Pi Network KYC and Mainnet Migration Grace Period Begins: A Strategic Step Towards Open Network

Pi Network has started a 6-month grace period for KYC (Know Your Customer) and Mainnet migration from July 1, 2024. This important measure is positioned as a preparatory stage to guide Pi Network towards an open network. This is the time-limited KYC that has been mentioned before. It seems the approval speed has increased recently, and I’m envious that KYC can be done without much waiting. I’m curious what will happen if children under 18 are mining. Big changes like this make it feel like the open network is getting closer.

Here is a summary of the official blog:

https://minepi.com/blog/kyc-grace-period/

If you have not completed KYC, please refer to this link for the application procedure:

https://pinetwork.masters-all.com/pinetwork-kyc%ef%bc%88%e6%9c%ac%e4%ba%ba%e7%a2%ba%e8%aa%8d%ef%bc%89%e3%81%ae%e6%96%b9%e6%b3%95%e3%81%ab%e3%81%a4%e3%81%84%e3%81%a6/

Key Points of the Grace Period

• Period: 6 months from July 1, 2024
• KYC Application Deadline: Within the first 3 months (until September 30, 2024)
• Mainnet Migration Completion Deadline: Within 6 months (until December 31, 2024)

Failure to meet these deadlines may result in the loss of a significant portion of Pi mined in the past. However, considerations are made, such as temporarily pausing the countdown timer if the process is delayed due to system issues.

New App Interface

To enhance user convenience, Pi Network plans to sequentially introduce the following new features:

• Display a countdown timer on the Mainnet Checklist
• Install a new banner on the home screen
• Implement pop-up notifications

These features will allow users to keep track of their deadlines and take necessary actions quickly.

Significance of the Grace Period

This grace period holds the following important significance:

1. Accelerate the transition to the open network
2. Promote the migration of user referral bonuses and security circle bonuses
3. Prevent unverified Pi from migrating to the Mainnet
4. Improve network stability and reliability

Impact on New Users

The introduction of the grace period does not affect new users’ network participation or free mining. However, new users must also follow the same rules and complete KYC and Mainnet migration within the grace period after joining.

Future Outlook

The introduction of this grace period is a crucial step towards Pi Network becoming an open network. By preparing the community and adhering to the principles outlined in the white paper, we aim for the healthy growth and development of Pi.

We encourage all Pioneers to take advantage of this opportunity to complete KYC and Mainnet migration promptly and prepare for the future of the Pi ecosystem.