Attention Pi Network Users: Important Updates on Verification Procedures
The Pi Network team has rolled out a new update regarding its verification process, addressing user concerns and outlining recent achievements.
Since its launch over five years ago, the Pi Network has gained millions of users, sparking both interest and criticism. A significant issue has been the lengthy verification process, with many users expressing frustration over delays and rejections.
Recently, the team has provided an update on the Know Your Customer (KYC) process, which includes data on the number of verified users and future steps.
Verified Pioneers
According to an update from the Pi Network Core Team, more than 3.36 million additional users (referred to as Pioneers) have successfully completed the KYC process, aided by a new system that significantly improved the verification capacity. Over 4.76 million users categorized as Tentative KYC have become eligible for full verification.
“This large-scale system process includes complex mechanisms using advanced AI models and analyzing large datasets from liveness checks and KYC application data. It aims to verify that each applicant is a real, living person and meets the standards for full KYC approval.”
This advancement will help eliminate fraudulent accounts and maintain the policy of one account per individual, ensuring the project’s integrity and fairness for genuine Pioneers.
As of the latest update, only 2.69 million users from the verified group have transitioned to the Mainnet blockchain. Users that haven’t migrated yet should verify their KYC status and complete the necessary checklist to proceed. They may also need to perform liveness checks to qualify for the new verification system.
Pi Price Update
Despite ongoing updates, the Pi Network’s native token has been underperforming, losing over 93% of its value since its all-time high in February. Recently, it has hovered just above $0.20, managing to hold that level even amid ongoing downward pressures.
Additionally, the upcoming unlock schedule for tokens appears less severe, with the average daily release projected at just over 4 million coins, considerably lower than the 8-9 million released during summer, potentially easing the selling pressure in the market.
