BREAKING NEWS : 4 million users worldwide have passed KYC verification - hokanews
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hokanews.com - Pi Network is a popular cryptocurrency that has been getting a lot of attention recently. What's unique is that it allows users to mine coins on their mobile devices, instead of requiring expensive mining equipment. However, to ensure the safety and legality of the platform, Pi Network has implemented a Know Your Customer (KYC) process for all users. In this article, we will explain what happens in the Pi Network's KYC process and why it is necessary.
While welcoming pi day to be exact, March 14 2023, the pi network has entered 4 years of age. On the 4th anniversary of CoreTeam itself, it has delivered a major update regarding the KYC process on the pi network. Of course this is the first step in the pi network project towards an open mainnet.
However, it is not certain when the pi network will actually open mainnet. It has not been revealed to the public. And it is still an open secret for all pioneers.
At the same time, the launch of mass KYC was on March 14 2023, which was announced by CoreTeam himself. It is also clear that kyc on the pi network is running smoothly. How could it not be that at this time it is estimated that more than 4 million pioneers have already done KYC. Simultaneously, it was announced by CoreTeam, separated a few weeks ago.
hokanews.com monitoring from one of the pi network community accounts on Twitter. He said 4 million users worldwide have passed KYC.
Information shared by the pi network community account on Twitter is like this:
4 million users worldwide have passed KYC verification!
An increase of 200000 validators. So the audit speed will double in the coming time!
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| Twitter image source |
What is KYC?
KYC stands for Know Your Customer. This is the process businesses use to verify the identity of their customers and assess the risks of illegal activity, such as money laundering and financing of terrorism. KYC is required by law in many countries, and non-compliance with KYC regulations can result in serious penalties.
Why does Pi Network require KYC?
The Pi Network is a decentralized platform that relies on the participation of its users to maintain its security and integrity. However, this also means that the platform is vulnerable to being exploited by bad actors. To prevent illegal activity and protect its users, Pi Network has implemented a KYC process.
What happens in the Pi Network KYC process?
The Pi Network's KYC process involves several steps:
Providing Personal Information
To initiate the KYC process, users must provide their personal information, including full name, date of birth, and residential address. This information is used to verify the user's identity and assess the level of risk.
Sending Identification Documents
Then the user must submit identification documents, such as a passport or driver's license, to confirm their identity. Documents must be valid and not expired. Pi Network uses third party services to verify the authenticity of documents which are known as validators
What happens if a user fails the Pi Network KYC process?
If a user fails the Pi Network's KYC process, they will not be able to participate in the platform. This is to ensure that only authorized users are allowed to mine and transact Pi Network coins.
What is Pi Network?
Pi Network is a new cryptocurrency and developer platform that allows mobile users to mine Pi coins without draining device battery. The Pi blockchain secures economic transactions through a mobile meritocracy system and a complete Web3 experience where community developers can build decentralized applications (dApps) for millions of users.
That's a little information that we can share with all the pi network communities. Hopefully this is useful, keep the spirit, don't give up.If the information from hokanews is useful, don't forget to share it with other pioneers.
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Thanks to all the pioneers, warm greetings from the hokanews team. Information from the pi network community for all pioneers
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