TL;DR

Pi Network announced the return of PiFest, starting October 29. Other recent updates include the release of Pi Node Version 0.5.0 (which prepares nodes for the mainnet) and KYC efforts.

PiFest Is Back

Pi Network has recently taken center stage, introducing numerous developments related to its upcoming Pi token. Most recently, the team announced that PiFest (a special event aiming to encourage the real-world use of the native cryptocurrency for local commerce) will start on October 29. 

It will allow merchants to register their stores using a designated Map of Pi so that shoppers can easily discover them via a pioneer-built PiOS application.

Participate to boost the real-life utility of Pi, and empower local businesses to integrate Pi into their operations. Go to the Pi home screen, and read the PiFest guidelines to learn more about how merchants and Pioneers can participate, the disclosure reads.

This will be the second time the event goes live. Last year, it was held from December 6 to December 11 as it had the same promotional purpose.

The community met the announcement with mixed feelings. Some claimed PiFest could strengthen the network as more individuals would delve into the ecosystem. Others, though, were not so interested, simply asking when the Pi token will see the light of day.

Recap of the Latest Developments

Pi Network is a revolutionary cryptocurrency project that aims to allow people to mine cryptocurrencies on their smartphones. Its community comprises millions of people who have been awaiting the official launch of open mainnet for quite a while.

One vital step before reaching that milestone is passing necessary Know-Your-Customer (KYC) procedures from all users. Earlier this year, the team claimed that over 13 million individuals had done so.

The developers initially urged users to complete verifications by the end of September, later extending the deadline to November 30. 

Pi Networks team recently noted a surge in KYC requests, encouraging people to join as validators. Those who participate will earn Pi tokens for their good and accurate work.

On October 19, the project released Pi Node Version 0.5.0, described as a significant upgrade preparing nodes for the mainnet blockchain.

This update transitions Nodes to the Testnet2 blockchain, simulating the Mainnet environment and testing the switch between Testnet and Mainnet blockchains. The original Testnet will remain active for now but will soon close for Node use. Original Testnet will continue functioning as normal for Pioneers and Pi app developers, the announcement reads.