Isn't Pi a public chain and decentralized? Why is KYC still needed? Why do Bitcoin and Ethereum not require it? This is a point raised by traditional critics of the crypto space. Today, I will educate everyone on this topic.
In fact, what you get by clicking on your phone every day is not cryptocurrency, but points. To obtain your coins, you must go through KYC. This process is essentially an airdrop, designed to prevent individuals from hoarding tokens under multiple accounts, and the project team has implemented a KYC mechanism. This mechanism ensures that every user is a real person, as real users bring value to the project, while also ensuring that each individual has only one account. Of course, some people may register under the names of relatives and friends, using multiple phones for mining, and then seek their verification. However, without this mechanism, one person could create hundreds of accounts to mine, and studios could use thousands of phones for mining. With facial recognition, strangers will not help you for a trivial reward, and everyone is generally cautious about facial recognition. Therefore, it greatly reduces the presence of bots.
A simple example: when a supermarket opens to attract customers, anyone shopping can receive 10 free eggs with their ID. If there are no restrictions, is it possible for one person to claim multiple portions? That would diminish the effectiveness of the promotion. Some may say that 10 eggs are too few and not enough to eat; no problem, as long as you are willing to spend money, the supermarket has plenty of eggs. Since you want to obtain them for free, the project team will certainly set conditions, and you must comply with their requirements, which is KYC. Isn't it the same reasoning?
After the mainnet is open, will KYC still be needed for mining? If it can still be mined for free, then it will definitely still be required. Some people complain that mining is too slow and find the facial recognition process annoying. No worries, you can just buy it on an exchange without needing to go through KYC. Moreover, after the mainnet opens, TP Wallet and MetaMask will support the Pi Chain, allowing unlimited creation of mainnet wallets where you can hold Pi coins.
Currently, only one exchange can top up Pi coins because it has passed the project's KYB review and thus has a wallet address. I believe that after the mainnet opens on the 20th, other exchanges will also strongly support Pi, as the network is open and allows external links.
When BTC first came out, a regular computer could mine 50 coins a day at zero cost, right? Mining Ethereum also doesn't require mining rigs now; isn't that blockchain? Why the double standard for Pi?

Latest news: The rumor that the famous investor Xue Manzi died in Taiwan is a rumor. He is still alive. Let's review his life journey.
Xue Manzi was born in Guangdong in 1953.
From 1959 to 1965, he went to Beijing No. 2 Experimental Primary School. In 1966, he was in the first grade of junior high school, and his school was Beijing No. 31 Middle School.

In 1968, Xue Manzi went to a village in Urad Front Banner, Inner Mongolia, and became an educated youth. In 1976, he returned to Beijing and worked as an editor in the Second Book Editing Office of Wenwu Publishing House.

The next year, Xue Manzi was admitted to the Chinese Academy of Social Sciences to study for a master's degree in the history of Sino-foreign relations. In 1978, he and others translated the English novel "White House Guards". In 1979, he successfully won a master's degree in the history of Sino-foreign relations from the Chinese Academy of Social Sciences.

In 1980, with a full scholarship from the University of California, Berkeley, he went to the East Asian Department of the school to continue his master's degree in the history of Sino-foreign relations. In 1983, when preparing for his master's thesis, he was hired by Germany's Thyssen Company and did not get his degree.

After returning to China in 1991, he and Lu Hongliang acquired Wang Zuguang's Yutong Company, and the new company Unitech was born. In 1995, Unitech merged with Starcom to form UTStarcom.

In 2000, Xue Manzi invested in China's early e-commerce website 8848. In the same year, UTStarcom was listed on NASDAQ, and his wealth soared. The following year, he sold UTStarcom shares, ended his US real estate business, and focused on investing in China.

In 2004, he and IDG jointly invested in Cai Wensheng's 265 Internet navigation website. In 2007, he invested $1 million in Li Xiang's Autohome. In 2009, he and IDG invested in DX (Dikos). In 2010, he joined other companies to invest 5 million in Du Zijian's Huayi. In 2011, he became the first angel investor in the early days of the financial website iMeiGu.

In 2013, he was arrested by Beijing police for soliciting prostitution and suspected of gathering for lewdness. In 2014, he began to get involved in the field of digital currency and invested in projects such as Quantum Chain, Bytom Chain, MoChain, and VeChain. In 2017, he announced that the first Manzi B&B was crowdfunded on Duocai Investment.
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