- Pi Network announced that 10 million users have passed identity verification using its Pi KYC system.
- It plans to transition to the Open Network phase with intentions of expanding to 15 million KYC-verified users and developing 100 Pi apps by 2024.
On April 16, the Web3 application ecosystem and developer platform, Pi Network, announced that 10 million users, known as "Pioneers," have successfully passed identity verification using its own Pi KYC system.
Pi KYC utilizes a unique method that blends automated machinery and community-driven, local human verification to achieve secure, precise, and efficient KYC processes.
“It's liberating for a crypto network to make this progress inside the network's self-sustaining ecosystem and proves that the industry doesn't need to depend on fiat services to succeed,” said Dr. Nicolas Kokkalis, a Founder and Head of Technology.
Dr. Kokkalis also finds it thrilling that Pi's unique crypto solution could enable other Web3 services that involve asset ownership to meet their identity verification needs through Pi. This serves as a reassuring note that the KYC process can encompass as broad a range as the internet itself, without being costly or burdensome.
However, a principal analyst of AIMultiple, Cem Dilmegani, in one of his posts from January, wrote that he doesn’t “expect anyone except the founders to benefit from PI Network in a significant way.”
“Users are currently putting value in the app without tangible (except maybe psychological) benefits. The app does not provide any utility to its users beyond functionality like in-app messaging. Most users hold on to it with the hope that they will sometime convert their virtual coins to actual value,” wrote Dilmegani.
Dilmegani recognizes that the Pi Network is trying to create something valuable. They've released a whitepaper that describes their goals but lacks specific technical information about how their Pi Stack will operate.
“One of their aims is to have others build apps on the Pi network to benefit from P network users’ attention. This reminded us of the pay-to-surf models of the dot com boom where companies installed software on user devices and acted as middlemen between users and advertisers without generating substantial benefit to either party,” Dilmegani added.
Last year in December, Pi announced its plans to transition to the Open Network phase of Mainnet in 2024, contingent upon several community milestones being met. These include having 15 million KYC-verified Pioneers, with 10 million of them migrated to the Mainnet; the development of 100 genuine Pi apps that are either on the Mainnet or ready for it; ongoing technical and product advancements by the Core Team; and the absence of adverse global circumstances.
Edited by Harshajit Sarmah
