Vietnamese people rush to dig Pi virtual currency again

 In the midst of the cryptocurrency market downturn, many people return to Pi mining as the project expands identity verification and promises mainnet by the end of June.

ate last year, the Pi Network development team confirmed to have launched the official network (mainnet) and divided it into two phases: closed network and open network. In which, the closed network is transactions within Pi miners with each other, while the open network is exchangeable with other coins. The open network "could start on Pi day March 14 or Pi2 date June 28, depending on the maturity of the network economy and user KYC progress".

"If everything goes according to this June 28 schedule, my two-year wait might pay off," said Thanh Lam, a Pi digger in Ho Chi Minh City. Lam said his account has thousands of Pi, but after many promises and missed projects, he is no longer interested in participating. He even forgot to open the daily attendance application to receive virtual money.

"Recently, many people have KYC (identity verification) and it's due on June 28, so I also went back to dig," Lam said. Nearly a dozen of his former team members are now retired, making the Pi he earns from the daily roll call not much. "But if each Pi has a consensus price of a few hundred to a few thousand dollars as expected, my 1,000 Pi will be enough."

Lam said that what he is most looking forward to right now is KYC, which is to be verified by the project through face photos and identification documents. This is also a mandatory process of most cryptocurrency projects today, in order to avoid the risk of taking advantage of cryptocurrencies for malicious purposes. "If you don't have KYC, you can't do anything with Pi," he said.

Pi mining interface on the phone. Photo: Luu Quy
Interface "digging" Pi on the phone. Photo: Luu Quy

"By the end of June and nothing has happened, I will delete the app," Ngoc Nhu, 28 years old in Binh Dinh, said. As said she has followed all the requirements from the project development team such as performing KYC, creating a wallet... but so far, tens of thousands of Pi in the wallet are still worthless.

"I don't expect the price of thousands of dollars like everyone else, just this Pi is worth to see that the efforts of the past two years are not wasted," Nhu said.

On Pi Network communities in Vietnam, people like Lam and Nhu are not uncommon. Many people are returning to Pi mining when the June 28 deadline approaches. To be authenticated, they must download the Pi Browser app to submit an application.

Currently, Pi Browser suddenly rose to the top 4 most downloaded utility applications on the App Store and top 6 on the Play Store in Vietnam. According to Google Trends statistics, searches related to "KYC Pi" increased sharply from mid-June, even twice as high as the peak period in December last year.

"The important thing is to need KYC. When mass KYC is successful, the next steps can be done quickly," explained Phien Vo, administrator of the Pi mining group with more than 130 thousand members in Vietnam. According to Phien, the recent download of Pi Browser shows that the KYC process may be taking place on a large scale.

In an announcement on June 21, the Pi Network development team confirmed that KYC was available for half of the users. The mechanism of this project is that the person who gets KYC first will authenticate the latter. The highest KYC speed in this network is around 90k people per day.

"The network is making steady progress towards the mainnet migration around Pi2 - June 28," Pi Network announced. This project also claimed to attract more than 35 million users around the world.

The fact that the development team promises to take the project to the next stage makes many people expect the value of Pi. Some community members claim that Pi will have a "consensus price" of $6,700, although there is no basis for a valuation. A survey conducted on Pi Vietnam group with more than 3.3 thousand participants showed that 75% of participants choose Pi which will cost 6,700 USD.

A survey on Pi price of the Pi Network community in Vietnam.
A survey on Pi price of the Pi Network community in Vietnam.

"The converted value depends on the agreement between two people, called the consensus price," explained the administrator of a Pi community. "For example, a cake costs 3 USD. If the seller and buyer agree the value of each Pi is 1 USD, the buyer will need to transfer 3 Pi to the seller."

In fact, for most Pi holders in the country, this virtual currency has a value of zero and cannot be used for transactions. It is illegal to use virtual currency as a means of payment in Vietnam.

"Only after Pi entered the official launch stage, did the development team announce the project as well as how to convert. Currently, all price judgments are baseless," said Mr. Phien Vo, identify.
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