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Approaching End-of-2024 Deadline! The Complete Guide to KYC Verification, Mainnet Migration, and Lockup Strategy

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With only a short time left in December 2024, a crucial turning point is approaching for Pi Network users. This article provides a detailed explanation of the necessary actions to take by the deadline and the future outlook for Pi Network.

KYC Verification: Essential Steps Before the Deadline

Completing KYC verification by the December 31st deadline is the top priority for all Pi users. If you encounter issues with verification, the following actions are recommended:

  • Prompt contact with the Pi Support team
  • Regularly checking for app updates
  • Confirming verification status with your referrer

Details of the Mainnet Migration Process

The migration to Mainnet will be carried out automatically and in a phased process. The following conditions are required for migration:

  • Completion of KYC verification
  • Finalization of Lockup settings
  • Confirmation of phased balance migration

Staking Rewards (Lockup) System

The staking rewards system is a crucial element contributing to network stability. It offers the following benefits:

  • Opportunity to earn additional Pi through transaction validation
  • Contribution to network security
  • Improvement in mining rate

Expansion of Practical Use Cases

Pi Network has reported real-world transaction examples such as:

  • Buying and selling of automobiles
  • Purchasing mobile phones
  • Providing meals at cafes and restaurants

Technical Challenges and Countermeasures

The project is facing the following challenges and is working towards resolving them:

Scalability Challenges

  • Handling large transaction volumes
  • Optimizing network efficiency
  • Improving processing speed

Regulatory Compliance Challenges

  • Adaptation to regulatory frameworks in each country
  • Establishing a compliance system
  • Adherence to legal requirements

Role of the Community and Future Outlook

Active participation from community members is essential for the success of Pi Network. The following roles are expected:

  • Application development as a developer
  • Participation in real transactions as an early adopter
  • Contribution to network stabilization as a long-term holder

Beyond 2025, Pi Network aims to build a new economic model that goes beyond being just a cryptocurrency. The participation of each one of us is a crucial factor in shaping the future of this ecosystem.

Pi Network: Latest News – Mainnet Migration Set for Q1 2025! Summary of KYC and Migration Status

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Pi Network has made an official announcement, and the long-awaited mainnet migration period has been decided as the first quarter (Q1) of 2025. This is a postponement from the initially planned migration period of the end of December 2024, but it is a decision made with consideration for more users to participate. Since it is not clear whether the first quarter of 2025 will be January-March or April-June, speculation is emerging. (I think it might be the former because it’s an American company. If so, March 14th?)

Summary of the official blog.
https://minepi.com/blog/open-network-update/

Current Progress

Regarding the current progress of Pi Network, the following important indicators have been released:

  • Number of users who completed KYC verification: Over 18 million
  • Number of users who completed mainnet migration: Over 8 million
  • Number of migrations processed per day: Approximately 200,000

Reason for Mainnet Migration Postponement

The main reasons for setting the migration period to Q1 2025 are as follows:

Reducing the gap between KYC verification and mainnet migration is an important task. Currently, there are over 10 million users who have completed KYC verification but have not yet completed mainnet migration.

Future Schedule

Pi Network has indicated the following timeline:

  • KYC application deadline: Extended until December 31, 2024
  • Mainnet migration target: 10 million users
  • Open Network launch: Q1 2025

Recommendations for Users

Current Pi Network users are recommended to take the following actions:

  • Promptly complete unfinished KYC verification
  • Check the requirements on the mainnet checklist
  • Complete the necessary migration procedures

Future Outlook

After the mainnet migration, the Pi Network ecosystem is expected to fully launch. The development team aims to build a platform that emphasizes stability and sustainability.

A particularly noteworthy point is how the listing on exchanges and partnerships with partner companies will unfold after the mainnet migration.

KYC Verification Deadline Approaching!

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A significant milestone for Pi Network is approaching. We are delivering an important announcement to all Pioneers ahead of the Open Mainnet launch scheduled for the end of December 2024.

