The Innovativeness of Pi Network’s Unique KYC System
Initially, Pi Network conducted a pilot program targeting 200,000 Pioneers using the third-party application Yodi. While Yodi’s system required a fee of $8.50 to $22.50 per verification, Pi Network developed its own system, enabling verification for just 1 Pi coin.
Features and Benefits of the KYC System
Key Features:
- Dual verification system by AI and humans
- Supports all languages and document formats worldwide
- High security and reliability
- Cost-efficient accessibility
KYC as a Revenue Opportunity
Pi Network’s KYC system holds potential beyond just a verification tool. Future utilization by external companies is being considered, which could generate new revenue opportunities. Furthermore, there is a chance to earn additional Pi coins by participating as a volunteer in the verification process.
Challenges and Solutions in KYC Approval
Common Issues and How to Address Them:
If issues such as name discrepancies, incorrect details, or approval delays occur, they can be resolved through the Pi Network support portal. Due to legal restrictions as a US-registered company, there may be limitations on usage in some countries.
KYC Approval Priority System
Current KYC approvals are proceeding with the following priority:
- Early contributors
- Providers of goods and services
- Contributors to ecosystem building
- Participants in the 3-year Pi lockup
Economic Value and Future Potential of Pi Network
Pi Network functions as its own “nation,” emphasizing connection with the real economy. It aims to build an economic zone that facilitates the transaction of actual goods and services, rather than being merely a speculative cryptocurrency.
“Pi Network is a collaborative project aiming for sustainable value creation, not short-term profit seeking.”
Importance of Early Participation
The initial KYC approval slots are limited to 150,000 people, making participation at this stage particularly significant. Approved Pioneers gain a special position allowing them to directly participate in building the foundation of the decentralized economy.
Future Outlook and Value Prediction
When the second wave of KYC begins, the value of Pi is likely to increase significantly from its current level due to network maturity and increased participation. Each transaction and connection strengthens Pi Network’s economic foundation and contributes to long-term value creation.
The Role and Importance of the Community
The success of Pi Network is supported by active participants. The contribution of each member strengthens the foundation of this unique global network and advances the journey towards realizing a true decentralized economy.