As stated in the Pi2Day 2024 announcement, the 6-month KYC Grace Period and its rolling 6-month window (the “Grace Period”) was enacted as of July 1st, 2024! As defined and clarified in the 2021 Whitepaper, the Grace Period is necessary for preparing Pi for Open Network. During this period, Pioneers must submit their initial KYC identity verification application within the first 3 months and take all available actions to complete their KYC and Mainnet migration within 6 months.
To make these important deadlines salient and clear, in the near future we will be rolling out new app interfaces, including initially a countdown timer on the Mainnet Checklist and later a new banner on the home screen, pop-ups, etc. These interface updates will help inform and remind Pioneers of their respective deadlines, whether to submit KYC or to complete Mainnet migration, and urge them to take actions as soon as possible. These Grace Period interface features will be iterated and improved upon over time, e.g., refining pauses on the timer for stuck cases and providing urgency levels. For Pioneers who have completed the Mainnet Checklist and are fully migrated, they will not see the timer in their app because the Grace Period requirements and deadlines no longer apply to them.
To reach Open Network in 2024, this is the time to enact the Grace Period and the rolling window. The KYC and migration process already work for the majority of the network. This means most Pioneers should be able to complete the KYC and migration on their own well within the 6-month Grace Period. Additionally, we have included flexibility in the 6-month timer design to accommodate those Pioneers that are stuck during the process due to specific system blocks or issues. Moreover, on the network level, the enactment of the Grace Period will positively improve our collective progress in achieving KYC and migration goals for Open Network.
What Happens in the Grace Period?
The Grace Period is a 6-month period during which Pioneers must take actions to complete KYC and migrate to Open Network. They must do this in order to keep all of their Pi that they mined. If Pioneers fail to submit their initial KYC application within the first 3 months or fail to finish all necessary steps to migrate their Pi within 6 months starting July 1st, 2024 (except for specific system blocks that pause their countdown timer), they will forfeit most of their past Pi balance other than the Pi mined within the last 6 months before their Pi is migrated—this is the 6-month rolling window. Being stuck in KYC or Mainnet migrations due to specific system reasons will not count against a Pioneer’s 6 months.
Specifically, to avoid losing most of the Pi mined, Pioneers should make sure they complete the two action steps within their respective deadlines:
1. Submit their initial KYC application within the first 3 months of the Grace Period, which means the deadline will be September 30, 2024, and
2. Complete the Mainnet Checklist to migrate to the Mainnet within 6 months, which means the deadline will be December 31, 2024.
Everyone who hasn’t migrated to the Mainnet yet will have an individual Grace Period timer. This timer will continue to count down as long as this process is pending a user action and will pause in the event that an individual is blocked by the system in these following specific steps: being ineligible to apply to KYC, being stuck in the KYC process more than one month, having a tentative KYC status, and delays by the system from Mainnet migration.
Whenever there is a pending action in the process for the Pioneer to take—be it resubmission, liveness check, correction of information, any Checklist items, etc.—the countdown timer will resume. Assuming that the Pioneer has X remaining months on the timer when it resumes from a pause, the Pioneer will have X or 1 month, whichever is longer, to complete the remaining steps of KYC and migration.
Pioneers who completed the above two steps within their respective deadlines will secure and keep the Pi balance they mined. Pioneers who miss either of the Grace Period deadlines will only keep the Pi they mined in the last 6 months before their Pi is migrated for the first time. The 6-month rolling window during which their Pi was previously mined and can be kept refers to the last 6 months before their first migration to the Mainnet.
Grace Period Examples for Various Pioneer Scenarios
Below are some scenarios to help demonstrate these deadlines and requirements based on specific Pioneers’ circumstances:
- The Grace Period for a Pioneer that is currently eligible for KYC begins on July 1, 2024. They need to submit their first KYC application by September 30, 2024, and will need to migrate to Mainnet before December 31, 2024.
- For Pioneers who are not eligible to submit their KYC application, their timer is paused and will resume once they become eligible.
- For Pioneers who currently have a Tentative KYC status, their 6-month timer is paused and will resume once the block is resolved.
- For Pioneers whose KYC applications are stuck in the KYC process for more than 1 month, their 6-month timer is also paused and will resume once the block is resolved. However, such pauses will be further refined in the future. The timer will only be paused for delays by system reasons. If there is a KYC user action pending, e.g., resubmission or additional liveness checks, the timer will not be paused. Pioneers should take such required actions as soon as possible within the timer countdown.
- For new Pioneers, the Grace Period will be paused until they complete thirty (30) mining sessions (“Minimum Mining Period”) and become eligible to apply for KYC. Then, the two deadlines of the Grace Period follow accordingly afterward. This also applies to new Pioneers who join after the end of 2024.
- If a Pioneer takes the pending user action in the KYC process less than 1 month before the deadline, the timer will automatically top up to 1 month to allow time for processing and finishing the next steps in KYC and Mainnet migration.
- There may be additional exceptions or pauses on the timer in the future if new major system delays emerge. We will consider them and decide as we encounter them.
Given the importance of these deadlines, we strongly encourage Pioneers to start their KYC and migration process as soon as possible! If you’re a Pioneer who hasn’t already downloaded the Pi Browser, do so now (via iOS App Store or Google Play Store) and navigate to the KYC app inside the Pi Browser to complete your application. Your migration steps are located in the Mainnet Checklist within the “Mainnet” tab of the Pi mining app, and they will also require you to take actions within the Pi Browser.
What Does This Mean for Network Growth?
The Grace Period will not affect new members joining the network or mining for free as usual, but it will require new Pioneers to complete KYC and migrate within the Grace Period following the same rules after they join. Not only will this not impact the growth of the network, but also it will ensure and improve the quality of the network, and make sure more people joining are real humans, KYC’ed, and on the Mainnet, fully ready to participate in and contribute to the Pi Mainnet ecosystem.
The Path Forward
As we approach the launch of Open Network, the KYC and Mainnet migration Grace Period is a pivotal measure to prepare our community for a seamless transition. This period not only ensures readiness among Pioneers but also upholds the integrity of Pi by aligning with the core principles set forth in our Whitepaper.
The coming months are crucial; they are not just a countdown but a call to action for all Pioneers to solidify their roles in Pi’s future. Let’s embrace this opportunity to strengthen our community and ensure that each Pioneer can participate fully in the Mainnet Pi ecosystem.
To learn more about Pi Network’s native KYC solution, read the full article and FAQs explaining what it is, why it’s important, and how it works. KYC is an essential component of Pi’s preparedness for an Open Network launch. Help KYC move forward for more Pioneers by becoming a KYC Validator yourself and inviting your fellow Pioneer peers to complete KYC and migrate to Mainnet.
I am sure who read the complete article have known and well understood the importance of six months grace period for moving towards open main net.
All the best Pioneers! Keep mining and be consistent and firm.
Follow @MD Talha for more knowledgeable updates and insights.