Important Announcement: Countdown Begins

A very important deadline is approaching for all Pi Network users. There is approximately one month remaining to secure your Pi assets. The top priority is to remember to perform your daily mining activity. It is important to continue this simple task of opening the app and tapping the “⚡” icon.

About the KYC Verification Deadline

Pi Network requires all users to complete KYC (Know Your Customer) verification to ensure the safety and transparency of the ecosystem.The verification deadline is November 30, 2024, so please be careful not to miss this first deadline.

Find the KYC procedure here
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/

Importance of KYC Verification

KYC verification is not just a procedure. It offers the following important benefits:

  • Securing ownership of mined Pi
  • Gaining full eligibility to participate in the ecosystem
  • Opportunity to participate in future platform development
  • Contribution to building a safe and reliable community

KYC Verification Steps

The verification process can be done by following these steps:

  1. Install the latest version of the Pi Network app
  2. Select the KYC option within the app
  3. Upload the required identity verification documents
  4. Confirm the accuracy of the information and complete the application

Risks of Not Being Verified and Future Opportunities

If you do not complete KYC verification by November 30, the following risks may occur:

  • Potential loss of rights to your held Pi
  • Potential inability to receive benefits within the ecosystem
  • Loss of opportunity to participate in future development

However, even if you miss this deadline, there may be additional KYC verification opportunities provided in the future. However, completing verification early increases the likelihood of gaining more benefits.

Role and Importance of the Community

The success of Pi Network depends on the cooperation of the community. If you know any Pioneers who have not yet completed KYC verification, we recommend sharing this important information and offering support. Building a transparent and reliable community leads to an increase in the platform’s value.

Future Outlook

Pi Network is steadily preparing for the Open Mainnet launch at the end of December 2024. The following three actions are important for this significant progress:

  • Completion of KYC verification by November 30
  • Continuation of daily mining activity
  • Sharing information with community members

Time is limited. By ensuring these steps are completed, you can securely protect your assets along with the development of Pi Network. If you have not yet completed KYC verification, we recommend taking action as soon as possible. This is an important step to participate in the future of Pi Network.

Pi Network KYC Validator Recruitment! Join and Get Rewarded!

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Pi Network Latest Information: Background of KYC Validator Recruitment

Current Status of Closed Mainnet

Pi Network is currently in the Closed Mainnet phase. In this phase, Pioneers (users) who have completed KYC (Know Your Customer) verification can now conduct transactions and exchanges using Pi coins. This is a significant milestone in the growth of Pi Network.

Increased Demand for KYC Verification and Validator Shortage

With the growth of the network, applications for KYC verification have surged. However, the current situation is that there is a shortage of validators to process these applications. Therefore, Pi Network is calling on Pioneers who have already completed KYC verification to participate as validators.

Benefits of Becoming a Validator

Rewards in Pi Coin

When you act as a validator, you will be rewarded with Pi coins for your contributions. This is a good opportunity to increase your Pi holdings while contributing to the growth of the network.

Contribution to Network Growth

By participating as a validator, you can directly contribute to the growth and security enhancement of the Pi Network. Streamlining the KYC verification process and helping more users complete verification leads to the development of the entire network.

Path to Open Network Migration in 2024

Conditions for Open Network

Pi Network aims to transition to an Open Network in 2024. The following conditions are required for its realization:

  • Millions of KYC-verified users
  • Over 100 Pi applications
  • 10 million Mainnet migrations

Importance of the KYC Verification Process

To meet these conditions, an efficient KYC verification process is essential. An increase in validators will shorten the waiting time for verification, allowing more Pioneers to fully participate in the network.

How to Participate as a Validator

Accessing the KYC Verification App

To participate as a validator, click the KYC app link within the Pi Network app. This link is usually displayed on the main screen of the app.

Flow of Validation Work

Upon accessing the KYC verification app, you can check your own KYC status and start working as a validator. The validation work primarily involves reviewing and approving the KYC information submitted by other Pioneers.

For the growth and security enhancement of the Pi Network, we encourage all KYC-verified Pioneers to consider participating as validators. Your contribution will be a big step towards the realization of the Open Network in 2024.