KYC Grace Period Extended: Pi Network Pioneers Now Have 6 Months

Pi Network, a decentralized cryptocurrency project, has announced a rolling grace period of six calendar months for Pioneer miners to complete the Know Your Customer (KYC) process. This grace period allows Pioneers enough time to pass KYC while creating a sense of urgency to do so.

KYC is a process used to verify the identity of users on a platform. Pi Network’s KYC process aims to ensure that only real human beings are able to transfer their Pi balance to the blockchain. Pioneers who fail to pass KYC within the rolling six-month window will lose all Pi mined outside of that window and will be unable to transfer their lost Pi to the Mainnet.

The retention of the mined Pi in the six-month window continues indefinitely until Pioneers pass KYC or the KYC policy changes. The rolling six-month KYC grace period framework will only begin when the KYC solution is generally available to all eligible Pioneers in the future, and will be announced to the community beforehand.

The rolling six-month window serves several important purposes. First, it strikes a balance between giving Pioneers adequate time to pass KYC and creating enough urgency to do so. Second, it prevents unverified Pi beyond the rolling six-month KYC grace period from migrating to the Mainnet, freeing it up for mining by other KYC’ed Pioneers within the allocated Pi overall supply limit for Pioneer mining. Third, it limits KYC spam and abuse.

Pioneers have voiced their discontent with the KYC process in the Pi Network, citing delays in verification as a major concern. Many have expressed frustration with the current system, with some claiming that it has caused significant setbacks in their mining efforts. Despite these criticisms, the Core Team is yet to announce any plans to adjust the verification process or address these concerns. As the Pi Network continues to grow and attract new users, many Pioneers are eagerly awaiting a response from the Core Team regarding the future of the KYC process.

The KYC verification process will generally take into account Pioneers’ likelihood of being real human beings based on Pi’s machine-automated prediction mechanisms run over the last three years. Newly created accounts will not be able to immediately apply for KYC verification until after 30 days. This helps the network limit the ability of bots and fake accounts to spam and abuse the KYC process and prioritize KYC validation resources for real human Pioneers.

Pioneers who delay KYC verification beyond six months will not have their lost Pi transferred to the Mainnet and will not be accounted for in the calculation of the systemwide base mining rate (B) beyond the rolling six-month KYC grace period. Pioneers will, therefore, need to claim their Pi in time, or their lost Pi will be reallocated to B for mining in the same year by other verified Pioneers who can make full contributions to the network.

Pi Network’s rolling six-month KYC grace period framework aims to ensure that only real human beings are able to transfer their Pi balance to the blockchain while striking a balance between giving Pioneers adequate time to pass KYC and creating enough urgency to do so. The KYC process will take into account Pioneers’ likelihood of being real human beings based on Pi’s machine-automated prediction mechanisms, and newly created accounts will not be able to immediately apply for KYC verification. Pioneers who delay KYC verification beyond six months will lose all Pi mined outside of that window, and their lost Pi will be reallocated to B for mining in the same year by other verified Pioneers who can make full contributions to the network.