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Pi Network Latest Update: Grace Period Extension and the Importance of KYC and Mainnet Migration

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Cryptocurrency Pi Network announced important developments towards 2025. The team decided to extend the deadline for the Grace Period (GR) until February 28, 2025 for users who have not completed their KYC (Know Your Customer) and migration procedures. This decision is aimed at allowing more users to secure their Pi coins and contribute to the ecosystem.

What is the Grace Period?

The GR period refers to the grace period given to Pioneers to complete their KYC application and perform Mainnet migration. If the necessary procedures are not completed within this period, there is a risk of losing balances other than Pi coins mined in the past 6 months.

Background and Purpose of the Grace Period Extension

Initially, the GR period was scheduled to end at the end of 2023, but it became clear that many users had not completed KYC or migration, leading the team to choose to extend this deadline. This extension allows users to continue the process and ensures the fairness and inclusivity of the Pi Network.

This time, the Pi Network team extended the GR period until February 28, 2025. This decision has the following objectives:

  • Inclusivity and Fairness: Enable more Pioneers to complete KYC and Mainnet migration.
  • Special Case Handling: Provide sufficient time to accommodate users in specific situations.
  • Network Strengthening: Increase the number of KYC-verified users and strengthen the ecosystem before the Open Network launch.

Relationship with the Open Network

Interestingly, it has been clarified that this GR period extension does not affect the launch date of the Open Network (Mainnet). According to the team, the Open Network is expected to launch as scheduled in the first quarter of 2025. Therefore, there is no need to worry about losing Pi coins even if KYC or migration is not completed.

Key Points from the Official Statement

  • GR period rules will be maintained regardless of the Open Network launch date.
  • Pi coins will be retained even if KYC or migration is not completed.
  • The Open Network is scheduled to launch as planned in the first quarter of 2025.

Risks of Not Meeting the New Deadline

If you fail to complete KYC or Mainnet migration by the new deadline of February 28, 2025, there are the following risks:

  • Only Pi coins mined in the 6 months immediately preceding the deadline can be retained.
  • Balances mined before that will be lost.

Since there have been multiple extensions before, prompt action is recommended.

What Pioneers Should Do Now

If you have not yet completed your KYC application or Mainnet migration process, please proceed with the following steps:

  1. Open the Pi Network app and click on ‘Mainnet Checklist’.
  2. Fill out the KYC application form and submit the required documents.
  3. Complete the Mainnet migration process.

How to Apply for PiNetwork KYC (Identity Verification) and Points to Note

Pi Network Team’s Vision

This decision demonstrates that the Pi Network team prioritizes the growth and sustainability of the entire ecosystem. In particular, a careful judgment was made regarding the GR period deadline, which is highly sensitive and has significant implications. This extension measure provides many users with the opportunity to participate in the ecosystem.

Future Outlook

The Pi Network team aims for an ‘accessible and fair ecosystem for everyone’ and took this measure based on this philosophy. They are also preparing for the Open Network launch scheduled for the first quarter of 2025. This is expected to build a new economic sphere and achieve further growth.

Summary

As the latest information on the Pi Network, we have explained in detail the GR period extension and the Open Network launch timing. From this announcement, it can be seen that the team values the user experience and the health of the entire ecosystem. Let’s continue to monitor progress information and prepare accordingly.

Pi Network Grace Period: Complete KYC to Protect Your Bonus Pi

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In recent years, Pi Network has attracted attention as many users can easily earn cryptocurrency from their smartphones. However, this network has a deadline called the Grace Period, and if you do not complete KYC (identity verification) and Mainnet migration within this deadline, there is a risk of losing the Pi coins you mined and referral bonuses. Here, we explain the important points to keep in mind for safely and effectively utilizing Pi Network.

What is the Grace Period?

The Grace Period in Pi Network is a grace period provided for users to complete KYC and migration to the Mainnet. If you do not complete the procedures within this period, in many cases, most of the Pi you have mined so far and referral team bonuses may expire.

Procedures must be completed by January 31, 2025, and a countdown timer is installed within the Pi Network app to clearly notify you of the remaining time.

Why is KYC for Referral Teams Important?

Pi Network has a system called referral bonus. This is a mechanism where a certain percentage is added to the basic mining rate when you and someone who registered using your referral code mine simultaneously. However, if the referred party has not completed KYC and Mainnet migration, that bonus cannot be officially received.

If the friend you referred does not pass KYC or migrate to the Mainnet, there is a risk that you will not be able to receive your bonus Pi either.

In other words, even if you continue mining and increase your Pi coin balance, the referral bonus portion depends on the procedure status of your referral members. Only when both the referrer and the referred user complete KYC and Mainnet migration by the deadline can they secure the Pi, including the bonus amount.

Specific Steps for KYC and Mainnet Migration

To perform KYC and migration to the Mainnet on Pi Network, you mainly follow these steps:

  • Apply for KYC from the Pi Network app: Submit government-issued identification documents, etc., to verify your identity.
  • Waiting for verification: If there are no issues with the documents or submitted content, it will be approved by the Pi Network review team or automated verification system.
  • Mainnet migration: Once KYC is approved, complete the Mainnet migration procedure within the app.
  • Migrate Bonus Pi: When your referral team members also complete KYC and migration, your bonus Pi will also be activated.

How to Send Reminders to Your Referral Team

Pi Network provides a function to directly remind members of your referral team. By tapping the “Remind KYC Team” button within the app, you can send notifications to members and encourage them to complete KYC and Mainnet migration. In some cases, it is also possible to contact them in conjunction with social media or chat apps (such as WhatsApp or Telegram).

By helping your referral members actively use Pi Network and proceed with the procedures in this way, you can reliably earn your referral bonus Pi.

Risks of Missing the Deadline

If the deadline of January 31, 2025, is missed, a large portion of the referral bonus Pi may expire. Furthermore, users who have not completed KYC themselves risk being in a situation where they cannot freely use their Pi on the Mainnet. This is also a measure to maintain the overall security and health of the Pi Network, so in a sense, it is inevitable.

What to Do During the Grace Period

The actions to take within the Grace Period are as follows:

  • Check your own KYC status: If you haven’t submitted yet, apply immediately.
  • Notify referral members: Check the KYC status of members and urge them to take action promptly if they haven’t completed it.
  • Reconfirm account information: Verify that your name, identification documents, etc., are entered correctly.

Benefits the Pi Network Community Gains from Completing KYC

By passing KYC and completing Mainnet migration, you gain the following benefits:

  • Increased transaction freedom: There is potential for expansion in purchasing goods and using services with Pi in the future.
  • Acquisition of Bonus Pi: The referral bonus amount can be fully reflected.
  • Improved network reliability: The exclusion of fraudulent accounts increases the credibility of the community.

Summary: Early Action is Key

Some people may have the impression that KYC and Mainnet migration are “troublesome”. However, since there is a possibility that bonus Pi will expire if the deadline is missed, taking early action is important. Especially for users who have built a referral team, understanding the status of all members and sending reminders is the key to maximizing bonuses.

To benefit from the future cryptocurrency ecosystem by utilizing Pi Network, be sure to take proper measures and complete KYC and Mainnet migration by January 31, 2025.

Continue to check the latest information on Pi Network and enjoy a safer and more convenient cryptocurrency life.

Pi Network Announces Grace Period for KYC and Mainnet Migration: Must Complete by End of 2024

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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.