Pi Network Addresses Unauthorized Token Listings

News provided by

Jan 06, 2023, 06:00 ET

The Network Provides Further Clarification on Unauthorized Token Listings and its Intermediate "Enclosed Mainnet" Period

PALO ALTO, Calif., Jan. 6, 2023 /PRNewswire/ -- Pi Network, one of the world's largest blockchain-based communities with 35M+ engaged members, disapproves of unauthorized decisions made by certain exchanges to list tokens purporting to be Pi or some purported derivative of Pi. To further clarify: Pi Network has no association with any of these exchanges, which are acting without the consent, authority, or involvement of the network. Further, the products being traded on these exchanges are not the real Pi tokens.

Pi Network released updated whitepaper chapters in December 2021, concurrent with the launch of its Enclosed Mainnet, a precursor to the network's ultimate objective of an Open Mainnet. Throughout this interim Enclosed Mainnet period, the Pi Mainnet is live, albeit with a firewall that prevents any unwanted external connectivity. The firewall ensures there is no connectivity between Pi and other blockchains or crypto exchanges without the explicit authorization of the network. Thus, the Enclosed Mainnet design makes any listing or exchange of Pi technically impossible. Not only is it a violation of the network's policies, but it's also untrue to label some form of IOU or other derivatives as the native Pi token of the Layer-1 Pi blockchain itself.

Last week, following the reports of such unauthorized listings, Pi Network released a statement advising its community against engagement with any of these exchanges and continues to communicate directly with the Pi community through its official channels. The network has also requested that the listings be removed from these exchanges.

Founded in December 2018 by a team of early innovators in blockchain and behavioral technologies from Stanford University, Pi Network is a utilities-based ecosystem of third-party apps, utilized on a mobile web platform, with widespread token distribution. Since its inception, the community—whose members are known as Pioneers—has grown to 35M+ in more than 230 countries or regions.

The unique innovative design of Pi's Enclosed Network period is a strategic choice to build a network of true substance and utilities with the best interest of the network, the community and individual Pioneers in mind. The current Enclosed Network period of Mainnet allows Pi Network to focus on two priorities: mass KYC/Mainnet-migration and ecosystem utilities-building. Both are essential steps towards our objective of building a viable ecosystem to get ready for Open Mainnet where the firewall will be removed to allow external connectivity.

For more information or to learn more, visit minepi.com.

ABOUT PI NETWORK

Pi delivers on the true promise of blockchain: a massive, open community powered by the world's most widely distributed cryptocurrency that delivers accessibility and enables a robust ecosystem for members, merchants and developers alike. Founded in 2018 by a team of early innovators in blockchain and social computing, with PhDs from Stanford University, Pi Network is a utilities-based ecosystem for third-party apps on a mobile web platform, with widespread (rather than concentrated) token distribution. The blockchain platform offers a mobile-first mining approach, with low financial cost and a light environmental footprint within the crypto space. The community boasts an engaged 35M+ members in over 230 countries or regions. For more information, please visit minepi.com.

SOURCE Pi Network