Pi Network Instigates New Comprehensive KYC

by BSC News

March 18, 2022


Only miners who complete their KYC would be able to transfer mined Pi coins from testnet to mainnet.

Pi KYC Is Live

Mobile-based blockchain, Pi Network, has introduced a new comprehensive know-your-customer (KYC) for miners. After running a pilot-test of its native KYC solution with a few users, Pi has deployed its KYC on a large scale.

The Pi Team tweeted about the commencement of the mass KYC on March 16. Miners’ access to KYC will follow a phased approach to avoid Pi's KYC system getting overwhelmed by an inrush of applications. The KYC backend is designed to balance system load with the number of available application slots. Each user will receive a prompt in the Pi mining app once they're eligible to apply. 

"Attention Pioneers. Mass KYC is being rolled out! Pi Network is releasing the KYC solution on a large scale to Pioneers around the world. Look for a pop-up in the mining app when you are eligible, or check the KYC app in the Pi Browser," Pi Network announced.

Following the launch of the enclosed version of its mainnet on December 29 last year, Pi is now optimizing its network in preparation for the Open Mainnet phase. During the enclosed mainnet period, miners are required to pass KYC for them to be able to transfer Pi testnet coins to the mainnet. 

The protocol recently incentivized miners to boost their mining rate by locking up a portion of their mined Pi coins. Pi dreams of being the most widely used cryptocurrency and boasts more than 33 million mobile miners. As seen on the Pi mobile mining app, the total supply of Pi coins is set at 100 billion. While skeptics are waiting to see if Pi would amount to anything after more than three years of apparent development, Pi's 33-million-strong mining community hopes that it will give them good value.

What is Pi Network

Pi Network is a mobile blockchain mining project on a mission to give everyone access to the cryptocurrency revolution. The project was founded by a team of Stanford University Ph.D.'s who designed a mobile-friendly blockchain mining algorithm.

Pi Network has evolved over the years and has organized a hackathon, built a couple of working Pi blockchain apps, and is now in the final stages of transition to public mainnet.

Where to find Pi Network: 

Website | Twitter | LinkedIn | Facebook | Instagram 

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