phones and cars with their Pi,” he said. The resolution, according to Bashir Zhamani*, 27, who was part of one the meetings held in Suleja, a Niger state city, was to build a Pi chain mall in Kano, Nigeria where people can shop using their PiCoin, a digital currency mined on the Pi Network app.
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On Wednesday, members of a closed cryptocurrency support Telegram channel, held a meeting across four states in the northern region of Nigeria-Kano, Niger, Sokoto, and Katsina-on how they could enjoy the full promises of the Pi Network, an entity that describes itself on its website as “the first and only digital currency you can mine on your phone.
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