Pi Network is attracting attention as a project that allows users to mine new cryptocurrencies using mobile devices. Especially recently, verification (KYC) with a view to the mainnet has become even more important, and many users are proceeding with the procedures to ensure the validity of their accounts. However, various problems and troubles have been reported in this KYC process, so it is required to follow the steps carefully and accurately. Therefore, this article provides a detailed explanation of everything from the basics to specific measures regarding Pi Network’s KYC verification.

Features of Pi Network and Adoption of Stellar Cons Protocol

Pi Network is characterized by its ability to mine cryptocurrencies at a lower cost and more easily than before, by utilizing blockchain technology. Furthermore, because it has introduced a community-based price formation model called “Consensus Price,” it is trying to realize a mechanism where the price is not determined solely by exchanges.
In addition, Pi Network is said to have adopted the Stellar Cons Protocol, and it is claimed that there is a technical background that supports efficient and secure transactions. There are also reports that related files can be confirmed from within the Docker container when a node is actually started.

Reasons Why KYC is Necessary

Pi Network has introduced KYC (Know Your Customer) to ensure that each user has a legitimate account and to prevent abuse by fraudulent duplicate accounts and bots. If you migrate to the mainnet without completing KYC, there is a risk that you will not be able to handle the Pi you have earned correctly. Therefore, KYC is an important step in “protecting your assets”.

Risks of Accounts with Incomplete KYC

• Possibility of assets being locked even after mainnet migration if KYC is not verified
• Cases where there is a time limit for receiving verification requests
• Risk of being considered a fraudulent account and being banned

Common Problems and Solutions in the KYC Procedure

The verification steps for this project are divided into multiple stages, and it is said that various problems are likely to occur, such as discrepancies in registration information and deficiencies in identity verification documents. Below is a summary of the main examples and solutions.

Input Errors or Discrepancies in Personal Information

Problem: If there are many input errors, such as name or date of birth not matching the identity verification document, KYC will not proceed smoothly.
Solution: It is important to accurately transcribe the character information written on your passport or driver’s license and register it in the same language (English or Kanji). If there are discrepancies, sending a change request to in-app technical support is recommended.

Deficiencies in Phone Number/Email Address Verification

Problem: There are cases where users register the wrong phone number or fail SNS verification. In particular, verification may not be completed due to insufficient SMS sending balance, and the timer may proceed without the user noticing.
Solution: Please reconfirm your phone number and resend after ensuring an environment where you can receive SMS or call notifications. Regarding email addresses, check if they have been sorted into the spam folder and be sure to click the link.

Security Circle Setup Omission

Problem: If the security circle has not reached 100%, mining efficiency will not be maximized, and there is a possibility of significant losses in the long term.
Solution: It is desirable to use the “Add by username” function to add trusted users and make the security circle 100%. By cooperating with each other to register smoothly, you can contribute to the improvement of the overall community value.

Wallet Recovery and Security

Problem: There have been reports of the risk of losing the 24 seed phrases set for the wallet or having the wallet stolen by being tricked by phishing sites.
Solution:

• Write down the seed phrase on paper and store it offline
• Set up fingerprint authentication in the wallet app
• If your wallet is stolen, create a new wallet and transfer your Pi according to the release timing

How to Securely Store Your Pi Wallet Recovery Phrase

Restrictions on Nationality/Age and Future Prospects

In Pi Network, some nationalities are currently excluded from KYC, and there are restrictions such as requiring the consent of a legal representative for minors. For example, there is information that users of Syrian nationality are currently not officially subject to KYC, so they need to wait for future updates. However, keep an eye on official announcements regarding the update timing and scope of support.

Support for Minor Users

Problem: Cases where users under 18 years old try to register without guardian information.
Solution: KYC procedures through a guardian or legal representative may be required. It is said that “Guardian Approval” is planned to be introduced, and there seems to be guidance on how to deal with cases where the age limit is met.

BAN Risk for Fraudulent Trading and False Information

Pi Network is said to deal very strictly with acts such as fraudulent trading and false information registration to protect the community. In fact, cases where accounts are “100-year banned” have been introduced, and there are reports that they will not be able to be used again. Acts of forcibly cashing out Pi in external markets, and duplicate mining with multiple accounts are particularly strictly prohibited.

Community Building and Expectations for “Consensus Price”

The “Consensus Price” that Pi Network aims for is distinct from the speculative price fluctuations seen in traditional cryptocurrencies, and aims for a value indicator based on the agreement of users. This is realized by “who uses how much Pi and for what purpose,” and above all, user cooperation is important.
In this sense, it is expected that not only completing KYC but also spreading the existence of Pi Network to others and expanding its use cases will lead to the realization of “Consensus Price”.

Points to Note and Advice for the Japanese Market

While cryptocurrency handling and KYC in Japan are strictly regulated compared to other countries, it can be said that there are significant benefits in terms of security.

• Driver’s license or My Number Card is valid as identity verification document
• Be careful of discrepancies in Kanji or Roman alphabet notation (variations in name notation)
• Check community official announcements just before mainnet migration

Also, since Pi Network itself is not currently designed for speculation, tax processing will occur if it is listed on a Japanese cryptocurrency exchange. It is recommended to always check the latest regulatory information.

Conclusion: Completing KYC is Key to Participating in Pi Network

The Pi Network KYC procedure is not just an identity verification step, but an important process that supports the project’s foundation. Detailed management and cooperation, such as accurate account information registration, security assurance, and active participation in the community, will promote the realization of “Consensus Price” and the growth of Pi Network.
In preparation for future updates and mainnet migration, let’s connect to long-term value creation by reliably taking each step based on the information introduced here. We hope this helps you safely and surely open up the future with your own hands, without missing the new possibilities of Pi Network.

Disclaimer: This article is for informational purposes only and is not investment advice. Any actions related to Pi Network or cryptocurrencies should be taken at your own risk and discretion.