Pi Coin launch

Well, It seems that Pi has started warming up for it’s open mainnet launch as they have just updated the world about Grace period.
The KYC Grace Period is crucial for preparing the Pi community for the Open Network phase. It ensures that all Pioneers are ready and aligns with the core principles of Pi. The next few months are not just a countdown but a call to action for Pioneers to secure their place in Pi’s future. This is an opportunity to strengthen the community and ensure full participation in the Mainnet Pi ecosystem.

As announced on Pi2Day 2024, a special 6-month period called the KYC Grace Period began on July 1st, 2024. This period is designed to help Pi Network members, called Pioneers, prepare for the upcoming Open Network phase. The KYC Grace Period was first explained in the 2021 Whitepaper and aims to make sure everyone has enough time to complete their KYC (Know Your Customer) identity verification and move their Pi to the open mainnet.

1. Initial Pi KYC Application: Pioneers must submit their first KYC application within the first 3 months of the Grace Period, which means by September 30, 2024.
2. Complete Mainnet Migration: All steps to complete KYC and Mainnet migration must be finished within 6 months, by December 31, 2024.

To help Pioneers keep track of these important deadlines, new features will be added to the Pi Network app. These will include:

• A countdown timer on the Mainnet Checklist.
• Banners and pop-up reminders on the home screen.

These features are designed to ensure that Pioneers are aware of their deadlines and take action promptly. If a Pioneer has already completed all the necessary steps, they will not see these reminders.

The Grace Period and its timer provide flexibility for Pioneers. If a Pioneer encounters system issues that prevent progress, the timer will pause until the issue is resolved. For example:

• If a Pioneer is not eligible to apply for KYC, the timer will pause.
• If a Pioneer’s KYC application is stuck for over a month, the timer will pause.

Once the issue is resolved, the timer will resume. If a Pioneer is close to the deadline when they resolve an issue, the timer will automatically give them at least one month to complete the remaining steps.

If Pioneers do not meet the deadlines:

• They will lose most of their mined Pi, keeping only what they mined in the last 6 months before their first migration.
• To avoid this, Pioneers need to submit their initial KYC application and complete their Mainnet migration on time.

1. Eligible Pioneers: If you can apply for KYC now, start your KYC application by September 30, 2024, and complete your Mainnet migration by December 31, 2024.
2. Ineligible Pioneers: If you are not eligible to apply for KYC, your timer will pause until you become eligible.
3. Stuck Applications: If your KYC application is stuck for more than a month, the timer will pause until the issue is resolved.
4. New Pioneers: New members must mine for 30 sessions to become eligible for KYC. After this, their Grace Period begins, and they must follow the same deadlines.

Given the importance of these deadlines, Pioneers are encouraged to start their KYC and Mainnet migration process as soon as possible. The Pi Browser app is essential for completing these steps, and Pioneers can download it from the iOS App Store or Google Play Store.

The Grace Period will not stop new members from joining or mining Pi. However, new Pioneers will also need to complete KYC and migrate within their Grace Period after joining. This process will improve the network’s quality by ensuring that new members are real humans and fully ready to participate in the Pi Mainnet ecosystem.