Pi Network Unveils Mainnet Migration Roadmap, Introducing New Reward System

Pi Network has unveiled a mainnet migration roadmap on the 18th (local time), introducing a new reward system including referral bonuses

Pi Network has announced a mainnet migration roadmap, introducing a new reward system with referral bonuses and a three-phase transition plan for all participants. However, the absence of specific schedules and key metrics has sparked dissatisfaction among users.

Key Highlights:

* The initial transition will focus on KYC-completed users, encompassing basic mining rewards, Security Circle contributions, and node operator rewards.

* The second phase will see the transfer of referral mining bonuses.

* The final third phase will involve the sequential transfer of remaining rewards on a monthly or quarterly basis.

* The roadmap does not include the network's daily processing capacity or the number of people queuing for transition.

* Many participants have not yet received their mining rewards, and there are concerns about the transparency of referral bonus payments.

User Dissatisfaction and Concerns:

Users have expressed dissatisfaction with the lack of critical information and the potential for further delays in the transition process. They are also concerned about the distorted display of actual balances and the absence of procedures for raising objections to data errors or reward omissions.

Doubts About Pi Network Arise:

Some doubts have arisen about Pi Network's assertions regarding the issuance of Pi Coins and the stages of development. Users who have been mining Pi Coins for six years claim that their experiences contradict Pi Network's statement that all Pi Coins were issued from Genesis.

Pi Coin Price Drops Significantly:

The price of Pi Coin has fallen sharply by over 45% in the past month. On Monday, Pi Coin was trading at around $0.65, showing a 6.5% increase over the past 24 hours.

Pi Network has unveiled a mainnet migration roadmap, introducing a new reward system with referral bonuses and a three-phase transition plan for all participants. However, the absence of specific schedules and key metrics has sparked dissatisfaction among users.

According to the roadmap, the initial transition will focus on KYC-completed users, encompassing basic mining rewards, Security Circle (SC) contributions, lock-up agreements, utility app usage rewards, and some node operator rewards.

The second phase will see the transfer of referral mining bonuses. Finally, the third phase will involve the sequential transfer of remaining rewards on a monthly or quarterly basis.

However, the speed of transition and exact schedule will be decided later. Users are expressing concern as the roadmap does not include the network's daily processing capacity or the number of people in the queue for transition.

Node Operators Express Anxiety

Moreover, some node operators are expressing anxiety as some rewards have been deposited, but the criteria are unclear, potentially excluding them from future rewards.

Many participants have not yet received their mining rewards, and there are doubts about the transparency of referral bonus payments. The display of "transferable balance" on the UI (User Interface) showing a lower amount than the actual transferable amount is also controversial.

Pi has explained this as a design to save system resources. However, users are concerned that this could damage trust by presenting a distorted view of actual balances.

The roadmap does not include procedures for raising objections to data errors or reward omissions.

Particularly, since all migrations depend on completing KYC, the lack of mention of plans to expand verification or processing capacity raises the possibility of delays in the full transition. The link between the lock-up timing of 189 million Pi Coins (PI) this month and the transition plan is also unclear.

Some doubts about Pi Network have also emerged. Users who have been mining Pi Coins for six years claim that their experiences contradict Pi Network's assertion that all Pi Coins were issued from Genesis.

As a result, some users criticize that "Pi Coin was never a blockchain in the first place."

In fact, the price of Pi Coin has fallen sharply. According to the virtual asset market platform CoinGecko on Monday (18th), Pi Coin is currently trading at around $0.65, showing a 6.5% increase from the previous day.