Pi Network’s KYC, or “Know Your Customer,” process plays a pivotal role in identifying and verifying Pioneer identities. This procedure is essential to adhere to regulations and ensure that the Pi Ecosystem comprises real individuals. Pi Network envisions creating an inclusive and widely-distributed digital currency and ecosystem accessible to all Pioneers. The network’s mining mechanism relies on contributions from genuine Pioneers, enforcing a strict policy of one account per person to prevent unfair accumulation of Pi tokens through fake accounts. KYC, in this context, guarantees the authenticity of the network.
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How the KYC Solution Works
Pi Network’s KYC solution is being developed through the Pi App Engine as an ecosystem app, focusing on accuracy, privacy, scalability, diverse population coverage, and accessibility.
1.1 Combining Automation and Human Verification
- The KYC solution combines machine automation and human verification for accurate and efficient KYC processing.
- Machine automation processes, analyzes, and obfuscates Pioneer information.
- Human Validators, who are KYC’ed Pioneers, verify specific parts of obfuscated information and submitted documents.
1.2 Protecting Privacy
- Personal data, except for information the machine couldn’t read, is redacted to safeguard individual Pioneer privacy.
1.3 Validator Selection
- Human Validators are randomly selected from a pool of crowd workers in the same country as the provided ID document.
- Validators must agree to the Validator Service Agreement and undergo training to ensure accuracy.
- Validators’ work is continuously cross-validated to maintain quality and remove inconsistent performers.
1.4 Dependency on Human Validators
- The progress of network KYC primarily depends on the availability of proficient human Validators in local communities.
- As more Pioneers get KYC’ed, additional human Validators become available, supporting global accessibility.
YouTube Video of What Pi Network KYC Is About
What Sets Pi KYC Solution Apart
Pi Network’s KYC solution stands out for several reasons:
2.1 Cost-Free KYC Checks
- Unlike many projects that outsource KYC to third-party providers with associated fees, Pi Network offers KYC checks without out-of-pocket charges for all Pioneers.
- Validators are compensated with 1 Pi for their work, ensuring inclusivity regardless of financial barriers.
2.2 Unprecedented Coverage
- Pi Network’s native solution accommodates KYC services for almost all countries and regions globally.
- Scalability is achieved by leveraging machine automation and Pi’s distributed global community.
2.3 True Utility Creation
- Pi KYC contributes to the utility of Pi within the ecosystem, reflecting the decentralized community’s exchange of labor and creation of real utility for Pi cryptocurrency.
KYC Next Steps
- In June 2022, a significant portion of the network gained eligibility for KYC.
- Pi Network expanded KYC applications to all users, partly through a Tentative KYC program.
- The Tentative KYC program allows newly eligible accounts to apply for KYC and undergo additional verification checks when necessary.
- Accounts must pass Validator reviews and additional checks to achieve “passed” status.
- The rollout strategy ensures network integrity by cautiously admitting genuine human Pioneers and identifying and preventing fake and bot accounts.
Pi Network’s KYC Solution
Pi Network’s KYC solution is a revolutionary, decentralized, and scalable approach that upholds privacy, accuracy, and accessibility. It has verified millions of Pioneers, enabling them to participate in the Pi Mainnet blockchain and its ecosystem.
As the Pi KYC successfully verifies the majority or all of the network’s Pioneers, it positions Pi Network to become the largest KYC’ed and crypto-enabled social network. This paves the way for the development and deployment of innovative services related to finance, economics, and ownership, advancing toward the Web3 era. Join this historic endeavor by filling out your KYC application and becoming a Validator.