Pi Network Update: KYC Process and Mainnet Launch

Bittime -  The latest news regarding the Pi Network is attracting more and more attention. Pioneers around the world continue to await the crucial moment leading up to the launch of Open Mainnet, which is now fast approaching. Pi Network, which is known for its ease of "mining" using mobile phones, continues to show progress, although there is one big challenge that still hinders it: KYC (Know Your Customer) verification.

KYC Process: 1 Million More to Reach Target

Since it was first launched, Pi Network has succeeded in attracting more than 60 million active users. However, even though the number of users continues to grow rapidly, Pi Network cannot launch Open Mainnet before completing the KYC verification process for a minimum of 15 million users. 

Currently, around 14 million users have successfully undergone KYC, and another 1 million still need to be completed to achieve this target. This is the final obstacle before Pi Network can move on to the next stage.

As part of a larger ecosystem, Pi Network emphasizes that KYC verification is not just about numbers. This is an important step to ensure that all registered users are legitimate individuals and not bots or fake accounts. This verification is important so that the Pi Network ecosystem can run safely and reliably.

Read also: Pi Network Mainnet to Launch on December 31, 2024!

Why is KYC so important?

KYC is not just a formality, but part of efforts to maintain the quality and security of the Pi Network network. Without adequate KYC, the potential for abuse will increase, and of course this can damage the reputation and continuity of the system. Pi Network wants to ensure that everyone participating is a real user, committed to building this community together.

Even so, there are several technical problems experienced by users in a number of countries. One of them is the limited number of Validators, so the verification process for some users takes longer. However, the Pi Network team continues to strive to improve verification efficiency and speed.

Can Open Mainnet Launch Soon?

While many users hope to see the launch of Open Mainnet in the near future, the reality is that it still depends on achieving KYC targets. The Pi Network team has made it clear that they will not launch mainnet before the verification target of 15 million users is achieved. So, for those of you who have been eagerly awaiting this launch, be patient a little longer.

However, there is good news. The Pi Network team continues to work hard to speed up the KYC verification process, by increasing the number of Validators in various countries. If this goes well, in the next few weeks, 1 million additional verifications could be reached, bringing Pi Network closer to Open Mainnet launch.

Read also: Pi Network is a scam or not, here are reviews from users

Important Conditions for Launching Open Mainnet

There are several things that must be confirmed before Pi Network can launch Open Mainnet. In addition to the 15 million KYC target, the Pi network should demonstrate solid stability during closed testing. Pi Network also relies on an active community to build a strong ecosystem. 

Without community support, including blockchain-based applications such as dApps (decentralized applications), this ecosystem will not develop optimally. Apart from that, the security system is also a top priority so that user data remains well protected.

Positive Developments Continue to Happen

Despite several challenges, Pi Network is showing quite encouraging progress. Several companies in Asia, such as in Vietnam and South Korea, have started to express interest in accepting Pi Coin as a means of payment after the mainnet launch. 

This is a positive indication that Pi Network is not just a project with mere promises, but truly has great potential to be accepted in the global market.

In addition, the application ecosystem based on the Pi Network, such as the marketplace, continues to grow. This provides an idea of ​​the long-term potential of Pi Network and shows that the development team is serious about building a solid ecosystem.

Hope for Open Mainnet Launch

For loyal Pi Network users, progress towards the launch of Open Mainnet is certainly a highly anticipated moment. While KYC challenges remain, the progress achieved shows that Pi Network is on the right track. The increasing number of users successfully passing KYC and the growing application ecosystem show that the future of Pi Network is full of promise.

For those of you who have completed KYC, make sure to keep up to date with the latest developments and get ready to be part of Pi Network history. If you're still waiting, stay optimistic. Pi Network has the potential to become one of the largest cryptocurrency projects that will change the way we view and use digital money by 2024.

FAQ Pi Network

What is Pi Network?

Pi Network is a cryptocurrency platform that allows users to mine Pi Coin via smartphone without the need for special hardware.

Why is the KYC process important at Pi Network?

KYC ensures that registered users are legitimate individuals, not bots, to maintain network security and integrity.

When will Pi Network's Open Mainnet launch?

Open Mainnet will be launched after 15 million users have completed KYC. Currently, there are 14 million verified users.

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Reference

Pi Network, KYC Process Updates and Next Steps for Pioneers, accessed December 11, 2024.

Saputra, Rendra, Open Mainnet Pi Network waiting for another 1 million KYC, the latest information is just 14 million verifications, accessed December 11, 2024.

Author: MF