Pi Network vs Ethereum: The blockchain showdown ahead of Open Network launch

Just a day before Pi Network's Open Network's launch on February 20, there's a debate going on in the crypto world that it's going to be an ultimate face-off between Pi and Ethereum over blockchain innovation.

The transition to an Open Network will enable external connectivity to the Pi Network on the Mainnet blockchain, allowing Pi to interface with other compliant networks and systems. This means Pioneers or Users will be able to engage in transactions beyond the Pi ecosystem, expanding Pi’s utility and reach. Ethereum, on the other hand, is a tried and tested blockchain and is widely popular for its various use-cases.

However, before we jump to the conclusion as to which entity offers the better blockchain, we need to first see the key differences between the two. Both Pi Network and Ethereum uses Layer-1 blockchain, but Ethereum also allows smart contract function.

While Pi Coin promises a mobile-friendly and community-driven cryptocurrency, Ethereum is a well-established smart contract platform for decentralised apps, also called DApps. While Pi will eventually be launched on the open Mainnet, Ethereum has been fully operational since 2015.

Pi Network promises the mining of coins via mobile using a tap-based method, facilitating mining using smartphones, while Ethereum requires a proof-of-staking system and the knowledge of crypto wallets and blockchain.

Ethereum is a well-established blockchain network, which has a real-world use-case in terms of DeFI, NFTs, DAOs, and payments, while Pi Network following its upcoming update will allow crypto transactions across the virtual ecosystem.

In terms of trading, Ethereum is listed on all major exchanges, while Pi Coin is not listed as of now. So far, the crypto exchange OKX has announced that it's accepting Pi coin deposits and following February 20, it may also begin trading in Pi coins. The world's biggest crypto exchnage Binance is also running a poll to ask investors if Pi Coin should be listed on its platform or not.

Overall, Pi Coin offers easy-entry crypto with no upfront cost and potential future value, but Ethereum is an established blockchain network for various use cases.

Pi Network extends Grace Period for KYC and Mainnet migration

In a parallel development, Pi Network has extended the Grace Period deadline from January 31, 2025, to February 28, 2025. This extension provides Pioneers with additional time to complete KYC verification and Mainnet migration, ensuring more users can secure their Pi before Open Network goes live.

According to the company, the Grace Period requires both KYC and Mainnet migration to be completed by February 28, 2025, to avoid forfeiting most of a user’s Pi—except for Pi mined within the last six months before migration.

"Note that the Grace Period is independent of Open Network timing. Open Network can launch before or after the Grace Period ends, and the Grace Period rules will remain the same regardless," Pi Network stated.

Why extend the Grace Period?

The extension aims to support Pioneers who need more time to complete KYC or migration steps. It will minimise the risk of Pi forfeiture due to missed deadlines. It will also strengthen the overall network ahead of the Open Network launch. Pi Network has said that allowing more Pioneers to complete KYC and migration ensures a healthier, more secure ecosystem, better prepared for Open Network’s full launch in Q1 2025.