In a major stride towards realizing its vision of creating a globally inclusive and widely distributed token and ecosystem, Pi Network is gearing up for Phase 3: Mainnet. This crucial phase, set to go live in December 2021, represents a pivotal moment in the journey towards creating a decentralized blockchain that empowers millions of users worldwide.
One of the significant highlights of the Mainnet phase is the migration of Pioneer balances from their mobile app accounts to the Mainnet. However, this process comes with a key prerequisite—Know Your Customer (KYC) authentication. Prior to migrating their balances, Pioneers are required to undergo KYC verification, a crucial step in distinguishing genuine users from fake or duplicate accounts.
To ensure a seamless transition for its vast user base and to accommodate the diverse needs of millions of Pioneers, the Mainnet phase is divided into two distinct periods:
1. The Enclosed Network Period:
Commencing in December 2021, this phase represents the initial step towards a fully operational Mainnet. During the Enclosed Network period, the Mainnet is live but operates within a firewall, preventing any unwanted external connectivity. This period serves as a grace period for Pioneers to complete their KYC verification and migrate their Pi tokens to the live Mainnet blockchain.
Pioneers have the flexibility to utilize their migrated balances for various purposes, such as purchasing goods and services in Pi apps, transferring Pi to other Pioneers, or locking it up for a specified duration to earn a higher mining rate. KYC-authenticated Pioneers can freely use their Pi within the Pi Network, albeit without connectivity to external blockchains.
Advantages of the Two-Period Approach to Mainnet:
The decision to implement an intermediate Enclosed Network period offers several advantages:
- Millions of Pioneers Worldwide Can Complete KYC: The phased approach ensures that millions of Pioneers have ample time to complete their KYC verification, granting them access to Pi usage beyond the Pi platform.
- Development and Deployment of More Pi Apps: The extended timeline allows for the creation and deployment of additional Pi apps, fostering utility within the Pi ecosystem.
- Transitioning Pi Apps to Mainnet: Pi apps initially deployed on the Testnet can smoothly transition to the Mainnet during this period.
- Iterative Enhancements: The Enclosed Network period facilitates the fine-tuning of Mainnet configurations and ecosystem adjustments before the fully open network launch.
This gradual approach aligns with Pi Network’s vision of creating a utility-based ecosystem and adheres to its iterative philosophy. Moreover, it provides space for Pioneers to concentrate on building utilities and nurturing the ecosystem without external distractions.
KYC Verification and Mainnet Balance Transfer:
The KYC verification process, short for “Know Your Customer/Client,” is an essential step in ensuring that Pi Network remains a network of genuine human beings. It is a process that confirms the authenticity of user identities and screens against government sanction lists, aligning with Anti-Money Laundering (AML) and anti-terrorism regulations.
Notably, Pi Network operates on the principle of one account per person, aiming to prevent unfair hoarding of Pi tokens through fake accounts. Over the years, the network has employed various technical mechanisms to identify and thwart bots and fake accounts. Accounts flagged as potentially fake will undergo rigorous reviews, and KYC slots will prioritize accounts with a high likelihood of being legitimate human holders.
Only accounts with verified identities will be eligible for transition to the Mainnet, and only Pi balances attributed to these identity-verified accounts will be allowed to migrate to the Mainnet balance. The timing and extent of balance transfers will depend on the successful completion of KYC verification.
In essence, Pi Network’s Phase 3: Mainnet marks a significant step towards its goal of creating an inclusive and widely accessible digital ecosystem. With meticulous planning, iterative development, and a commitment to ensuring the authenticity of its user base, Pi Network is poised to usher in a new era of decentralized blockchain technology. As the Mainnet phase unfolds, it promises exciting opportunities for Pioneers to participate in and contribute to the Pi ecosystem’s growth. Read More
Source: WhitePaper
