$BTC Pi Network Reaches 10M KYC'd Users, but Token Is Still Not Tradeable
The Pi Network app now has more than 10 million users who have verified their identities by completing the Know Your Customer (KYC) process, according to an April 16 announcement.
The Pi team has promised that it will launch a mainnet and that its tokens will become tradeable if a series of milestones are reached, including after 15 million users pass KYC. With 10 million accounts already verified, this implies that the KYC goal will be reached when another 5 million users complete verification.
Despite this achievement, business analytics platform AIMultiple has claimed that Pi may bring "no value to users,” since they “can not yet exchange their Pi coins with fiat currency on exchanges.” Pi Network was launched in 2019 as a centralized app. Users produce Pi tokens by pushing a button from within the app each day, and Pi cannot presently be transferred to other users through a wallet.
Pi Network official website. Source: Pi Network
According to the announcement, 10 million users, called “Pioneers,” have completed identity verification through the app’s native identity verification solution, Pi KYC. This solution provides “a unique and proprietary approach that combines machine automation and crowdsourced, hyperlocal human verification to accomplish secure, accurate and efficient KYC,” the announcement claimed.
Dr. Nicolas Kokkalis, co-founder and head of technology for Pi, stated that the achievement “proves that the industry doesn’t need to depend on fiat services to succeed.” He also claimed that the new KYC system will “allow other Web3 services involving ownerships of assets to achieve their identity verification needs through Pi.”
In December, the team announced plans to launch an “Open Network” or mainnet in 2024, if certain conditions are met. These conditions include that 100 Pi apps must have been developed, in addition to the 15 million users passing KYC. In addition, the team must have completed all “technology, product, business and legal
