According to the Pi Network’s white paper, without KYC authentication, every Pi that has been mined would be burned, and such pioneers won’t have anything to show for their daily efforts of pressing the thunder button. In regards to this fact, Pi Network has opted for new alternative ways to invite and also validates.
Financial institutions are protected by Know Your Customer (KYC) regulations from fraud, corruption, money laundering, and financing of terrorism. In order to comply with regulatory requirements, businesses routinely verify the identification of their clientele. KYC although affects many industries and is required for delicate procedures in all of them, it is particularly important in the financial and banking sectors as well as closely connected ones like insurance, real estate, or, for instance, trading and cryptocurrencies.
The Pi Core Team has made significant advancements in the KYC procedure in order to:
- Enhance the app’s effectiveness, efficiency, and safety;
- Open KYC to a larger group of Pioneers; and
- Investigate and develop solutions for actual Pioneers who have submitted applications but have not yet received KYC results.
The Core Team also explained the significance of the KYC and achievements they have recorded overtime since July this year (2022). The statement reads;
“As a Core Team priority, KYC is essential to fostering a vibrant Pi ecosystem by providing reliable & safe-proof onboarding to insure the intrinsic quality of the network.
we’re providing more details on what we have worked on since the last KYC update and the next steps to help Pioneers understand and know what to anticipate.”
Improved machine automation for ID document obfuscation was developed and implemented.
The enhanced algorithm will be able to more effectively redact personal data from ID documents and lessen the exposure of crowd validators while still enabling them to execute their jobs (hence increasing the number of passing users). Although not all Pioneers will notice this change, it is significant for the Pioneers’ KYC procedure as a whole.
A system was developed to evaluate the effectiveness and statistics of human Validators.
This is yet another crucial backend invisible feature to keep an eye on, assess, and hold crowd Validators accountable while making sure the KYC findings are as precise and dependable as feasible.
Significant backend code refactoring on validation work selections.
Although this enhancement is not visible to end users, it is crucial to boost Validators’ productivity and produce more accurate KYC findings.
Increased infrastructure for the KYC app’s efficiency.
This is crucial to enhance the functionality and user experience of the KYC app, for example, by speeding up the loading of each screen to increase the number of applications that are submitted successfully.
Enhance the analysis and application process to increase the eligibility of Pioneers.
This relates to something that many Pioneers care about: raising the proportion of the network that is eligible to apply for KYC. Following this list are further details about this feature.
SOURCE: Pi Network’s blog
