Pi Network Reaches 33 Million Engaged Users, Rolls Out Native Mass KYC Solution on Pi Day 2022 – Digital Journal

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PALO ALTO, CA / ACCESSWIRE / March 14, 2022 / Pi Network is taking the very special occasion of Pi Day 2022 to announce its engaged user growth to over 33 million (referred to as Pioneers in the Pi community). Pioneers reside in almost all countries and regions around the world, many of which lie outside the reach of other cryptocurrencies.
The social cryptocurrency network further announces the rollout of a highly anticipated decentralized and accessible “Know Your Customer” (KYC) solution. Identity verification is critical because the network values true humanness. The network plans to securely scale the KYC process to millions of Pioneers by combining machine automation and human verification. It will cost Pioneers simply 1 Pi to process their application. Today, the KYC app on the Pi platform started allowing Pioneers around the world to submit their applications on a large scale, with the number of application slots expected to ramp up steadily. A decentralized, scaleable identity validation system has begun processing these KYC applications.
Pi Network launched its Enclosed Mainnet blockchain on December 28, 2021. KYC verification is a prerequisite for Pioneers to migrate their Pi balances on the phone to the blockchain and use their Pi cryptocurrency in the Pi ecosystem.
Today, Pi Network is also implementing a new mining mechanism, which allows Pioneers to increase their individual mining rate by making newer, more diverse types of contributions to the network via apps usage, Node operations, and Pi lockup. Since Pi Day 2019, Pioneers have been able to freely mine Pi on their phone by contributing to the network’s growth and security. Pi cryptocurrency is not available on any exchanges. The only way to get Pi is to mine it on the app by contributing to the network.
The network plans to open the blockchain to external connectivity in the near future. According to Pi Core Team’s founders, Chengdiao Fan and Nicolas Kokkalis, “The intermediate Enclosed Network period allows time for millions of Pioneers to pass KYC and for the community to build utility-based Pi apps. It also helps the network test, gather data, and iterate on its Mainnet and ecosystem parameters.” Details on Roadmap and New Mining are available on its updated whitepaper draft.
Looking back on the past year, Pi Network has achieved other significant milestones. Pioneers operate over 10,000 Testnet nodes now. The network also released key apps and features for its blockchain and ecosystem. Among these were the Pi Browser, a Pi Utilities platform for community developers; the Pi Wallet, a noncustodial wallet for Pioneers to hold Pi; and the Pi Blockexplorer, a web-based interface to track and research transactions on the Pi Mainnet and Testnet blockchains. The last year also saw many updates to the Brainstorm App, which provided the platform for its first-ever #buildPi2gether Hackathon, bringing in thousands of global participants to create dozens of app prototypes.
To celebrate this special day, Pioneers are sharing pictures of pie (i.e., the baked food) under the hashtag #pidaypie across various social media. Pi Network boasts 1 million Twitter followers.
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Media Contact:
Dan Spencer
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SOURCE: Pi Network
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