Pi Network, the mobile app known for producing cryptocurrency through a simple daily task, has achieved a significant milestone by verifying the identities of over 10 million users through its Know Your Customer (KYC) process as of April 16. This app, launched in 2019, allows users to earn Pi tokens by merely pressing a button each day but remains in a centralized state where tokens cannot yet be transferred or traded for fiat currency.

Despite the platform's rapid growth, the Pi tokens are still not tradable on any exchange, keeping the real-world utility of these tokens just out of reach. The Pi team has set ambitious goals, stating that tokens will only become tradeable after hitting several milestones, including 15 million KYC-verified users. Currently, with 10 million verified, the next target requires 5 million more users to complete the KYC process.

Critics, however, are skeptical about the actual value Pi brings to its users. Business analytics platform AIMultiple and its analyst Cem Dilmegani have voiced concerns, suggesting that the network operates similarly to affiliate marketing systems, where the primary beneficiaries are the app's founders. They argue that this model drives user engagement solely to boost advertising revenues for the developers rather than rewarding the users significantly.

In response, Pi representatives highlight their unique approach to blockchain development. They've introduced an "Enclosed Network period" ahead of a full mainnet launch planned for 2024, contingent on meeting further development milestones and favorable conditions. This phase is intended to build a robust platform capable of supporting diverse Web3 applications and thorough KYC processes for its vast user base.

While Pi Network continues to develop and expand its ecosystem, including a mining app, a browser app for Web3, and a novel KYC solution, the path to making its tokens tradeable and proving the long-term viability of its economic model remains filled with uncertainty. As the network grows, the world watches to see if Pi can transition from a promising project to a profitable platform for its vast user base.