The Pi Network, known for its innovative approach to cryptocurrency accessibility, is taking a significant step forward with the introduction of its KYC (Know Your Customer) protocol. This essential feature comes with crucial details and safeguards to protect the integrity of the network, its pioneers, and to ensure the value of Pi.
1. AI Screening for a Secure Ecosystem
Under the Know Your Customer protocol, names and ID numbers uploaded by users will undergo rigorous scrutiny by AI. This critical measure aims to safeguard the Pi Network against potential threats related to money laundering, terrorism, and other illicit activities. Anyone detected on a “ban list” will not have the opportunity to earn Pi, rendering their Pi account essentially worthless.
This robust AI screening is a testament to Pi Network’s commitment to maintaining a secure and legitimate ecosystem for its users.
2. Privacy Protection Through Data Scrambling
Pi Network understands the importance of user privacy. To address this concern, all information on the ID will be scrambled or partially hidden during the process. This added layer of protection ensures that personal information remains confidential while fulfilling regulatory requirements.
3. Conditions for Confirming KYC for Others
If users wish to confirm the identity of fellow pioneers to earn Pi through the identity verification, they must meet specific conditions:
- Their own account must have gone through KYC.
- They need to register for Pi Core Team approval, undergoing a brief assessment to determine their capability to confirm KYC for others.
- Confirmation authority is granted only for pioneers from the same country.
- A pioneer who passes KYC will incur a fee of 1 Pi, which is distributed evenly among the total number of confirmations, promoting fairness and accountability.
4. Responsibilities in Referral Groups
Users who have successfully passed KYC have a vital role in encouraging others in their referral groups to complete the KYC process. However, it’s important to note that you are not automatically chosen to confirm KYC information for group members. Confirmation authority is granted based on specific criteria set by the Pi Core Team.
5. KYC: A Gradual Process
KYC will be an ongoing process throughout the Pi Network project. The timing and frequency of KYCs depend on the Pi Core Team’s goals for introducing Pi to the mainnet. This gradual approach ensures that the value of Pi remains stable and sustainable.
6. The Value of KYC
Users are encouraged not to worry if their KYC happens later in the project. In fact, it can help limit the supply of Pi, potentially making it more valuable. When Pi reaches a higher value, participating in KYC becomes even more advantageous. This strategic approach reflects Pi Network’s commitment to ensuring that all pioneers have an equal opportunity to participate and benefit from the network’s growth.
The KYC protocol stands as a cornerstone of trust, security, and value, shaping a more robust and inclusive digital currency ecosystem. It emphasizes the network’s dedication to fostering a transparent and sustainable environment for pioneers worldwide. Continue Reading
Mr Terfa Ukende, please I have some big problem related to KYC, we have being mining Pi coin since 2019, but yet, some of us doesn’t received their chance to do KYC, and considering what CORE TEAM had said on Pi Day ;, it mean that there’s no more chance for us later to receive KYC slot ?
If yes what are we going to do, if no what are we going to expect next?
Please am so much desperate with this issue, and if you have anything to utter,. Don’t hesitate to share it to me please and please 🙏🙏🙏.
Thanks