Pi Network Reaches 10M KYC'ed Global Users as it Moves Closer to Open Network

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Apr 16, 2024, 06:00 ET

The blockchain community also debuted several utilities for its cryptocurrency including Fireside Forum and Ad Network in the past year

PALO ALTO, Calif., April 16, 2024 /PRNewswire/ -- Pi Network, a Web3 app ecosystem and developer platform with a community of tens of millions of humans mining and using Pi cryptocurrency, announced today that 10 million Pioneers have completed identity verification through its native Know Your Customer (KYC) solution, Pi KYC. The milestone was reached soon after a community challenge announced on PiDay, March 14.

Pi KYC is a unique and proprietary approach that combines machine automation and crowdsourced, hyperlocal human verification to accomplish secure, accurate and efficient KYC. It was born out of a lack of scalability, financial accessibility and global reach from other third-party market solutions.

On Pi's ability to continue massive KYC migration with no fiat costs, Dr. Nicolas Kokkalis, a Founder and Head of Technology, shared "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. Perhaps more excitingly, Pi's crypto-native solution will allow other Web3 services involving ownerships of assets to achieve their identity verification needs through Pi. This has been a welcome reminder that the KYC process covers the geolocations as wide as the internet reaches, and does not need to be expensive or cumbersome."

In December, Pi announced its plan to go to the Open Network period of Mainnet in 2024 if the community reached a series of conditions including: 15 million KYC'ed Pioneers of which 10 million had migrated to the Mainnet; 100 real Pi apps that were on Mainnet or Mainnet-ready; continued progress with the Core Team's technical and product updates; and finally, lack of unfavorable global conditions.

In the past year, Pi has grown from 45 million to 55 million engaged global users and launched a series of major ecosystem updates boosting utilities including Fireside Forum, a Web3 social media app with innovative tokenomics to create, curate, and moderate content; Staked DM on the Pi Chat app, another cryptocurrency integration to facilitate meaningful connections; and Pi Ad Network, the first actualization of the network's vision of platform-level utilities built on the back of its collective resources such as the community's size and engagement, collective attention, and verified digital identities.

"Since the launch of our White Paper in 2019, the Pi community has been working collectively to advance its network, which now boasts over 55 million engaged users worldwide with complete ecosystem components from blockchain to mobile apps (1, 2), from Pi Wallet to Pi KYC, from developer platform and programs to various utility-based community Pi apps. Together, we've charted a new course for Web3 where projects build community and utility in a thoughtful manner and with longevity in mind," said Dr. Chengdiao Fan, another Pi Founder and Head of Product. "For Pi, Open Network has never been the ultimate destination, but rather a new beginning that includes expanded potential for utilities, new members, and a lot of excitement about the future of Web3."

To join Pi Network, visit minepi.com.

ABOUT PI NETWORK
Pi Network is a community of tens of millions of humans mining Pi cryptocurrency to use and build the Web3 app ecosystem. Founded in 2018 by a team of early innovators in blockchain and social computing, with PhDs from Stanford University, Pi Network is a utilities-based ecosystem for third-party apps on a mobile web platform, with widespread (rather than concentrated) token distribution. The blockchain platform offers a mobile-first mining approach, with low financial cost and a light environmental footprint within the crypto space.

SOURCE Pi Network