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Pi Day 2023: Core Team officially announced mass KYC deployment; says KYC and utility development remains the big huddle to mainnet launch

The Pi Network Core Team recently announced Pi Mass KYC on Pi Day 1, March 14, and expectations from Pioneers to make Open Network come faster. This is an exciting development for the Pi Network community and a major milestone in the journey towards Open Network.

The Open Network will be launched as soon as possible owing to the hard work of the Pi Network Core Team. The Pi Mass KYC release shows that the team is making consistent advancements toward the objective. The team will be able to confirm the Pioneers’ identities through this procedure, ensuring that the Open Network is safe and in compliance with all legal requirements.

The Pi Network Core Team has asked Pioneers to complete the KYC process as soon as possible. This will help to speed up the launch of the Open Network and ensure that the network is secure and compliant with regulations. It is great to see the team taking the necessary steps to make Open Network a reality. It is expected that the Pioneers will be eager to complete the KYC process and help the team to make Open Network come faster.

Nonetheless, the Core Team’s announcement of Mass KYC prior to the Open Network is a significant turning point in the network’s evolution. A variety of initiatives that will aid the network in realizing its full potential as an Open Network will be made possible by this new method.

“Happy Pi Day 2023! Let’s celebrate Pi Networks 4th anniversary since its official lunch. Along with new product releases, we’ve provided guidance on how Pioneers can contribute to the goals of Enclosed Network and bring the network closer to its Open Network period.” according to a statement by Nicolas Kokkalis.

So, in order to reach the Open Network, the primary goals (prerequisites) of the Enclosed Network have to be met first.

  • Mass Identity Verification of millions of Pioneers through a native, scalable KYC solution, follow by the migration of their Pi cryptocurrency balance to the Pi Mainnet.
  • Availability of Utilities apps for the Pi cryptocurrency through Pi ecosystem.

All Pioneers were informed by the news that they too had a part to play in the implementation of the Open network.

The first role is the onboarding of all the pioneers. The Mass KYC process will make it easier for pioneers to join the network and participate in the mainnet activities. This will help to increase the number of pioneers on the network, which will in turn help to increase the amount of data and transactions that can be processed.

This diverse Decentralized efforts are expected from the pioneers for Pi Network to achieve its Enclosed Network goals faster-in the theme of “What I do for Pi”. Also, as part of the expected contribution toward the Open Network is the new feature on the mining app that will enable Pioneers to share messages to members of their Referral Teams and Security Circles to remind and encourage them to start their own KYC and migration process. This is the feature that would promote decentralized efforts to speed up the network’s progress in KYC and migration, toward closer Open network.

What is Pi Network?

Pi Network is a cryptocurrency project that allows users to perform mining operations through their smartphones. The platform was designed to onboard anyone into the crypto space, regardless of their familiarity with digital assets.

Pi Network is the brainchild of Stanford University graduates – Nicolas Kokkalis, Chengdiao Fan, Aurélien Schiltz, and Vince McPhillips. The team started developing the project in 2018, but they released the whitepaper and launched the application a year later, on March 14, 2019.

Miners on the Pi Network are rewarded with the Pi coin, which the project’s creators claim will gain value once the protocol launches to mainnet.

Olutunde Oladipo

Written by Olutunde Oladipo

Olutunde Oladipo has worked as a professional content writer for many years. His interests are as diverse as offering financial guidance and advice. He has extensive knowledge of Blockchain Technology. Olutunde hails from Ibadan, Oyo State in South-Western Region of Nigeria.

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