KYC, or Know Your Customer, is essential to Pi Network’s open mainnet launch. While the mobile mining blockchain currently operates within an enclosed mainnet, the process of KYC for Pioneers could speed up the transition to an open mainnet.

KYC Update from the CEO

In an interview with Open, Pi Network's CEO, Dr. Nicolas Kokkalis, shed light on the current status of KYC within the platform.

The Stanford graduate says over five million Pioneers have completed the KYC process. However, this number represents over 10% of the total registered Pioneers—more than 47 million.

“We’ve KYCed over five million Pioneers thus far, which is a prerequisite to a Pioneer’s migration of their in-app Pi mining balance to the Pi Mainnet blockchain. Since we’re undertaking one of the largest blockchain migrations in history, completing these processes for over 47 million engaged Pioneers can’t happen in one day,” Dr. Kokkalis said. 

The Road to Open Mainnet

With more than 47 million users in its enclosed mainnet and just over 5 million KYCed Pioneers, the transition to Open Mainnet still seems distant. The relatively small percentage of KYCed users emphasizes the amount of work left to be done.

Despite the challenges, Kokkalis clarified that the core team ensures that users worldwide can KYC and participate in Mainnet. They are also committed to supporting every eligible Pioneer to pass KYC.

“Our choice of strategy is in large part based on Pi’s philosophy of inclusivity, ensuring that people everywhere can KYC and participate in Mainnet, and we are committed to making sure that every eligible Pioneer receives the support to pass KYC,” Dr. Kokkalis added. 

The KYC update from Pi Network provides a clear picture of the current state of the platform's move to open mainnet. Though the journey is still long, the team's commitment to providing support and making the KYC process available to all signifies a strong drive toward achieving their goal. 

Pioneers’ engagement in the KYC process will accelerate the shift from enclosed to open mainnet in the coming months and years.

What is Pi Network?

Pi Network is a mobile mining blockchain with an application that lets people earn Pi coins by doing simple tasks on their phones. However, the project remains in its development stage with delivery of an open mainnet still a matter of speculation, with no launch date confirmed. 

With this in mind, the protocol remains in its testnet stage and will apparently go live when many users (Pioneers) complete the mandatory KYC procedure while the core team works on developing its ecosystem.

Pi Network is also reported to be under investigation by authorities in Vietnam and users should exercise a high degree of caution when interacting with the project and ensure they have conducted sufficient research before doing so.