Cryptocurrencies have taken the financial world by storm, with Bitcoin and Ethereum leading the way. However, Pi Network, with its innovative approach to mining and accessibility, has garnered significant attention. Pi Network has been in development for several years, and one of its most eagerly awaited milestones is the transition to the Mainnet. In this article, we will explore the concept of “Verified Pi Balance,” which plays a crucial role in the Mainnet migration process.
Verified Pi Balance
Verified Pi Balance is a close approximation of the amount of Pi cryptocurrency that will be available for transfer to your Mainnet wallet after you successfully complete all the steps on the Mainnet Checklist, which includes passing identity verification, also known as KYC (Know Your Customer).
Mainnet Checklist: Your Gateway to the Mainnet
To fully grasp the significance of Verified Pi Balance, let’s break down the Mainnet Checklist:
1. Identity Verification (KYC): This step ensures that Pi Network users are who they claim to be, complying with essential regulatory requirements. Passing KYC is a crucial step to access the Mainnet and maintain a secure and compliant network.
2. Lockup Settings: Your lockup settings determine when and how your Pi will become transferable to the Mainnet. This includes details such as the vesting period and any additional requirements for your Pi to be released.
3. Migration: Once you have completed all the Mainnet Checklist steps, your Transferable balance to Mainnet will be automatically migrated to your wallet when Mainnet migration occurs. This is where your Verified Pi Balance becomes paramount.
Gradual Access to Bonus Pi
Initially, your Transferable balance to Mainnet may only include the Pi you’ve mined, excluding any bonuses. Bonus Pi, which can be found in your Unverified balance, will gradually become transferable as certain conditions are met. Specifically, your Referral Team and Security Circle members must also pass identity verification (KYC) for the bonus Pi to become available for transfer.
After successfully completing all the Mainnet Checklist steps, and when the time for Mainnet migration arrives, your Verified Pi Balance will display the total amount of Pi that has been migrated to your Mainnet wallet. This signifies the culmination of your efforts and adherence to Pi Network’s requirements, opening the doors to participate fully in the Pi Network Mainnet.
As Pi Network progresses towards its Mainnet launch, understanding the concept of Verified Pi Balance is essential for all users. It represents the culmination of your commitment to the network, ensuring that you can securely access and transfer your Pi cryptocurrency on the Mainnet. By completing the Mainnet Checklist, passing KYC, and adhering to lockup settings, you pave the way for a seamless transition to the Pi Network Mainnet and the exciting opportunities it holds for the future of cryptocurrency. Continue Reading