Pi Network Provides Key Update on KYC Process for Pioneers

In a recent blog post on January 19, 2024, the Pi Network has offered a crucial update on the Know Your Customer (KYC) process for its Pioneers as part of the ongoing preparations for the Open Network period of the Mainnet, scheduled for later this year.

Addressing a Core Problem

The update highlighted a significant hurdle in the KYC process related to missing or incorrectly entered information in applications. This seemingly minor issue has proven to be a major bottleneck, leading to delays in verification and creating system inefficiencies.

The Pi Network acknowledged various reasons for the “missing” status, including the diverse layouts of ID documents, scattered data on both sides of IDs, unclear images, and human errors in application forms. The team emphasized the importance of accurate data entry for a quick and secure KYC process.

Solutions and Recent Effectiveness

To tackle the challenge, the Pi Network outlined a series of measures and their impact on resolving the missing data issue:

1. Comprehensive Application Reprocessing: An improvement in code extraction was applied to 1.5 million stuck applications in November 2023, resulting in the unblocking of 200,000 applications.

2. Improved Algorithm: A second iteration of the code was implemented in mid-December, leading to the unblocking of 532,000 applications out of the remaining 1.3 million.

3. Resubmission Opportunities: Approximately 768,000 applicants were given a chance to resubmit, allowing 123,000 applications to be successfully unblocked by late December.

4. Validators Review: A new design and tutorials for KYC Validators will be rolled out to address remaining cases affected by missing data.

The Pi Network stressed the ongoing nature of these efforts, emphasizing the importance of addressing each corner case to enhance the overall KYC process.

Additional KYC Updates and Progress

Apart from addressing missing data issues, the blog post provided updates on other aspects of the KYC process, including:

• –Improved Liveness Video Processing: A tailored measure reduced the backlog of KYC applications with video processing failures from 153,000 to 19,000.

• –Unblocking Applications with Watermark Issue: A specialized measure in December 2023 successfully unblocked 1,367 Pioneers facing issues with watermarked images.

• –Name Comparisons and Appeals: New tutorials and designs were implemented to help Validators resolve difficulties in name comparisons, although metrics for this feature are not yet available.

The Pi Network’s commitment to addressing these challenges reflects its dedication to building a robust and inclusive peer-to-peer ecosystem in line with its vision. Pioneers are encouraged to stay informed and actively participate in the ongoing KYC process to ensure a smooth transition to the Open Network. Read Similar Story